China's parliament is set to bring in rules giving markets the ability to choose who floats and allowing foreign companies to list in the country.

China plans to implement a registration system for initial public offerings after a review of its securities laws by the country’s parliament, China Securities Journal reported today.

The decision would remove the power of the China Securities Regulatory Commission to decide which companies get to go public in China, with the decision instead taken by the individual markets as in the US.

The draft of the bill also puts forward measures that would allow foreign companies to list in China,…