The China Securities Regulatory Commission (CSRC) on Friday issued draft rules on depositary receipt businesses in the Shanghai-London stock connect program for public comments.

This marks important progress for the Shanghai-London stock connect program, which aims to allow stocks listed in Shanghai and London to be traded in each other's market by issuing depository receipts.

The draft rules detailed procedures and requirements including the approval system for the issuance of China Depositary Receipts (CDRs), the continued regulation on CDRs and regulation on Chinese companies issuing Global Depository Receipts (GDRs) in overseas markets.

China will make active preparations for launching the Shanghai-London stock connect program within the year, the CSRC said earlier this month.