US EUROPE AFRICA ASIA 中文
    Business / Markets

    Securities watchdog faces reform challenge

    By Li Xiang (China Daily) Updated: 2016-01-19 10:02

    Securities watchdog faces reform challenge

    China Securities Regulatory Commission Chairman Xiao Gang addresses the Asian Financial Forum in Hong Kong in this January 19, 2015 file picture. [Photo/Agencies]

    The current stock market volatility will challenge the Chinese regulator's ability to respond and implement reform, analysts said after the country's securities chief acknowledged deep flaws in the system.

    Xiao Gang, chairman of the China Securities Regulatory Commission, delivered a lengthy speech at the CSRC's annual work meeting on Saturday in which he said the market rout since the summer had exposed many loopholes and deficiencies.

    The "abnormal" volatility reflected the immaturity of the Chinese market and its investors, incomplete trading rules and an incompetent regulatory system, he said.

    The commission has come under growing criticism from investors for its handling of the stock market turmoil. The A-share market plummeted at the start of this year after rebounding from a 34 percent loss in the summer. The benchmark Shanghai Composite Index tumbled 18 percent in less than two weeks, closing in on the technical measure of a bear market (20 percent).

    The controversial circuit breaker mechanism, which was suspended by the regulator just four days after its introduction, stoked further anger among investors, who said it heightened market volatility and aggravated the liquidity crunch.

    Analysts contacted by China Daily said Xiao's comments pointed to further reform efforts in the future to stabilize the stock market.

    In his speech, the chairman vowed that the regulator would learn from its past mistakes. However, this is unlikely to assuage investors' concerns in the short term, said Dong Dengxin, a finance researcher at Wuhan University of Science and Technology.

    "The ultimate question is how to restore the commission's role as a referee rather than a market player," he said. "That will involve reducing direct administrative intervention, and enhancing effective market oversight and regulation."

    A recent report by global ratings agency Moody's Investors Service Inc said the persistent volatility in the financial markets illustrates the scale of the reform challenge. "Coming soon after the stock market turmoil in mid-2015, this second episode suggests that China's authorities are finding it increasingly difficult to reconcile the tensions inherent in designing and implementing credible and effective reform measures while maintaining economic, financial and social stability," the report said.

    Xiao's speech also failed to calm the anxiety among retail investors, the dominant players in the A-share market.

    General dissatisfaction has also been highlighted by the fact that an investor from Zhejiang province, Xu Caiyuan, has filed a lawsuit against the securities commission at a court in Beijing, accusing the body of misconduct.

    Hot Topics

    Editor's Picks
    ...
    天天看高清无码一区二区三区| 东京热av人妻无码专区| 亚洲中久无码永久在线观看同| 无码欧精品亚洲日韩一区夜夜嗨 | 亚洲AV无码专区电影在线观看| 中文字幕无码一区二区三区本日 | 亚洲精品无码国产| 台湾佬中文娱乐网22| 久久久无码精品亚洲日韩软件| 亚洲av无码成h人动漫无遮挡 | 成人精品一区二区三区中文字幕 | 亚洲毛片av日韩av无码| 无码性午夜视频在线观看| 中文字幕在线无码一区二区三区| 狠狠躁天天躁中文字幕无码 | 久久无码AV中文出轨人妻| 无码囯产精品一区二区免费 | 直接看的成人无码视频网站| 中文字幕乱码一区二区免费| 无码精品人妻一区| 91精品无码久久久久久五月天| 无码专区天天躁天天躁在线| 高潮潮喷奶水飞溅视频无码| 天堂中文8资源在线8| 久久中文字幕一区二区| 国产日韩精品中文字无码| 亚洲中文字幕无码久久2020| 熟妇人妻中文字幕| 亚洲最大激情中文字幕| 亚洲中文精品久久久久久不卡| 中文字幕色婷婷在线视频| a中文字幕1区| 亚洲久本草在线中文字幕| 亚洲制服中文字幕第一区| 中文字幕夜色资源网站| 中文字幕在线观看亚洲| 一二三四在线播放免费观看中文版视频| 国产精品亚洲w码日韩中文| 制服中文字幕一区二区| 亚洲午夜无码久久久久| 亚洲AV无码成人精品区蜜桃|