www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

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
...
主站蜘蛛池模板: 九草在线观看 | 久久久国产精品福利免费 | 久久久久久国产精品免费 | 毛片69| 国产波多野结衣中文在线播放 | 久草网站在线 | 免费一级做a爰片性色毛片 免费一极毛片 | 国产亚洲一区呦系列 | 国产一区在线免费观看 | 精品国产亚洲一区二区在线3d | 在线视频亚洲一区 | 久久精品店 | 国产视频综合 | 国产精品亚洲二线在线播放 | 久草视频免费播放 | aaa免费看| 农村寡妇偷毛片一级 | 国产精品久久久久999 | 久久精品免看国产 | 91成人免费| 久久青草免费线观最新 | 欧美一级艳片视频免费观看 | 亚洲欧美在线看 | 日韩一区视频在线 | 日本在线加勒比 | 国产精品欧美亚洲 | 寂寞午夜影院 | 国产成人精品一区二区秒拍 | 美国一级毛片免费看成人 | 欧美精品做人一级爱免费 | 日韩欧美视频在线播放 | 男女朋友做爽爽爽免费视频网 | 无国产精品白浆是免费 | 国产人成在线视频 | 精品亚洲永久免费精品 | 久草中文视频 | 久久99免费视频 | 日韩欧美一级毛片在线 | 亚洲美女在线观看亚洲美女 | 成人69| 免费看片aⅴ免费大片 |