BEIJIING: China’s State Council released a guideline on strengthening regulation on Friday, forestalling risks and promoting the high-quality development of the capital market.
Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said in an interview with China Central Television that the newly issued guideline on the capital market is significant as they mark the State Council’s another document steering the sector following the guidelines issued in 2004 and 2014.
“The new guideline first fully embodies the political and people-oriented nature of the capital market. It emphasises the necessity to uphold and strengthen the Party’s comprehensive leadership over the capital market, adhere to the people-centered value orientation, and more effectively protect the legitimate rights and interests of investors, especially medium and small investors. Second, it fully embodies the main line of strong supervision, risk prevention, and promotion of high-quality development. It stresses the adherenc
e to the keynote of stability, strengthening the fundamentals and foundation, rigorous supervision and management, and better services to the overall situation of high-quality economic and social development with high-quality development of the capital market itself,” said Wu.
Wu said that the newly introduced guideline is not evasive from sensitive topics, demonstrating a strong focus on goals and problem-solving.
“Particularly in view of outstanding problems in institutional mechanisms, supervision and law enforcement exposed in the stock market fluctuations since last August, we have shored up weaknesses and shortcomings timely, responded to investors’ concerns, promoted the settlement of deep-seated contradictions accumulated in the market over a long time, and accelerated the construction of a secure, regulated, transparent, open, dynamic and resilient capital market,” said Wu.
Source: Emirates News Agency