CSRC head calls for better market control
Print Edition
China needs to strengthen supervision of its capital markets and improve law enforcement to protect investors, said Xiao Gang, head of the country’s top securities regulator.
There has been an increase in the number of cases of financial irregularities in the country but the regulatory system still lags behind mature markets due to funding and staff shortages, Xiao said in an article published yesterday in Qiushi, the flagship magazine of the Communist Party of China Central Committee.
The number of cases of illegal activities in the financial market rose 40 percent year on year in the first half of 2013. The number was up 21 percent in 2012, higher than the average annual growth of 14 percent between 2009 and 2012, according to the China Securities Regulatory Commission boss.
More than half of the cases involved insider trading while fraudulent share issuances and false disclosures are rising at alarming rates, Xiao wrote.
The article was published amid an eight-month freeze on initial public offerings as regulators step up scrutiny of the listing process to weed out unqualified applicants.
Xiao said a lack of law-enforcement personnel and limited funds are among major impediments in the fight against financial market irregularities.
The CSRC has about 600 law enforcement staff, accounting for less than 20 percent of total employees, he said. That compared with 1,236 law enforcement officials, or 32 percent of employees, at the US Securities and Exchange Commission.
Xiao became CSRC head in March.
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