The China Securities Regulatory Commission (CSRC) met market participants this week and pledged to respond proactively to market concerns and bolster market stability in an effort to shore up confidence in the stock market.
CSRC officials met representatives of listed companies, securities firms and fund institutions, as well as experts and academics, on Monday and Tuesday to hear suggestions on promoting stable and healthy development of the capital market, an official statement showed.
Stocks rebounded on Monday and Tuesday from a rout that wiped off 10 trillion yuan (HK$11.59 trillion) from the Chinese market's capitalisation over the previous two weeks.
The watchdog's chairman, Wu Qing, chaired a similar meeting with investors on Monday and vowed to prevent risks in the capital market and step up supervision to maintain stable market operations.
The regulator's effort to lift sentiment was joined by state-backed investors. A number of them, including the country's biggest insurers, pledged to boost investments to support capital market developments.
Some listed companies, including Zhejiang Huayou Cobalt and Weichai Power, also sought to bolster confidence with proposals for buying back their own shares or for controlling shareholders to increase stakes.
In their meetings, CSRC officials called on listed companies to improve their core competitiveness to better reward investors and urged securities and fund institutions to improve their services.
The CSRC will strengthen supervision and improve investor protection, the officials said.
Reuters
