China's CSRC under pressure

How will the China Securities Regulatory Commission (CSRC) react to the criticisms emanating from last week''s Beijing Securities Summit?

An extraordinary sense of gloom surrounding the securities market has emerged from a top level finance conference held last week in Beijing. The gathering of leading financial executives was notable also for being the venue for CSRC chairman Shang Fulin's first big speech.

But other than promising that China's 130 securities companies were on track to be given permission to issue bonds publicly and by private placement, Shang didn't announce any new market boosting measures. That promise, long in the works, failed to spark the markets which saw thin trading of RMB4-5 billion in volume on both the two exchanges on the days of the summit, while the Shanghai Composite index dropped...

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