Is the Chinese CSRC showing its teeth?

A collapsing stock market may not be everybody''s choice of recognition. But it could show China''s securities watchdog is doing a good job.

Thanks to the fillip provided by the 16th part congress, China has accelerated the pace of its capital markets reforms. Most notable are the Qualified Foreign Institutional Investors Scheme and regulations allowing foreign investors buy into previously off-limits state shares.

But none of these would be good reasons for feeling optimistic if the domestic markets had not been experiencing improvements in corporate governance thanks to action by the China Securities and Regulatory Commission.

This year, the CSRC has been clamping down on what have been an alarmingly free-wheeling markets, thereby contributing to a collapse in the bourses, down 30% from their peaks last year.

The CSRC has probably been one of the most...

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