IN the face of mounting complaints about China's securities industry, a professor at the prestigious Beijing University has fought back by accusing local critics of exaggerating.
Professor Xiao Zhuoji, who has helped in the country's securities development since 1987, said Hongkong critics were using a magnifying glass to look at the problems.
Recent complaints have centred on insufficient regulatory checks and improper handling and disclosures relating to companies listed on the Shanghai and Shenzhen exchanges.
Professor Xiao, famous for his outspokenness, admitted that there were many areas in the securities sector that needed improvement.
The two-year-old exchanges had needed to develop rapidly. In China, about 4,000 companies have transformed themselves into joint stock entities, but only 80 are listed.
The situation had led to the illegal trading of internal shares of unlisted companies, he said.
