China’s ‘two sessions’ 2024: securities regulator comes out swinging at first press conference

Name: Chinese Premier Li Qiang delivers his first work report amid concerns about state of the economy
Uploaded: 2024-03-06T12:33:36.000Z
Duration: 2 min 40 s
Description: Chinese Premier Li Qiang delivers his first work report amid concerns about state of the economy

Less than a month into his tenure, China’s new securities head has tough talk for market manipulation, underhanded trading at debut press conference

He calls protection of small investors ‘single most important mission’, pledges to restore confidence and normalise market operations

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Wu Qing, chairman of the China Securities Regulatory Commission, was appointed to stem a downturn in the country’s capital markets. Photo: Bloomberg

Kinling Loin Beijing

Published: 8:33pm, 6 Mar 2024Updated: 9:30am, 7 Mar 2024

The new chief of China’s securities watchdog sent a stern warning against those who would commit illegal activities and distort the capital markets, vowing to create a stricter regulatory environment to restore confidence and stem a slide in China’s stock exchanges.

In his debut press conference, Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), joked that he still had a lot to learn as “a rookie” less than a month into his tenure, which began on February 7.

But the intent of Wu’s words could not be more clear, coming as they did on the heels of a speech from Premier Li Qiang where the stability of domestic capital markets was named as an explicit goal.

“Market operation has its own rules and should not be interfered with under normal circumstances,” Wu said.

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Chinese Premier Li Qiang delivers his first work report amid concerns about state of the economy

However, he added, “if the market gets out of control and experiences huge irrational shake-ups, liquidity runs, investor panic, a major investment confidence breakdown … [the commission] should make resolute moves to fix dysfunction.”