Chinese securities regulator's Weibo launch draws fire from critics
China Securities Regulation Committee weibo drew over 200,000 subscribers on first day of launch
Yet the new initiative by China Securities Regulation Committee (CSRC), which drew over 200,000 followers on the first day of its launch, soon became a venting ground for disgruntled stock investors.
“We strive to maintain the openness and fairness of our market, and protect the legal rights of our investors,” CSRC said in its greeting message. “And we will release authoritative information on this channel to better communicate with net users and serve investors.”
The textbook-style post failed to impress investors, with many urging CSRC to live up to its promises with meaningful actions.
“We don’t need your protection, we need a fair 'T+0' system,” many wrote, arguing that the current system works against their interests.
China currently operates a T+1 system where settlement occurs a day after the transaction date. Investors have been criticising this for years, urging that the settlement rule be changed to allow them to buy and sell stock on the same day.