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China seeking to keep markets stable

(Xinhua/Agencies)
Updated: 2008-07-30 23:55

Securities regulator Shang Fulin said China is going "all out" to ensure stability in the markets ahead of the Olympics in August, Caijing magazine reported on its website, citing sources.

Shang reportedly made the comments at a half-yearly work meeting of the China Securities Regulatory Commission in Beijing, the report said.

Related readings:  Chinese shares close 1.82% lower, tracking Wall St losses  Chinese shares track Wall St lower, lose 1.55%  Chinese shares up 2.55%, led by real estate and airlines  Shares close 0.29% lower as sentiment remains weak

"The Olympic Games are just around the corner and the market environment is becoming more complicated. We should go all out to safeguard the stable operation of the capital markets," Shang was quoted as saying.

The country's top securities regulator said China's stock market is still healthy despite plunging share prices this year.

"The fundamentals for a healthy stock market have not changed significantly, and China's macroeconomic foundation will continue to support the healthy development of capital markets," Shang said in comments published on CSRC web site on Wednesday.

The report said Shang did not mention in his speech specific actions planned by the CSRC, but urged that market rumors be kept under control.

According to earlier media reports, China's fund managers have been ordered not to comment on the current state of the stock market, including individual stocks.

Shang noted that the next step is to prioritize the development of corporate bonds and other fixed-income products, with the commission also pushing forward preparations for a growth enterprises board.

The commission will adjust the pace of fund raising exercises and speed up the launch of margin trading and other new managed fund products, Shang said.

Shang also said the commission will encourage financial innovation appropriate for the current level of maturity of China's markets, the report said.

The benchmark Shanghai Composite Index has fallen from a peak of 5,522.78 points in January to 2,850.31 points Tuesday.