China’s new securities watchdog vows strict supervision

Beijing, March 6 (IANS) Liu Shiyu, new chairman of China Securities Regulatory Commission (CSRC), has vowed to prioritise strict and comprehensive supervision, the media reported on Sunday.

Liu Shiyu made the announcement during the Two Sessions in Beijing on Saturday, the People’s Daily reported.

“My philosophy on supervision is clear-cut: to supervise in accordance with the law, to supervise strictly and comprehensively,” Liu said.

This is the first time Liu spoke in public since he took office on February 20 after Xiao Gang, former head of the CSRC, was removed from his post after facing stinging criticism for amplifying the country’s stock market turbulence.

“I will do my best to protect the legitimate rights and interest of investors in accordance with the law of the People’s Republic of China.” Liu added.

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