(Xinhua file photo)
BEIJING, Feb. 26 (Xinhua) -- A Chinese regulator lashed out at "financial crocodiles" that gobbled up retail investors' interests on the stock market on Sunday, vowing stricter regulation.
Some "barbarians" and "crocodiles" hurt retail investors by plundering the stock market under the cloak of legality, said Liu Shiyu, chairman of China Securities Regulatory Commission (CSRC), at a press conference.
Liu said he was "astonished at the chaos" of the stock market after he assumed office last year.
"The lure of money is huge.... On the capital market, financiers are just half a step away from 'financial crocodiles'," Liu told reporters.
He said the CSRC's top priority is market regulation, which "allows no ambiguity or wavering".
His remarks came after "barbaric" behaviors of some Chinese insurers that used leveraged money to buy shares in listed companies, arousing wide public concern late last year. Triggering sharp volatility in the market, such moves annoyed corporate executives and caused individual investors to suffer.
China's insurance regulator said Saturday it had restricted stock trading by Evergrande Life, a unit of property conglomerate Evergrande Group, for one year due to the insurer's irregular investment operations.
On Friday, the insurance regulator barred Yao Zhenhua, chairman of Foresea Life Insurance, from the insurance industry for 10 years for irregular market operations.
Related:
Economic Watch: Securities watchdog stresses strict supervision
BEIJING, Feb. 18 (Xinhua) -- China's securities watchdog has said it will attach greater importance to supervision in the capital market to guard against risks and protect the rights of investors.
Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), said the CSRC would be strict in market supervision in 2017 in order to maintain market stability. Full story
CSRC stresses risk prevention in steadier market
BEIJING, Jan. 8 (Xinhua) -- China's securities watchdog said it will attach greater importance to risk prevention in the stock market in 2017.
The China Securities Regulatory Commission (CSRC) will keep a close eye on financial conditions both at home and abroad and be prepared, said its assistant chairman Xuan Changneng. Full story