8. Crackdown on corruption reassures markets
By November 3, anti-graft authorities had sent inspection teams to 31 financial institutions for further probes into corruption and illegal trading, part of the country's efforts to bring better trading environment amid the nationwide anti-graft campaign. As many as 12 senior executives of banks and 15 senior executives of brokerages were probed, and eight officials from the CSRC were investigated, including Zhang Yujun, former assistant chairman of the CSRC, and Yao Gang, former vice-chairman of the CSRC. Since June, China's anti-graft authorities and police have been jointly investigating illegal trading and malicious short-selling, abuse of power and corruption in high places, which were all blamed for the summer market rout and weakening investor confidence. The CSRC in November vowed to streamline its regulatory powers, and inspection teams were sent to more organizations to eradicate power abuse and corruption in China's capital market.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
