China securities watchdog issues record fines in 2017

BEIJING — The China Securities Regulatory Commission (CSRC) has issued a record 7.324 billion yuan ($1.06 billion) of fines so far this year, amid a crackdown on insider trading and market manipulation.

The figure was 1.7 times last year's total, showing the watchdog's toughening supervision and punishment of illegal market activity.

The CSRC has imposed administrative penalties in 206 cases of irregularities this year, with 36 people banned from market access.

Jiang Yang, vice chairman of the CSRC, told Xinhua that China would continue to strengthen oversight in the securities market to keep it fair, open and impartial.

"The regulator will continue to crack down on violations of securities laws and regulations, including insider trading and market manipulation," Jiang said. "China will advance reforms to make the capital market better serve the real economy. And the capital market will steadily open wider to foreign investors, and domestic brokerages will expand business overseas."