Regulators call for share buybacks to boost confidence

Securities regulators have called on State-owned enterprises to buy back their own shares to restore confidence in the stock market.

China Business News reported on Monday that the China Securities Regulatory Commission had met with more than 10 major State-owned companies, including Baoshan Iron and Steel Co Ltd, China Petroleum & Chemical Corp Ltd, PetroChina Co Ltd, and China Shenhua Energy Co Ltd, asking them to buy back their own shares.

It said the Sept 4 meetings were arranged to help stabilize the securities and futures market and boost investor confidence prior to the 18th National Congress of the Communist Party of China to be held later this year, when the country is expected to see a change in its top leadership.