Govt in joint effort to halt market slide

IPOs suspended; top brokers launch blue chip fund as fears of crash grow

The central government, securities regulator and financial institutions have launched a joint effort to support the country's plummeting stock market amid fears that a market crash could threaten the country's entire financial system.

Experts warned that further steep market declines without government intervention could lead to chain reactions across the financial markets, including the liquidation of fund and trust products as well as rising bad loans in the banking sector.