Stock regulator's fighting talk

In a speech at the annual work meeting of the China Securities Regulatory Commission on Friday, Liu Shiyu, the commission chairman, said no one will be allowed to create "wind and rain" in the stock market and vowed to capture those who suck the blood of small investors.

Liu's remarks came only two months after he condemned the aggressive buyouts of listed companies by those using speculative capital, who he described as "monsters" and "barbarians" in the market. The latest criticism is seen as fresh evidence of the top securities watchdog's resolve to tighten supervision over the domestic capital market and weed out illegal market activities. There is a need for the country to take effective measures to crack down on market manipulation and protect the interests of retail investors.

Although Liu did not offer a definite timetable for a much-anticipated registration-based system for initial public offerings, the securities regulator has revealed its increased resolve to maintain a normal pace for IPO approvals.