Opinion / Opinion Line

Anti-graft move helps clean stock market

(China Daily) Updated: 2015-09-18 07:42

Anti-graft move helps clean stock market

An investor looks through stock information at a brokerage house in Huaibei city, east China's Anhui province, Sept 17, 2015. [Photo/IC]

The Central Commission for Discipline Inspection of the Communist Party of China announced on Wednesday that Zhang Yujun, assistant chairperson of China Securities Regulatory Commission, was under investigation for "severe disciplinary violations". Comments:

The investigation of the so far highest-ranked securities official has raised hopes of the financial sector becoming corruption-free in the future. However different the circumstances appear, corruption in the financial sector and other fields is in essence the same. Officials claim to work for the sake of "market stability and prosperity", yet they ignore and violate laws and regulations for personal gains. Therefore, no excuse or reason is tenable in the fight against corruption., Sept 17

Among all the securities officials investigated since the 18th CPC National Congress in November 2012, Zhang is by far the highest ranked. Therefore, ordinary shareholders are wondering whether this is a signal for a rebound in the stock market. It is not unknown what role Zhang played before and after the recent stock market plunge, but it is more or less about loose supervision and the involvement of personal interests. In this sense, the investigation will help remove similar hurdles and usher in long-term stock market stability. But the top anti-corruption watchdog should not drop its vigil., Sept 17

China's stock market is still not fully mature and suffers from illegal operations such as insider trading because many supposed market supervisors misuse the restraint-free power they have to make profits. If the top anti-corruption watchdog could use this investigation to introduce external supervision and build an integral system to keep corruption at bay in the financial sector, the stock market will get the fundamental condition for healthy development and all corrupt officials can be investigated and punished according to the law., Sept 17

(China Daily 09/18/2015 page8)

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