Chinese stocks rise for 7th day amid crackdown on abnormal trading

The China Securities Regulatory Commission (CSRC) said on Thursday that domestic stock exchanges have taken regulatory measures to address abnormal trading by certain institutions, but these moves are not meant to restrict selling.

The remarks came after some foreign media outlets reported that the CSRC had restricted net selling by major firms at the open and close of trading and prohibited institutional investors from shorting A shares through stock index futures.

In a statement on Thursday, the CSRC assured investors that as a regulator, it will not interfere with normal transactions and will ensure investors’ rights to trade in a fair and free manner in accordance with the law.

The agency said it will strengthen the monitoring of abnormal transactions, and crack down on market manipulation, insider trading and other illegal activities.

The CSRC, led by its newly appointed chairman Wu Qing, held more than 10 back-to-back meetings within two days this week with a wide range of market participants to solicit suggestions on regulations, risk prevention and highquality development.

Amid toughened crackdowns on abnormal trading, the market continued to rebound.

The Shanghai Composite Index closed at 2,988.36 points on Thursday, up 1.27 percent, rising for the seventh straight day and approaching the psychological benchmark of 3,000 points.

Attracted by the trend, a number of foreign investment firms announced plans to expand in China, and analysts noted that the steady operation of China’s economy underpinned the stock market and buttressed the confidence of international investors.

Listed companies that include leading enterprises in various industries, such as high-technology sectors with promising prospects, might be the main attraction for foreign investors, Li Chang’an, a professor with the University of International Business and Economics in Beijing, told the Global Times on Thursday.