Stock market Illustration: VCG

China's top securities regulator on Sunday and Monday held symposiums to solicit public opinion on strengthening supervision and promoting high-quality development of the capital market, as well as risk prevention and mitigation. 

Symposium participants advocate the industry watchdog systemically step up market oversight as the healthy development of the stock market is closely tethered to many investors' "pocketbooks."

Specifically, representatives put forward many detailed measures to fundamentally elevating the quality of companies seeking IPOs, including strictly regulating IPO access, according to a statement released by the China Securities Regulatory Commission (CSRC) on Monday. 

Some representatives suggested the CSRC stick to the investor-centric concept by scrutinizing all trading activities and improving fairness, while introducing more medium- and long-term capital into the capital market. 

Representatives also noted that the cases recently handled by the CSRC including financial fraud and inside trading have displayed an obvious deterrent effect, and they suggested the agency intensify penalties for any violations and irregularities in order to protect investors' rights and maintain a fair market order. 

The symposiums aim to stabilize investors' confidence, while ramped-up supervision by the CSRC will improve fair and transparent market trading, Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Monday.

The suggested measures will also help support the real economy, as the equities market will play a significant role in propelling China's economic recovery in 2024, Hu Qimu, deputy secretary-general of the digital-real economies integration Forum 50, said on Monday.

As monetary policy in 2024 is expected to be relatively loose, leading to ample liquidity which will benefit equities market, Hu said.

CSRC officials said at the symposiums that the securities regulator will take all suggestions into serious consideration, and will make a timely response to market concerns.
 
Responsible authorities in China have been stepping up all-around supervision in a bid to further stabilize the capital market. The local securities regulator in East China's Anhui Province on Sunday imposed a fine against Hua'an Securities for three violations, the first fine in the Year of the Dragon. 

Xi noted that stepped-up regulation and positive guidance from the financial authorities has helped stabilize China's A-share market, arresting it from a sharp plunge in early February.

China's stock market continued to rally on Monday, with the Shanghai Composite Index gaining 1.56 percent to close at 2,910.54 points. The Shenzhen Component Index rose 0.93 percent, and the ChiNext Index grew 1.13 percent on Monday, the first trading session after the Chinese Spring Festival.