Wu Qing, chairman of the CSRC, China's top securities regulator, speaks to media at a press conference during the two sessions on March 6, 2024. Photo: VCG

Protecting the legitimate rights and interests of investors, especially small and medium-sized consumers, is the core task of the China Securities Regulatory Commission (CSRC), Wu Qing, chairman of the CSRC, China's top securities regulator, said in his first appearance before media during the ongoing two sessions.

"In a market like ours, where small- and medium-sized investors account for the vast majority, protecting the legitimate rights and interests of investors is the core task of the CSRC," Wu said.

Ensuring fairness and openness should be the most important principle for market regulators, according to Wu.

Corporate IPOs should never be focused on extracting money from the market and fraud should be resolutely cracked down upon, said Wu.

Wu vowed to aggressively enhance regulatory oversight on companies seeking IPOs and intermediaries in the IPO process and fix loopholes on illegal selling of shares by shareholders.

In Wu's first open appearance to media since he took his new post, Wu said he is still one day short of completing his first month's tenure at the post that oversees the world's second largest capital market.

Wu joked that "I am still learning and am a rookie," adding that he has been listening to ideas from all sides.

Key work for the CSRC will include enhancing regulatory oversight with severe punishment for violators in accordance with the law and rigorously manage the regulatory team, Wu said.

The regulator won't hesitate to act to correct extreme situations when the market seriously deviates from its fundamentals, irrational and violent fluctuations occur, liquidity is exhausted, market panic occurs and serious draining of confidence appears, Wu said.

Wu was appointed as a new chief of the country's top securities regulatory agency on February 7 amid a whirlwind week in the Chinese stock market, marked by swift efforts by the Chinese government to tackle volatility.

Since he took office, the Chinese A share market has recovered much of its recent losses, finishing at 3,039.93 points at the Shanghai bourse and 9,395.65 points at Shenzhen bourse on Wednesday. 

In order to promote the healthy development of the capital market and protect investors' rights and interests, the CSRC has held symposiums to listen to opinions and suggestions on improving the basic system of the capital market, strengthening the protection of the rule of law and visiting listed firms to help them address difficulties to achieve high-quality development.