China to stabilize stock market

China's securities watchdog has pledged to deepen reforms and boost regulations to promote the stable and healthy development of the capital markets.

The Chairman of the China's Securities Regulatory Commission, Shang Fulin, said on Sunday, that the CSRC would balance market supply and demand, and regulate the pace of fund raising. The stock regulator will encourage and steer funds into the market for long-term investments, and gradually improve market stabilizing mechanisms.

Shang said the CSRC would cooperate with prosecutors to crackdown on illegal activities, including market manipulation and irregular information disclosure.