Government to supervise listed firms

China will work out kinks in the information sharing system between related departments to beef up supervision of listed firms. The China Securities Regulatory Commission said on Sunday that joint efforts will be made by twelve departments -- including the People's Bank of China and the China Banking Regulatory Commission -- to facilitate information exchange on major issues regarding listed companies.

The CSRC-developed system that supervises listed firms is expected to integrate with a corporate credit tracking system developed by the central bank. Monitoring a listed company's major shareholders will be the focus of efforts for the healthy development of the securities industry.

Recent scandals at listed firms have put many high-ranking officials in an uncomfortable spotlight. Wang Yi, the former vice chairman of the CSRC and the vice president of the China Development Bank, has been detained for alleged corruption, which facilitated the illegal listing of Pacific Securities.