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The conservatives in the Chinese government have been cracking the whip at the China Securities Regulatory Commission (CSRC), China’s equivalent of the US Securities & Exchange Commission (SEC). The dismissal last year of the CSRC’s free-thinking chairman, Liu Hongru, and his replacement by the more bureaucratically minded Zhou Daojiong – formerly at the policy-making State Development Bank – was the most important sign of a change in philosophy among China’s leaders. This has had serious consequences for the agency, which was set up in 1992 to bring order to China’s new securities market. |
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