In little over six months as China’s top securities watchdog, Guo Shuqing has let loose a flurry of reforms targeting insider trading, market manipulation and dodgy disclosure that have hamstrung China’s stock markets even as its economy surges.
But China’s more than 72 million retail investors, who account for about three-fourths of trading on the domestic stock exchanges and have been burned repeatedly in the weak and volatile markets of recent years, remain sceptical.
“It doesn’t make a difference who’s in charge,” said Si Jun, a 62-year-old retired taxi driver.
“Markets might go up for a few days after some reform is announced, but then it’s all back to normal,” he said, summing up the view of many retail investors.
Gaining their confidence – and their hard-earned savings – will be crucial if China is to build up stable markets that can fund world-class companies and generate reliable returns for…
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