Friday, December 02, 2011 – by Staff Report
New CSRC chairman signals crackdown of the China Securities Regulatory Commission in Beijing. The new chairman of the commission, Guo Shuqing, said on Thursday that supervision of the country's securities market will focus on cracking down on insider trading. In his first public speech since being named as China's top securities regulator, Guo Shuqing said on Thursday that supervision of the country's securities market will focus on cracking down on insider trading. The comment by the new chairman of the China Securities Regulatory Commission (CSRC) was interpreted by industry experts as having set the tone for the watchdog's enforcement efforts. "Here we make a solemn declaration: the CSRC has zero tolerance for insider trading and crimes in the securities and futures markets," said Guo at the 9th Forum on Financing for Small and Medium-sized Enterprises in Shenzhen. – China Daily
Dominant Social Theme: Insider trading is bad and the Chinese know it, too.
Free-Market Analysis: Thank goodness the Chinese have decided that insider trading is a crime. This sub dominant social theme – that investment information is dangerous and hurtful to other people – is a growing promotion within the ranks of securities professionals.
But what's the real reason? We have to return to our concept of the power elite to find that out. The Anglosphere power elite is a funny beast, in a way. In the past they have drawn a line between free speech and money. One could express one's self and deny the validity of much that was being done. But ACTING on those beliefs, or making money through them, was far less allowable.
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