China pledges to step up stock market monitoring to control risks

(Bloomberg) - China's cabinet vowed to tighten stock-listing standards in new guidelines issued Friday, urging companies to improve corporate governance in the latest effort to bolster the country's stock market.

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According to a statement, the State Council will ensure "high-quality development" of listed companies, crack down on illegal sale of shares, and strengthen monitoring of dividends. The State Council will also promote the entry of medium- and long-term capital into the market, the statement said.

The measures come as stocks struggle to extend their nascent rebound, with the CSI 300 falling for a seventh straight session on Friday. While the stock market's rebound from February's lows has been aided by a series of policy measures, including state fund purchases and restrictions on quantitative funds, the market has lost momentum due to uncertainty over corporate earnings and economic recovery.

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