China securities regulator hands out record-high penalties

BEIJING -- China's securities authority has maintained a hardline stance toward capital market violations this year, with the number and total amount of penalties handed out both reaching record highs, data showed Wednesday.

Since the beginning of the year, the China Securities Regulatory Commission (CSRC) has decided on 224 administrative penalties, according to a CSRC statement.

The combined total of the fines rose 74.74 percent to 7.48 billion yuan ($1.14 billion).

The measures maintained market equity, protected investor interests and ensured the proper functioning of the capital market, the authority said.

The fines were handed out for various violations, including information disclosure problems, market manipulation and insider trading, the statement said.

CSRC sees the tough stance as an effective way to "deter market violations" and prevent systemic risks, and vowed to continue the strict supervision in 2018.