China's securities regulator to improve quality of listed companies

BEIJING -- China's top securities watchdog on Tuesday pledged more efforts to improve the quality of listed companies, vowing better corporate governance and exit mechanism, as well as harsher punishment for illegal acts.

A targeted campaign will be launched to enhance corporate governance of listed firms, the China Securities Regulatory Commission (CSRC) said, adding that the campaign should run alongside the three-year action plan on the reform of State-owned enterprises.

Supervision over the exit mechanism for listed companies will strengthen, while the criteria for delisting will be fine-tuned, and relevant procedures will be streamlined, said the CSRC.

The CSRC also promised to reduce risks related to stock pledges of listed companies and have "zero tolerance" over illegal activities in the country's capital market.