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© Reuters. FILE PHOTO. A Chinese national flag is displayed outside China Securities Regulatory Commission, (CSRC) on Financial Street in Beijing. This was July 9, 2021. REUTERS/Tingshu Wang/File Photo

SHANGHAI (Reuters) – China has set up a cross-agency team, led by the country’s securities watchdog, to coordinate crackdown efforts against illegal activities in capital markets.

China Securities Regulatory Commission, (CSRC), said that it held its first meeting on Thursday with members of the team, which included the propaganda department, supreme Court, supreme procuratorate and police as well as the ministry of justice, finance ministry, and ministry of justice.

The CSRC stated in a statement that it is essential to crack down on securities fraud and build a vibrant, open, transparent, and dynamic capital market that supports high-quality economic growth.

China seeks to divert more households’ savings into bonds and equities to help fund economic growth and innovation amid ongoing Sino-U.S. tensions, and indications of slower domestic growth.

The CSRC stated that the new team would promote greater coordination between central and local government, as well as different Chinese regions to improve regulation of capital markets.

The new team will be more severe in punishing misconduct such as market manipulation, book-cooking and insider trading. It will also improve China’s protection system for individual investors.

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