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China's new stock chief stresses supervision

SHANGHAI: China's new securities chief Zhou Xiaochuan has stressed supervision of the stock market in his first public remarks after his appointment last month, the flagship People's Daily said on Saturday.

"China's securities market needs to strengthen supervision and guidance," Zhou, chairman of the China Securities Regulatory Commission (CSRC), was quoted as saying.

"Some companies have lost control with irregularities and abuse of power," Zhou told a meeting in Beijing. He gave no details.

The newspaper quoted industry analysts as saying the remarks indicated that the would keep "rectification" of the securities market its primary task under the new leadership.

The would also help promote the listing of state companies and the creation of planned high-technology boards on the Shanghai and Shenzhen stock exchanges, it said.-Reuters