Xiao Gang criticised for China's stock market condition

Almaty. January 12. Silkroadnews - China Securities Regulatory Commission (CSRC) chairman Xiao Gang is in the eye of a storm as he faces harsh criticism from the industry and the market for the country's stock market situation, China National News informs.
Xiao had earlier faced similar internal criticism from the ruling Communist Party for his handling of the stock market crash in August last year.
At the start of this year, Xiao is said to have introduced a "circuit breaker" mechanism to limit stock market losses but the mechanism was pulled out within the same week after it was blamed for exacerbating a sharp selloff.
After the devastating performance, Xiao had been nicknamed "Mr Circuit Breaker" all over the virtual space.
Even though market sources have said that it would be unfair to put the blame for China's stock market crash on just Xiao or the CSRC, others have cited his interview where he said that he was bad at math amongst other things.
With the CSI dropping 12 percent in the first four days of trading in 2016, many investors are blaming Xiao and the CSRC for taking aggressive measures to crack down on margin trading as the cause of the rout since 2015.
Meanwhile, authorities have been trying to restore confidence in the sharemarket by cracking down on alleged market manipulation. A number of officials, securities executives, fund managers, journalists and social media commentators have been put under investigation. China's stocks are still down 70 percent from their peak in 2007.