CHINA’S securities regulator said it will take heed of all suggestions, even criticism, from market participants and address their concerns promptly.

This comes after the China Securities Regulatory Commission (CSRC) held a series of seminars Sunday and Monday with market participants who proposed tighter scrutiny of company listings and trading behavior as part of efforts to revive market confidence.

The meetings were led by the regulator’s new chairman Wu Qing and held immediately after the Lunar New Year holiday, reflecting the urgency to stabilize a market that dropped to five-year lows early this month.

Participants, including small investors, listed companies, money managers and accounting firms, said regulators should tighten screws on initial public offerings and weed out listed companies that do not qualify.

They also proposed a fairer trading mechanism and harsher punishment for law breakers, the CSRC said in a statement.

The regulator said it would treat all proposals seriously and implement feasible ones immediately, reiterating its intention to “resolutely maintain market stability and control market risks.”

“Confidence is more precious than gold,” China Securities Journal said in an editorial yesterday.

Improved communication with the market can help rebuild confidence, and “we believe that careful listening is a good start.”

China appointed Wu as its new markets chief earlier this month, replacing Yi Huiman. The securities veteran has a reputation of having “zero tolerance” for wrongdoings, and his appointment had ignited hopes for more forceful measures to revive the market.

Wu has been working around the clock even during the Spring Festival holiday since he took office, Shanghai Securities News reported, without identifying its source.

Just two days after Wu’s appointment, the CSRC punished employees at China Merchant Securities for illegal stock trading and fined Shanghai-based semiconductor company S2C Ltd. for fraud in its listing application.

The CSRC plans to strengthen cooperation with law enforcement agencies to crack down on securities cheating and financial manipulation, China Securities Journal said. (SD-Agencies)