China’s household savings could stabilize China’s stock market and lead to an eventual rebound, according to a former chairman of the China Securities Regulatory Commission (CSRC). Zhou Daojiong, who now serves as deputy director of the finance and economics committee of the National People’s Congress, also said a bullish market was needed to support the growth of domestic firms, the South China Morning Post reported. Zhou’s comments, made at a seminar in Shaanxi province, are seen as a sign of further government efforts to improve confidence and prevent market declines. "We must be fully aware that the government’s strategy to unswervingly develop the capital market hasn’t changed. The motivation to stabilise the market hasn’t changed," said Zhou. The Shanghai Composite Index has fallen more than 66% this year.
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