Securities regulator promises ongoing support for troubled mainland market

The China Securities Regulatory Commission has pledged enduring support for the mainland’s volatile stock market, South China Morning Post reported, citing a statement posted on the commission’s microblog. “For a number of years to come, the China Securities Finance Corp. will not exit [the market]. Its function to stabilize the market will not change,” the CSRC said, referring to the state-backed firm that purchases shares on behalf of the government. The Shanghai Composite Index closed up 0.27% on Friday to cap its biggest weekly gain (5.91%) in two months.