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China govt agencies to jointly punish firms which break the law

[BEIJING] Twenty-two Chinese government bodies agreed on Monday to jointly mete out punishment to listed companies identified by the securities regulator to have broken the law.

Listed companies and relevant individuals penalised by the China Securities Regulatory Commission (CSRC) would face punishment or business restrictions from other government agencies as well, CSRC told a news conference in Beijing.

The punishments included being restricted in participating in bond sales and stock incentives schemes.

No specific companies were named at the conference or in the accompanying statement provided to reporters.

The statement was jointly issued by agencies that included banking, insurance, foreign currency and environment watchdogs, as well as China's top planning agency, tax bureau, commerce ministry and public security bureau.