Major securities firms are next in the anti-corruption drive by the central government. Paul Gillis, accounting professor at Peking University, cautiously welcomes last week´s moves, going beyond the initial hunt for culprits of this year´s market slump, he tells Bloomberg.
An initial hunt for culprits for China’s market slump appears to have evolved into a broader clean-up, said Paul Gillis, a professor at the Guanghua School of Management at Peking University. “It’s an important step in reforming capital markets to make sure that powerful insiders don’t have their fingers on the scale,” Gillis said from Beijing on Friday. “The markets need to be fair in order to operate efficiently.”
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