China markets watchdog chief warns manipulators

China's chief stock market regulator Zhou Xiaochuan issued a stern warning against price manipulation on Feb 15, 2001, saying stock prices should be based on the quality of listed firms and not "backroom deals". Zhou also pledged to crack down on firms which used fraud to gain clearance for a listing or boost their stock prices, and said company officials could be jailed for such activities. The markets, which had edged higher in the morning, shed all their gains as word of Zhou's speech spre

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