People walk outside the Shanghai Stock Exchange building in the Chinese city of Shanghai on Nov 4, 2020. (HECTOR RETAMAL / AFP)
SHANGHAI – The Shanghai Stock Exchange (SSE) vowed over the weekend to maintain market stability ahead of the politically significant 20th Party Congress later this year, saying it will "resolutely" prevent big and swift swings in capital markets.
The bourse will also help stabilize economic growth by actively supporting control of the coronavirus and the resumption of work, and will manage and shape market expectations toward the positive side, the SSE said in a statement posted on its website on Sunday.
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"The SSE should fully understand the huge political significance of the 20th Party Congress, and effectively maintain stability of the capital market," according to the statement, published after the SSE held an internal meeting last week.
The SSE also said it would make solid and detailed preparations to expand reforms of the initial public offering process.
It will shoulder the political responsibility in preventing and resolving financial risks, it added.
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The Shanghai Composite Index has rebounded roughly 14 percent from its low point this year hit on April 27, but is still down about 10 percent so far this year.