CHINA will step up supervision of Chinese firms listed offshore, crack down on illegal activities in the securities market and promote the high-quality development of the capital market, according to an official document released Tuesday. The document was jointly issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council. Under the new measures, China will improve regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading, according to the document. China will also check sources of funding for securities investment and control leverage ratios, it said. It referred to strengthening oversight on overseas-listed Chinese companies and further deepening cooperation on cross-border audit supervision. It also called for the establishment of law enforcement alliances to combat crimes in the cross-border securities sector. The document came following regulatory order for ride-hailing giant Didi to be removed from app stores over user privacy violation. (SD-Agencies) | 