SHORI CIRCUIT

摘要

Xiao Gang just can't win. Just days into the newyear, Xiao, chair of the China Securities Regulatory Commission, had to explain to top leaders in Beijing why the CSRC's so-called circuit breaker mechanism had worsened the sell-off of Chinese stocks that began last summer. "Mr. Xiao has an unenviable job-when people make money, they would not thank him, but when they lose money, he becomes a scapegoat," says Hong Hao, managing director of research at Hong Kong-based brokerage BOCOM International Securities.