Hard crackdown on irregularities needed

The government has issued a range of directives aimed at providing greater protection for the interests of stock investors. Such a move has been widely regarded as long overdue.

Although it was applauded by many commentators for energizing the moribund Chinese stock market, the response from investors has remained lukewarm. The lead indicator continued to move listlessly during the past week. Cynics say it will take real and drastic actions to convince the many demoralized investors that the authorities have the will and capability to shape things up.

The results of a recent online survey of stock investors by a major Internet portal showed that more than 70 percent of respondents said they have lost money over the past several years. That's hardly surprising, considering the fact that the Chinese stock market has been among the world's worst performers for so many years.