Published : 2024-10-26

On October 26, 1992, the State Council Securities Committee as established.

The "Shenzhen 8.10 Incident" was the first stock market crash in New China's securities history.

The Shenzhen and Shanghai stock markets plummeted by nearly half in a few days as a result of a collective fraud in the offering process of the "lottery form" required for shareholders to apply for shares, which led to a collapse of confidence in the market.

This incident directly led to the birth of the securities regulatory authority.

The State Council Securities Committee was the forerunner of the China Securities Regulatory Commission (CSRC).

According to the notification of establishment, the State Council decided to establish the State Council Securities Committee to strengthen macro-management of the securities market, unify and coordinate policies on stocks, bonds, government bonds, etc., to protect the interests of the people, and promote the healthy development of the Chinese securities market.

The original State Council Securities Administration Meeting was abolished.

The State Council Securities Committee set up an office to handle daily work, which was administered by the State Council Office. The director of the committee was Zhu Rongji (朱鎔基), who had just been promoted to the standing committee of the Politburo, and he later became the Premier of the State Council.

By April 1998, the State Council carried out institutional reforms and decided to merge the State Council Securities Committee with the China Securities Regulatory Commission established during the same period, to form the ministry-level unit directly under the State Council, China Securities Regulatory Commission.