China Capital Market Fundamentals Strong: Xinhua

China's economy remains positive and the foundation of its capital markets is solid, Xinhua News Agency said in an editorial in an apparent effort to calm the routed domestic stock and other financial markets. In addition to strong growth, the market has reasonable liquidity and the PBOC has expressed continued normal monetary policy space and further support to the real economy, the official news agency said. China continues to support businesses choosing where to list and to speed up the opening of its capital markets, Xinhua said. Addressing the newly toughened rules over fintech and curbs over investments in the after-school tutoring industry, which shook up some investors, Xinhua said the rules were meant to promote healthier social development and prevent excess capital putting pressure on the public education systems and the students. The authorities will further reform the capital market to respond to China's economic demand, Xinhua said.