China Securities Regulatory Commission Chairman Xiao Gang in Hong Kong in January 2015. What’s wrong with China’s stock market? Just about everything, according to a statement from Xiao Gang , the country’s chief securities regulator, delivered at a national meeting of Chinese securities officials and posted on his agency’s website Saturday. In the statement, Mr. Xiao defended his handling of successive market meltdowns , blaming the “abnormal volatility” on “an immature market, inexperienced investors, imperfect trading system, flawed market mechanisms and inappropriate supervision systems.” The turmoil in China’s stock market—which on Friday entered “bear” territory of 20% below its recent peak—has cast a harsh light on the performance of Mr. Xiao , 57, a former central banker and chairman of the Bank of China before he was appointed chairman of the China Securities Regulatory Commission in 2013. During the summer, when Chinese stocks tumbled more than 40%, Mr. Xiao […]