(CN) - The head of the China Securities Regulatory Commission announced major regulatory reforms at his agency after a year of stock market scandals in China, according to press reports.
     China Daily.com says that Guo Shuqing, who became chairman of the CSRC last November, wants all initial public offerings on the Chinese mainland to be approved by the regulator.
     In addition Guo proposes to create a new delisting mechanism to remove companies the CSRC finds exist only to raise money from unsuspecting investors.
     Guo said in an interview that there were 282 initial public offerings in the A-share market in 2011 while another 220 companies raised an additional $80 billion in capital through stock sales.
     According to the official Xinhua News Agency the CSRC also announced that it will create an "investor protection bureau" to protect the interests of Chinese investors.
     The CSRC says there are 72 million individual Chinese investors who were responsible for 80 percent of the total market turnover in 2011.