Comments from Li Yuanchao in Davos, via BBG:
"An excessively fluctuating market is a market of speculation where only the few will gain the most benefit when most people suffer," Li said "The Chinese government is going to look after the interests of most of the people, most of the investors."
That's cryptic but it certainly hints at more buying in the near-term. He's the most senior official to talk about intervention.
"On the one hand, we need to make the stock market more dynamic, but on the other hand we also need to strengthen regulation of the stock market, and we resolve to do that," Li said.
Fang Xinghai echoed the sentiments and said intervention was to add liquidity, not to boost stocks.
The government is prepared to intervene again "if the liquidity problems are quite severe and major and could lead to systemic risks," Fang said.
The comments first crossed an hour ago and are getting wider play now.
