The Ministry of Commerce has responded to the credibility crisis of Chinese stocks in the United States. Spokesman Yao Jian voiced his confidence in Chinese equity shares at a press conference on Wednesday.

Last week, shares of US-listed stocks of Chinese companies dropped sharply due to a growing credibility crisis, as accounting practices of Chinese companies come under suspicion. Interactive Brokers Group, an online discount brokerage firm in the US has banned the margin buying of Chinese stocks after the crisis broke out. 132 Chinese companies have had their stocks blacklisted by Interactive Brokers.

In response, Yao indicated that it's the responsibility of Chinese companies operating overseas, to follow international regulations. But he said he also believes that a few fraud cases doesn't represent all Chinese companies. In recent years, Chinese companies have performed well in both domestic and overseas stock markets. Yao says the Ministry of Commerce will keep supporting Chinese companies' overseas business and development.

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