UNITED NATIONS, March 7 (Xinhua) -- The United Nations Security Council Tuesday strongly condemned the recent ballistic missile launches by the Democratic People's Republic of Korea (DPRK), and urged the country to "refrain from further actions."

The 15-nation UN body stressed in a press statement that the March 5 missile launches are in grave violation of the Democratic People's Republic of Korea's international obligations" under relevant Security Council resolutions.

Pyongyang shall "comply fully with its obligations under these resolutions," it added.

Under the Security Council resolutions, Pyongyang was banned from testing any ballistic missile technology. Its latest test-firings have sparked strong condemnation from a string of countries.

"The Security Council deplore all the Democratic People's Republic of Korea's ballistic missile activities, including these launches," which "contribute to the Democratic People's Republic of Korea's development of nuclear weapons delivery systems and increase tension in the region," according to the statement.

The UN body further regretted that the DPRK "is diverting resources to the pursuit of ballistic missiles while Democratic People's Republic of Korea citizens have great unmet needs," the statement said.

UN Secretary-General Antonio Guterres on Monday also condemned the firing, as "such actions violate Security Council resolutions and seriously undermine regional peace and stability."

According to South Korea's Joint Chiefs of Staff, the DPRK fired four ballistic missiles into east waters at about 7:36 a.m. local time (2236 GMT on Sunday). The missiles flew eastward some 1,000 km on average, and three of them fell into Japan's exclusive economic zone.

On Feb. 12, Pyongyang successfully test-launched a new type of Pukguksong-2 intermediate range ballistic missile reportedly under the supervision of top leader

Rapid development cheap air force 1 , illegal operations behind changes: experts

A clerk counts yuan banknotes at a bank in Ganyu county, East China's Jiangsu Province. File photo: IC

After China's major financial regulators announced recently a tightening of their management grip on the domestic financial market through measures such as suppressing certain business by securities firms and repressing stock speculation, experts said Tuesday that the rapidly growing financial market in China is forcing them to change their traditional management model.

Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC) Nike Air Force One Low Mens Silver Black On Sale , said during a recent meeting that the CSRC would no longer tolerate illegal operations on capital markets, media reported on Tuesday.

"We used to be lenient about violations, but from now on we won't pull any punches," Li was quoted as saying in the report.

The China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC) both noted on Tuesday that they would tighten supervision over domestic financial markets.

The financial regulators are tightening management in an effort to protect the investors' interests Cheap Nike Air Force One Low Mens White , Li Daxiao, chief economist at Shenzhen-based Yingda Securities, told the Global Times on Tuesday.

Tightening control

Dong Dengxin, director of the Finance and Securities Institute at Wuhan University of Science and Technology Nike Air Force One Low Womens Pink Cheap , said China's financial market has developed rapidly since 2013, which has caught regulators unprepared.

"The most fundamental changes are the rise of the private market and buyouts. The former has given rise to complicated new assets management businesses and products, while the latter often involves leveraged trading," Dong told the Global Times on Tuesday.

This sudden development Nike Air Force One Low Mens White Blue On Sale , replete with risks, has exceeded the expectations and even the management capacities of domestic regulators, inducing them to work out new measures to reverse the awkward situation, according to Dong.

Li Nike Air Force One Mid Mens White Red Cheap , the CSRC vice chairman, noted that some financial institutions have designed "complicated, un-transparent" products to take advantage of policy loopholes, according to media reports.

Illegal operations "exist" in domestic financial markets Discount Womens Nike Air Force One High Blue , said Li, the chief economist at Yingda Securities.

The phenomenon has caused financial regulators to pump up efforts to standardize the markets. For example, the CSRC will gradually discourage securities traders from helping banks invest in areas they normally are not allowed to via the so-called channel business, the CSRC vice chairman said.

An employee at a Shanghai-based securities firm Clearance Womens Nike Air Force One High Red , who refused to be identified, said that such practices are one of the major businesses for securities companies.

"If it is canceled, it would impact the profitability of securities firms," the employee said. "Personally Mens Nike Air Force One High Supreme Red White On Sale , I don't think such business will be completely banned."

She noted that some small commercial banks, which don't qualify to open accounts on stock exchanges but still need to invest their capital, have to fulfill their investment needs via such services provided by securities firms or funds.

The CSRC has also stipulated that major shareholders cannot procure shares through any means other than direct purchasing, the China Business News reported on Tuesday.

According to the securities firm employee Mens Nike Air Force One High Supreme White Black Cheap , the CRSC has raised the frequency of sampling inspections on securities firms.

"They used to carry out such inspection once a year. Now two or even four times [a year] is completely possible," she said, noting that tightened supervision is a standard phenomenon and securities firms have responded actively to the situation.

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