BEIJING - China's securities regulator did not approve a single Initial Public Offering (IPO) application in the past week amid tightening scrutiny.

Up to 18 companies have got the green light from the China Securities Regulatory Commission (CRSC) to go public so far this year. The approval rate is much lower as the country moves to improve the quality of listed companies.

The CSRC has started rigorous approval procedures for IPOs since a new review committee came into office in October, rejecting or suspending more than half of IPO applications.

China has sought to normalize IPOs to improve financing efficiency and direct more money into the real economy since it suspended IPOs between July and November 2015.

The regulator is seeking to balance between easing the IPO backlog, keeping the market calm and improving the quality of listed companies.