China securities regulator stresses dialogue with U.S. for achieving win-win results


  • World
  • Sunday, 09 Aug 2020

BEIJING, Aug. 8 (Xinhua) -- China's top securities regulator said Saturday that resolving issues of common concern through dialogue is the only way to achieve win-win results, when responding to a recent U.S. report released by the President's Working Group on Financial Markets.

The so-called "Report on Protecting United States Investors from Significant Risks from Chinese Companies" has recommendations such as enhancing listing standards on U.S. exchanges for access to audit work papers.

Strengthening the supervision of listed companies' information disclosure and improving auditors' professional ethics and their practices are important means to protect the legitimate rights and interests of investors, the China Securities Regulatory Commission (CSRC) said on its website.

Starting from common interests of both sides, China and the United States should carry out open dialogue and cooperation, it said.

The two sides have maintained communication and interaction, the CSRC said, adding that Chinese authorities have shown full cooperation sincerity by repeatedly communicating with the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board (PCAOB) on joint inspections of accounting firms since 2019.

On Aug. 4, the Chinese side sent updated proposals concerning the joint inspections to the PCAOB based on the latest needs and ideas of the U.S. side, it said.

"Resolving issues of common concern through dialogue is the only way to achieve win-win results," said the CSRC. "Only by doing so can a sound environment for the healthy and orderly operation of the global capital market be created."

China has never prohibited or prevented relevant accounting firms from offering audit work papers to overseas regulators, the CSRC said.

The country's securities authorities have provided the audit work papers of several U.S.-listed Chinese companies to the U.S. securities authorities, as mentioned in the U.S. report, it said.

The exchange of information including that of audit work papers should be conducted through regulatory cooperation channels, which is an internationally accepted common practice, the CSRC said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In World

Egypt arrests cartoonist on 10th anniversary of uprising, sources say
Minors arrested in sweeps on Ethiopian rebels, says rights group
Italy's ruling PD lawmakers urge PM Conte to resign and form new govt
Exclusive: U.S. goal to squeeze more COVID shots from Pfizer vials hampered by syringe production
EU to require advance registration of COVID-19 vaccine exports
EU states no longer recognise Guaido as Venezuela's interim president
Five, including pregnant woman, fatally shot in Indianapolis
Germany expects EU approval for AstraZeneca COVID-19 vaccine on Friday
Moscow objects to U.S. embassy's support for 'illegal' protests in Russia: RIA
Diverse team of U.S. House Democrats to lead Trump's second impeachment trial

Stories You'll Enjoy


-->