CSRC vows to deepen market reforms, enhance China-US audit oversight - PingWest

CSRC vows to deepen market reforms, enhance China-US audit oversight

CSRC vows to deepen market reforms, enhance China-US audit oversight

16 hours ago

The China Securities Regulatory Commission (CSRC) said in a statement late Wednesday that it vowed to deepen market reforms and promote the regulatory cooperation mechanism for China-US audit oversight.

The auditing dispute between China and the US in recent years has discouraged Chinese companies from going public in New York. Recently, there have been some positive developments on this issue: China has granted the US audit regulator, the Public Company Accounting Oversight Board (PCAOB), full access to the audit papers of US-listed Chinese companies.

In the Wednesday statement, the Chinese securities watchdog called for a more stable and predictable international regulatory cooperation environment and urged the establishment of a normalized cooperation mechanism for China-US audit supervision.

Previously, on August 26, the CSRC, China's finance ministry, and the PCAOB signed an agreement on audit oversight cooperation. The agreement established a framework for bilateral cooperation in the inspection and investigation of accounting firms.

The CSRC also pledged to work more closely with Hong Kong's capital markets and back the city's efforts to regain its position as a global financial hub. An expansion of the mainland-Hong Kong Stock Connect scheme as well as offshore listing reforms will be implemented, the regulator said.

The CSRC said it will fast-track greenlighting of the first offshore listing by a "platform" company under China's new approval system.

Improving the quality of listed companies is another focus emphasized by the statement. The CSRC vowed to "fully implement a new round of three-year action plan to promote the quality improvement of listed companies."

It will continue to treat state-owned enterprises and private enterprises equally and continuously optimize the structure and improve the overall quality of listed companies, according to the statement.

SHARE