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China welcomes the decision by the U.S. accounting watchdog, and will continue working with U.S. regulators to promote future annual audit and supervision, the country's top securities regulator said on Friday.
U.S. accounting watchdog Public Company Accounting Oversight Board (PCAOB) on Thursday announced that it secured complete access to inspect and investigate Chinese companies for the first time ever, removing the risk that around 200 Chinese companies could be delisted from U.S. stock exchanges.
"We welcome the PCAOB's decision to vacate its previous determinations based on professional and regulatory considerations," the China Securities Regulatory Commission (CSRC) said in a statement.
The commission noted that it has always advocated addressing the issue of cross-border listing audit through regulatory cooperation mechanisms.
In August, the CSRC and China's ministry of finance signed a Statement of Protocol with the PCAOB to that effect. The statement includes the inspection and investigation activities of relevant accounting firms by the two sides under the bilateral regulatory cooperation framework.
The CSRC said that both parties have performed their supervisory duties and met regulations for information security protection.
China will create a more stable and foreseeable international regulatory environment with the U.S. to safeguard the rights of global investors, the CSRC added.
(Cover via: CFP)
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Disinformation report hotline: 010-85061466