{"id":1631372,"date":"2022-09-02T17:37:06","date_gmt":"2022-09-02T21:37:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1631372"},"modified":"2022-09-02T17:37:15","modified_gmt":"2022-09-02T21:37:15","slug":"china-securities-regulator-says-will-implement-sino-u-s-audit-deal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-securities-regulator-says-will-implement-sino-u-s-audit-deal\/","title":{"rendered":"China securities regulator says will implement Sino-U.S. audit deal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-securities-regulator-says-will-implement-sino-u-s-audit-deal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1631372&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BEIJING\/SHANGHAI (Reuters) -China will implement an audit agreement with the United States announced last week and will strengthen communication with foreign investors, a senior Chinese securities regulatory official said on Friday.<\/p>\n<p>Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), also told a forum that China would expand mutual access between mainland and Hong Kong, and would support the city\u2019s role as a global listing venue. <\/p>\n<p>The agreement between China and the United States, announced on Friday last week, will allow U.S. regulators to vet accounting firms in mainland China and Hong Kong, potentially ending a long-running dispute that threatened to banish more than 200 Chinese companies from U.S. exchanges.<\/p>\n<p>Previously, China had been reluctant to grant such access, citing national security concerns.<\/p>\n<p>\u201cWe will implement well the Sino-U.S. cooperative agreement on cross-border audit supervision, and will continue to strengthen communication with overseas institutional investors,\u201d Fang said.<\/p>\n<p>Under U.S. law, Chinese companies not compliant with U.S. audit rules will be prohibited from trading on U.S. exchanges by 2024.    <\/p>\n<p>U.S. regulators have selected e-commerce majors Alibaba Group Holding Ltd and JD.com Inc, among  U.S.-listed Chinese companies, for audit inspection starting this month under the agreement, sources told Reuters.<\/p>\n<p>Meanwhile, legal experts and China watchers warn the two sides could still clash over how the accord is interpreted and implemented.<\/p>\n<p>\u201cMy instinct is that now that China indicated that they want to avoid a mass delisting, that things will work out in the end,\u201d said Drew Bernstein, co-chairman of Marcum Asia CPAs LLP.<\/p>\n<p>\u201cBut expect some bumps in the road and barrels of midnight oil being burned before they get there.\u201d<\/p>\n<p>MUTUAL ACCESS <\/p>\n<p>Fang said the CSRC would work with Hong Kong financial regulators to expand the China-Hong Kong Stock Connect scheme, by including more eligible stocks.<\/p>\n<p>\u201cThat will help Hong Kong attract more companies elsewhere to come to list in Hong Kong,\u201d Fang said.<\/p>\n<p>Already, a growing number of U.S.-listed Chinese firms have conducted secondary or primary listings in Hong Kong, to mitigate the impact of possible delistings in the U.S.<\/p>\n<p>Fang also said that China is studying to set up a yuan-denominated securities trading counter under the southbound leg of Stock Connect, which targets mainland investors.<\/p>\n<p>In addition, China supported the issuance of Chinese government bond futures in Hong Kong, he said. <\/p>\n<p>Hong Kong Chief Executive John Lee hailed the measures as \u201csignificant milestones\u201d, saying in a statement they would attract more listings in Hong Kong and provide risk-management tools for bond investors. <\/p>\n<p>Hong Kong\u2019s Financial Secretary Paul Chan said in the same statement the measures would consolidate Hong Kong\u2019s status as an international financial centre and a global hub for offshore yuan.<\/p>\n<p> (Reporting by Beijing newsroom; Editing by Shri Navaratnam and Christopher Cushing)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/china-securities-regulator-says-2\/file-photo-file-photo-china-securities-regulatory-commission-csrc-building-4\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8102N-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8102N-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING\/SHANGHAI (Reuters) -China will implement an audit agreement with the United States announced last week and will strengthen communication with foreign investors, a senior Chinese securities regulatory official said on<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1631372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1631372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1631372"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1631372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1631372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1631372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1631372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}