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Chinese and US regulators work hard to resolve audit dispute – Chinese state media

Illustration shows China and US flags
The flags of China and the United States are seen printed on paper in this January 27, 2022 illustration. REUTERS/Dado Ruvic/Illustration

March 27, 2022

SHANGHAI (Reuters) – Chinese regulators and their U.S. counterparts are working hard to resolve an audit dispute affecting U.S.-listed Chinese companies and aim to achieve effective and sustainable cooperation as soon as possible, a state-run newspaper reported on Sunday.

Citing a source close to Chinese regulators, the official China Securities Journal reported that the China Securities Regulatory Commission (CSRC) heard the opinions of some US-listed Chinese companies during an online meeting on Sunday.

“Both Chinese and US regulators are fully aware of each other’s concerns and are reaching out to each other and working hard to find solutions to the problem in order to achieve effective and sustainable cooperation as soon as possible,” the statement said the source quoted.

“This is in the best interests of both countries’ capital markets and global investors.”

CSRC said recent discussions with US regulators have been efficient, open and professional, the newspaper said.

The comments come days after the US Accounting Authority for Public Enterprises said recent media speculation about an impending deal with China was “premature” and it remained unclear whether the Chinese government would grant the access required by a new US listing law would.

Washington demands full access to the books of US-listed Chinese companies, but Beijing has banned foreign access to working papers from local accounting firms — a long-simmering accounting dispute that puts hundreds of billions of dollars in US investments at stake.

Chinese regulators have asked some of the country’s US-listed companies, including Alibaba, Baidu and JD.com, to prepare for more audit disclosures as Beijing ramps up efforts to ensure they remain listed in New York, reported Reuters last week.

The Financial Times and Bloomberg News also reported this month that China’s securities regulators are considering a proposal that would allow US regulators to review auditors’ working papers for some companies later this year.

CSRC warned market participants not to blindly believe speculation by some media outlets with little knowledge of the details and direction of the talks, as such reports would unnecessarily disrupt market expectations, the China Securities Journal reported on Sunday.

(Reporting by Shanghai Newsroom; Editing by Raissa Kasolowsky)

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DUSTIN JONES

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