China says U.S. law on audits and regulations will harm both sides

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

China’s securities watchdog on Sunday condemned a U.S. law that could block Chinese firms from U.S. securities exchanges, saying it politicised regulation and would damage both countries.

The U.S. Senate passed legislation on Wednesday that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they follow standards for U.S. audits and regulations.

“We are firmly opposed to the act of politicizing the securities regulation, as the content of some terms in the act directly target China rather than considering professional securities regulations,” the China Securities Regulatory Commission (CSRC) said in a statement on Sunday.

The act will harm the interests of both countries, as it not only hinders foreign companies from going public in the United States, but will also weakens global investors’ confidence in U.S. capital markets, the CSRC said.

The act disregards the fact that Chinese and U.S. regulatory institutions have long strived to strengthen cooperation on audits and regulations, the CSRC added.

The CSRC said it hoped the United States would work towards forging a consensus with China as soon as possible to jointly protect the rights and interests of investors. (Reporting by Luoyan Liu and Josh Horwitz; Editing by Mark Potter)

This article was originally published on finance.yahoo.com/news/.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

There Is Still A Little Khalid Left In Kamal

There Is Still A Little Khalid Left In KamalYou have your many questions, Khalid is still not talking about how you got out...

‘This is not okay’ — Sunday was the busiest day for air travel in weeks

Apparently, the skies are opening up again. But just barely. On March 1, almost 2.3 million travelers passed through TSA checkpoints, which was pretty much...

This is the jobs number that will show how fast the labor market can heal

KEY POINTS The first monthly data showing the magnitude of job losses due to virus shutdowns come this week, but economists will still rely...

Bad Guy, Kiddah Saleh, and Khalid Aboushi

Khalid Aboushi (played by Timothy Busfield) is a natural-born con artist who has run from the law for many years. He seems to find...

Jobs may not come totally back for years, all depending on how small businesses weather this storm

KEY POINTS The ability of small businesses to hang on will determine how healthy the economy will be and quickly it will recover once...
Home of Science
Follow me