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Chinese state media lauds U.S.-China audit deal as 'symbolic' for ties

Economy Aug 27, 2022 07:05AM ET
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SHANGHAI (Reuters) - Chinese state media outlet the Global Times on Saturday praised an agreement reached between Beijing and Washington over the auditing of U.S.-listed Chinese companies as a "symbolic case" and a "useful lesson" for both nations.

The op-ed article came a day after the two countries took a major step towards ending a dispute that threatened to boot Chinese companies, including Alibaba (NYSE:BABA), from U.S. stock exchanges, signing a pact to allow American regulators to vet accounting firms in China and Hong Kong.

In the op-ed, published with no named author, Global Times wrote that the deal shows that while it is normal for the two countries to have disagreements, they "should not be an excuse for the two countries to move toward full-scale confrontation".

The article went on to note how both sides made adjustments during consultations, with the Chinese side respecting overseas regulators' efforts to ensure the quality of the financial information of companies that list.

While the United States needs to strengthen corporate supervision, China must maintain national security, the Global Times added.

"It is commendable that the concerns of both sides have been understood and respected by each other, and their needs have been met through wise arrangements."

The agreement marks a milestone in a years-long dispute between the two governments over how much oversight U.S. regulators have into the finances of Chinese enterprises that intend to go public in America.

Chinese state media lauds U.S.-China audit deal as 'symbolic' for ties
 

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Comments (6)
akljsdf askldf
akljsdf askldf Aug 29, 2022 10:51AM ET
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they desperately need access to USD
ابو صطيف اسلام
ابو صطيف اسلام Aug 27, 2022 9:04AM ET
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👍👍👍👍
Kris Jay
Kris Jay Aug 27, 2022 8:14AM ET
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A better move would be not to allow our enemy access to financing from US by simply not allowing CCP ruled companies on the exchange.   Sickens me when i hear/read people investing in Chinese companies.
Thomas Bjerre Kristiansen
Thomas Bjerre Kristiansen Aug 27, 2022 8:14AM ET
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Its not my enemy, maybe yours? and I find many attractive ADR's listed on NYSE, especially after that compliance issue sorted
Kris Jay
Kris Jay Aug 27, 2022 8:14AM ET
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Thomas Bjerre Kristiansen  well i assume then you are in NoKo, China or someplace not in NA, SA or Europe.  Communism is the enemy of free and democratic countries.  China's goal is to reign over the entire world.  you're just helping as well as those who shop at Walmart and by Chinese goods.
Thomas Bjerre Kristiansen
Thomas Bjerre Kristiansen Aug 27, 2022 8:14AM ET
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Its an illusion that everyone must live by the west's recipe imo. And saying 'you are our enemy' lays the ground for good relations. bit of sarkasm
Howard Yeung
Howard Yeung Aug 27, 2022 8:14AM ET
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stop buying anything made in China then.
jim dandy
jim dandy Aug 27, 2022 8:10AM ET
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I'm sure China got the better end of the deal.
jim dandy
jim dandy Aug 27, 2022 8:10AM ET
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I'm sure China got the better end of the deal.
Levan Jackson
Levan Jackson Aug 27, 2022 7:34AM ET
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guess the threat of being delisted, on top of their multitude of other problems, was finally enough to get them off their high horse.
 
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