US legislators might support a bill to force Chinese firms listed in the US to let the US stock regulators, the PCAOB, check their files. But those checks will not prevent frauds like those by Luckin as some US senators claim, warns audit expert Paul Gillis on his weblog Chinaaccountingblog. Some predictions on what will happen after the bill has been adopted.
China is trying to contain a second wave of the coronavirus. Economist Arthur Kroeber looks at what the government wants to do. Unlike other countries, China tries to eradicate the number of cases to zero, whatever it might cost. Even though that is not realistic, it has huge consequences for some consumer good sectors and travel, who might not recover for the time being. An overview of the situation in June.
China has been banning US regulators at the PCAOB from getting access to information of Chinese companies at US stock markets, as they should do according to US regulations to protect its state secrets. But things are changing, notes auditing expert Paul Gilles at his weblog Chinaaccountingblog. “I suspect that Yi’s comments are a signal that China will back down on this issue, allowing joint inspections with adequate controls to protect state secrets,” writes Gillis.
Chinese listings at US stock markets got recently under fire. Former US assistant trade representative Harry Broadman looks with some amazement at this market at the International Finance Law Review (IFLR). “After decades of working in China intensively on financial accounting, there is not a single state-owned enterprise I’ve worked on that I can think of that abided by international accounting standards,” Broadman says.
Marketing veteran Ashley Dudarenok sees great opportunities past-corona crisis as foreign brands desperately look for new China strategies. She discusses with political economist Shirley Ze Yu and Martina Fucks, and is a bit gloomy about Hong Kong for the next six months, but optimistic about China.
While the rest of the world is firmly into a lockdown, China is slowly getting back to normal. That is only one of the reasons why the country is leading the way after the coronavirus crisis, says William Bao Bean, partner, SOSV Capital and Managing Director, Chinaccelerator from Shanghai to Webintravel in a podcast.