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3 White Paper on the Business Environment in China
who have invested billions of dollars in them. “For Works Cited
the first time in history, we are able to perform
full and thorough inspections and investigations Caudevilla, Oriol. “China's Digital Yuan Can Leverage
to root out potential problems and hold firms the Belt and Road Initiative.” Chinadaily.com.cn, 12 Aug.
accountable to fix them,” Erica Williams, chair 2022, https://www.chinadaily.com.cn/a/202208/12/
of the Public Company Accounting Oversight WS62f9a7d1a310fd2b29e722e9.html.
Board (PCAOB), said in a statement in December
2022, adding that such access was “historic He, Laura. “China Bets on Private Sector to Boost
and unprecedented.” More than 100 Chinese Covid-Hit Economy | CNN Business.” CNN, Cable
companies—including Alibaba, JD.com, and News Network, 19 Dec. 2022, https://www.cnn.
Baidu—had been identified by the US securities com/2022/12/19/business/china-private-sector-covid-
regulator as facing delisting in 2024 if they did not hit-economy-intl-hnk/index.html.
hand over the audits of their financial statements.
China’s securities regulator said it’s looking forward He, Laura. “Delisting Risks for China Tech Stocks
to working with US officials to continue promoting Averted as US Gets 'Historic' Access to Audit Data | CNN
future audit supervision of companies listed in the Business.” CNN, Cable News Network, 16 Dec. 2022,
United States. “We have always advocated solving https://www.cnn.com/2022/12/16/business/china-stock-
issues of audit supervision on cross-border listings us-delisting-averted-audit-access-intl-hnk/index.html.
through regulatory cooperation mechanisms,” the
China Securities Regulatory Commission said in Hu, Yuanyuan. “Insurance Sector Growth Expected
a statement. There are more than 260 Chinese to Remain Stable.” Chinadaily.com.cn, 2 Aug. 2022,
companies listed on US stock exchanges, with a https://www.chinadaily.com.cn/a/202208/02/
combined market capitalization of more than WS62e8f01ea310fd2b29e6fd7d.html.
US$770 billion, according to recent calculations
posted by the US-China Economic and Security Liu, Zhihua. “Nation Set to Advance High-Level
Review Commission. But investors often face a Opening-Up.” Chinadaily.com.cn, 18 Oct. 2022,
lack of transparency when it comes to Chinese https://global.chinadaily.com.cn/a/202210/18/
stocks. US regulators have been long demanding WS634de18fa310fd2b29e7d044.html.
access to the books of these companies, but
Beijing had resisted such scrutiny, citing national Luo, Xinyi. “Guiding the Chinese Central Bank Digital
security concerns (He, Delisting Risks). Currency the World Admires and Fears.” CoinDesk
Latest Headlines RSS, CoinDesk, 6 Dec. 2022, https://
www.coindesk.com/consensus-magazine/2022/12/05/
mu-changchun-most-influential-2022/.
Olano, Gabriel. “Spotlight on Chinese Insurance Market
Trends.” Insurance Business Asia, Insurance Business,
17 Nov. 2022, https://www.insurancebusinessmag.
com/asia/news/breaking-news/spotlight-on-chinese-
insurance-market-trends-427883.aspx.
PRC. “Chinese Securities Regulator to Expand
Mainland-HK Stock Connect Scheme.” ENGLISH.
GOV.CN, THE PEOPLE'S REPUBLIC OF CHINATHE
STATE COUNCIL, https://english.www.gov.cn/
statecouncil/ministries/202209/03/content_
WS631299d0c6d0a757729df931.html.
Shen, Samuel, and Georgina Lee. “China's Digital
Yuan Stands out in Cross-Border Pilot in a Show of
Global Ambition.” Reuters, Thomson Reuters, 27 Oct.
332
who have invested billions of dollars in them. “For Works Cited
the first time in history, we are able to perform
full and thorough inspections and investigations Caudevilla, Oriol. “China's Digital Yuan Can Leverage
to root out potential problems and hold firms the Belt and Road Initiative.” Chinadaily.com.cn, 12 Aug.
accountable to fix them,” Erica Williams, chair 2022, https://www.chinadaily.com.cn/a/202208/12/
of the Public Company Accounting Oversight WS62f9a7d1a310fd2b29e722e9.html.
Board (PCAOB), said in a statement in December
2022, adding that such access was “historic He, Laura. “China Bets on Private Sector to Boost
and unprecedented.” More than 100 Chinese Covid-Hit Economy | CNN Business.” CNN, Cable
companies—including Alibaba, JD.com, and News Network, 19 Dec. 2022, https://www.cnn.
Baidu—had been identified by the US securities com/2022/12/19/business/china-private-sector-covid-
regulator as facing delisting in 2024 if they did not hit-economy-intl-hnk/index.html.
hand over the audits of their financial statements.
China’s securities regulator said it’s looking forward He, Laura. “Delisting Risks for China Tech Stocks
to working with US officials to continue promoting Averted as US Gets 'Historic' Access to Audit Data | CNN
future audit supervision of companies listed in the Business.” CNN, Cable News Network, 16 Dec. 2022,
United States. “We have always advocated solving https://www.cnn.com/2022/12/16/business/china-stock-
issues of audit supervision on cross-border listings us-delisting-averted-audit-access-intl-hnk/index.html.
through regulatory cooperation mechanisms,” the
China Securities Regulatory Commission said in Hu, Yuanyuan. “Insurance Sector Growth Expected
a statement. There are more than 260 Chinese to Remain Stable.” Chinadaily.com.cn, 2 Aug. 2022,
companies listed on US stock exchanges, with a https://www.chinadaily.com.cn/a/202208/02/
combined market capitalization of more than WS62e8f01ea310fd2b29e6fd7d.html.
US$770 billion, according to recent calculations
posted by the US-China Economic and Security Liu, Zhihua. “Nation Set to Advance High-Level
Review Commission. But investors often face a Opening-Up.” Chinadaily.com.cn, 18 Oct. 2022,
lack of transparency when it comes to Chinese https://global.chinadaily.com.cn/a/202210/18/
stocks. US regulators have been long demanding WS634de18fa310fd2b29e7d044.html.
access to the books of these companies, but
Beijing had resisted such scrutiny, citing national Luo, Xinyi. “Guiding the Chinese Central Bank Digital
security concerns (He, Delisting Risks). Currency the World Admires and Fears.” CoinDesk
Latest Headlines RSS, CoinDesk, 6 Dec. 2022, https://
www.coindesk.com/consensus-magazine/2022/12/05/
mu-changchun-most-influential-2022/.
Olano, Gabriel. “Spotlight on Chinese Insurance Market
Trends.” Insurance Business Asia, Insurance Business,
17 Nov. 2022, https://www.insurancebusinessmag.
com/asia/news/breaking-news/spotlight-on-chinese-
insurance-market-trends-427883.aspx.
PRC. “Chinese Securities Regulator to Expand
Mainland-HK Stock Connect Scheme.” ENGLISH.
GOV.CN, THE PEOPLE'S REPUBLIC OF CHINATHE
STATE COUNCIL, https://english.www.gov.cn/
statecouncil/ministries/202209/03/content_
WS631299d0c6d0a757729df931.html.
Shen, Samuel, and Georgina Lee. “China's Digital
Yuan Stands out in Cross-Border Pilot in a Show of
Global Ambition.” Reuters, Thomson Reuters, 27 Oct.
332
