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You Can’t Trust a Chinese Audit
By U.S. Senator Marco Rubio
June 4, 2019
Wall Street Journal
Two decades after its accession to the World Trade Organization, China still uses its intertwined public and private sectors to serve the Communist Party’s mercantilist goals. Many Chinese businesses are listed on U.S. stock exchanges, but Beijing’s intransigence ensures that American investors often don’t get a true picture of those companies’ financial health.
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The U.S.-China Economic and Security Review Commission identified 156 Chinese companies, including 11 state-owned-enterprises, that are listed on America’s three largest exchanges. Their combined market capitalization of $1.2 trillion means that significant American capital is exposed to the risk created by China’s lack of economic transparency.
The U.S. can no longer accept a two-tiered system, which is why I’m introducing the Equitable Act—an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges—to ensure that all companies on American stock exchanges are subject to the same standards and regulations. When the Equitable Act becomes law, foreign companies that don’t make their audits available for PCAOB review will be subject to increased disclosure requirements. If they don’t comply within three years they’ll be delisted from American stock exchanges.
Read the rest here.