May 27 – The U.S. Public Company Accounting Oversight Board (PCAOB) and the Chinese Securities Regulatory Commission (CSRC) have reached a deal that will allow greater oversight by U.S. financial regulators of Chinese companies listed on American stock exchanges. The agreement was reached through a memorandum of understanding (MoU) that gives the PCAOB access to financial audit documents for China-based companies listed in the U.S. under investigation for fraud.
“This agreement with China is an important step toward cross-border enforcement cooperation that is necessary to protect the interests of investors in U.S. capital markets,” said James Doty, Chairman of the PCAOB. Continue reading
Feb. 12 – Official figures show that China has officially surpassed the United States as the world’s biggest trading nation in terms of the sum of imported and exported goods. U.S. exports and imports of goods totaled US$3.82 trillion in 2012, while China’s trade amounted to US$3.87 trillion.
Furthermore, with 124 countries now considering China their largest trading partner, the country has also surpassed the United States as the world’s premiere trade partner, stripping the United States of a title that it has held for over six decades. Continue reading
By Xiaolei Gu
May 8 – The Fourth Round of the U.S.-China Strategic and Economic Dialogue (hereinafter referred as “Dialogue”) was held in Beijing on May 3-4, during which the two sides exchanged views on bilateral, regional, and global issues.
Below is a brief summary of the key points to come out of the fourth round of the Dialogue, according to a news release posted on the Chinese government’s official web site. Continue reading
Oct. 10 – As the world’s second largest energy consumer, China is paying every effort to develop clean and unconventional energy in order to meet the needs of the country’s surging demand for energy. As such, the Chinese government has recently indicated that new incentives may be given to businesses so that they can participate in the exploration of the country’s potentially huge shale gas reserves.
The Chinese government is considering establishing shale gas – the source of natural gas that has become increasingly important over the past decade – as an independent resource from conventional hydrocarbons, so that “companies with strong financial standing and technology may participate in bidding,” according to Che Changbo, deputy director of oil and gas at the strategic center of the Ministry of Land and Mineral Resources. Currently, China’s shale gas exploration is still in its early stages with no commercial production. Continue reading