China, U.S. securities regulators willing to resolve differences in audit oversight

Chinese and U.S. securities regulators are both willing to resolve audit oversight differences and problems, China's top securities regulator said Thursday.

The China Securities Regulatory Commission (CSRC) said regulators of both sides engaged in "thoughtful, respectful and productive dialogue".

CSRC Chairman Yi Huiman and U.S. Securities Exchange Commission (SEC) Chair Gary Gensler have held video conferences on three occasions since August last year to discuss the remaining issues regarding audit supervision cooperation, according to the CSRC.

The Chinese side also has had multiple rounds of candid, professional, and efficient talks with the U.S. Public Company Accounting Oversight Board. The overall progress is smooth and communication between the two sides will continue, said the CSRC.

Both sides have the will to solve their differences, the final results will depend on their wisdom, the CSRC said.

As for the risk of delisting for some companies listed by the SEC, the CSRC said it learned from the SEC that this is normal procedure for the U.S. regulatory authorities to implement the Holding Foreign Companies Accountable Act.

"Whether the listed companies will be delisted in the next two years will ultimately depend on the progress and results of China-U.S. audit supervision cooperation", according to the CSRC.