Encourage Chinese companies listed in the United States to comply with financial supervision

A bipartisan group of US lawmakers introduced a bill on Wednesday to force Chinese listed companies to undergo regulatory oversight, including access to audits and other measures currently Chinese legislation.

"Beijing should no longer be allowed to prevent Chinese listed companies from complying with US laws and regulations on transparency and financial accountability," Republican Sen. Marco Rubio said in a statement.

Democratic Senator Bob Menendez, who sponsored the bill, said: "It is time for the Chinese government to follow the same rules as US companies in our financial markets."

The US Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a warning to investors last year about the difficulties US regulators face in controlling the work and practices of audit firms in the United States. China.

They said the PCAOB had encountered obstacles when inspecting the audit work of 224 US-listed companies, with a market capitalization of $ 1.8 trillion.

Chinese law requires that business books and records be kept and kept in China, and prevents the documentation of auditors on the work done in China from being transferred to the outside of the country, they said.