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China to hand over audit documents - Treasury Secretary
U.S. Treasury Secretary Jack Lew said that Chinese regulators will be giving to U.S. securities regulators a number of audit documents of Chinese companies listed in the U.S. This decision may dissolve disagreement over various accounting scandals.
The confirmation came following the close of high-level talks between the United States and China last Thursday.
"China's securities regulator announced that it will begin providing certain requested audit work papers to our market regulators, an important step towards resolving a long-standing impasse on enforcement cooperation related to companies that are listed in the United States," Lew said in a Reuters report.
Washington desires better supervision over the matter after U.S. lost billions due to alleged misconduct of China-based companies listed in the U.S. However, investigations about possible fraud have been thwarted in the past after the auditors denied to hand over papers dreading that they may violate Chinese secrecy laws.
A spokesperson of China Securities Regulatory Commission also confirmed that China is prepared to give the documents.
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