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United States and China reaffirm commitment to global standards

11 May 2012

U.S. Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan held a meeting of the Economic Track of the Fourth U.S.-China Strategic and Economic Dialogue in Beijing on 4 May 2012. The Fact Sheet issued as a result of the meeting reaffirms a commitment to global accounting standards.

The meeting was one of a series held towards building a U.S.-China cooperative partnership based on mutual respect and mutual benefit and included the announcement of further concrete measures to enhance macroeconomic cooperation, promote open trade and investment, enhance international rules and global economic governance, and foster financial market stability and reform.

The Fact Sheet notes the following in the section on "Fostering Financial Market Stability and Reform" (emphasis added):

The United States and China are committed to building a sound financial system to support the real economy, and to effectively implement the international financial regulatory framework based on the G-20 consensus.  The two sides are committed to strengthen the supervision of systemically important financial institutions and risk resolution, develop effective resolution regimes for financial firms, and enhance the regulation of the financial derivatives.  The two sides commit to maintain efforts to deepen the compensation reform of financial institutions.  China and the United States support the objective of a single set of high quality global accounting standards.

The United States Securities and Exchange Commission (SEC) is expected to announce its decision on the possible adoption of IFRS in the United States in the near future, even as soon as the next few weeks according to some reports and SEC staff commentary.

Click for Joint U.S.-China Economic Track Fact Sheet- Fourth Meeting of the U.S. China Strategic and Economic Dialogue (S&ED) (link to US Treasury website).