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CSRC Holds the 17th International Advisory Council Meeting


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On November 18th, 2020, the CSRC held its 17th International Advisory Council (IAC) meeting via video-link. 14 IAC members including IAC Chair Sir Howard Davies and Vice Chair Ms. Laura M. Cha, together with the CSRC Chairman Yi Huiman, and Vice Chairman Fang Xinghai were present at the meeting. Heads of the CSRC departments, regional offices and affiliated institutions also attended the meeting.

The theme of this year’s IAC meeting was “Firmly Uphold Openness and International Cooperation and Jointly Tackle Global Risks and Challenges”. By focusing on the two topics including “International Economic and Financial Landscapes and Sound and Steady Development of Capital Markets” and “Enhance Cross-border Regulatory Cooperation and Jointly Address Global Challenges”, the IAC members highly commended the reform and development priorities of China’s capital markets as formulated by the proposals of 14th Five-Year Plan, and congratulated the CSRC on  remarkable achievements in deepening reforms and expanding opening-up of China’s capital markets, and expressed their strong confidence in the prospect for sound and healthy development of China’s capital markets in the new era.

Against the backdrop of complex international political and economic landscapes and the evolution of globalization, the IAC members suggested that the CSRC should maintain determination and vigilance, and take a macro and objective view of exceptional environment as well as challenges faced by the capital markets at current stage and in the years to come. The IAC members proposed that the CSRC should seize the opportunities for cooperation and development brought about by technical innovation, supply chain restructuring and global response to climate change, and give full play to capital markets’ unique advantage and significant role in improving financial structure, securing economic recovery, reducing macro leverage, and achieving sustainable development. The IAC members also encouraged the CSRC to firmly uphold openness and multilateral cooperation so as to tackle global risks and challenges jointly with overseas counterparts.

The IAC members fully supported the CSRC’s promises and actions to proactively seek to resolve the difficult issues in cross-border audit oversight and regulatory cooperation through joint inspections, by firmly sticking to an open and cooperative attitude. The IAC members suggested that the Chinese and U.S. regulators should handle the issue in a professional and rational manner through friendly consultation. The IAC members also encouraged both sides to enhance mutual trust and cooperation and jointly combat financial frauds and other illegal activities and misconducts by listed companies, so as to maintain market fairness and order, and protect legitimate rights and interests of investors.

Established in June 2004 upon the approval of the State Council, the IAC serves as the think tank of the CSRC. Consisting of senior officials from overseas financial regulators, senior executives of financial institutions and renowned experts and academics, the IAC meets annually to provide continuous insight into the CSRC’s efforts in drawing experiences from international markets, intensifying international exchanges, and promoting the reform and opening-up as well as steady and sound development of China’s capital markets.

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Regulator Information

Abbreviation: CSRC
Jurisdiction: China

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