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The 19th annual meeting of the CSRC International Advisory Council (IAC) was convened recently via video-link. The IAC Chair Sir Howard Davies, Vice Chair Ms. Laura M. Cha, other IAC members and special guest, 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 meeting was themed “China’s Capital Markets: High-Quality Development and High-Level Opening Up Amid Great Global Changes”, and the candid and in-depth discussion was focused on three broad topics including “opportunities and challenges for China’s capital markets amid great global changes”, “deepening the fundamental institutional reform and improving the function of the capital market so as to make greater contribution to high-quality economic development” and “gradually improving China’s sustainability disclosure regime by adapting the best global experience to domestic realities”.

The IAC members spoke highly of China’s perseverance in pushing forward reform and opening-up, and applauded the remarkable progress of China’s capital markets in deepening reforms, expanding openness and cooperation, and preventing risks, which supported China’s high-quality economic growth and the world’s recovery as a whole.

The members welcomed the positive signals released by the meeting at Bali between the two presidents of U.S. and China, and commended the substantial progress made in China-U.S. audit oversight cooperation. The members believed that an improved relationship between the two countries would be an asset to global market confidence as well as world economic recovery. They held a consensus that against the complex international political, economic and financial background, governments and securities regulators should firmly uphold the spirit of openness and cooperation, enhance communication and restore trust, so as to jointly respond to global challenges.

The IAC members also made suggestions on deepening reforms and opening-up, enhancing market functions in investment and financing, improving policy expectation guidance, and advancing a sustainability disclosure system that fits China‘s own realities.

Established in June 2004 upon the approval of the State Council, the IAC serves as a 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 global updates and perspectives, thus delivering continuous insight into the CSRC’s efforts in drawing international experiences and promoting the reform and opening-up, as well as steady and sound development of China’s capital markets.