CSRC Convened the 18th International Advisory Council Meeting



The 18th annual meeting of the CSRC International Advisory Council (IAC) was convened on December 1st, 2021 via video-link. The meeting was themed “reform and development, openness and cooperation--the mission of capital markets in the post-pandemic era”, and the discussion was focused on two broad topics including “opportunities and challenges for reform and development in capital markets under new circumstances” and “openness and cooperation of capital markets for sound recovery and stable development of global economy”. The IAC Chair Sir Howard Davies, Vice Chair Ms. Laura M. Cha, and other 10 IAC members, as well as CSRC Chairman Yi Huiman, Vice Chairman Fang Xinghai were present at the meeting. Heads of the CSRC departments, regional offices and affiliated institutions also attended the meeting.

The IAC members applauded the CSRC’s efforts and remarkable progresses in deepening the reforms, expanding the opening-up, enhancing the market supervision and bolstering mutual cooperation, in a pursuit of market-oriented, law-based and internationalized development of capital markets. They also praised China’s capital markets for playing a significant role in responding to the COVID-19 pandemic and boosting the economic and social development. The IAC members held a consensus that against the uncertain global economic and financial landscapes, China’s capital markets should and also could shoulder greater responsibilities in supporting and catalyzing the world’s economic recovery and driving its sustainable development. They pointed out that the securities regulators should draw close analysis on international economic and financial realities, enhance domestic and international supervisory cooperation, adapt to new industry forms and modes in a proactive manner, and form a synergy in coping with new problems and challenges.

The IAC members also made recommendations on further promoting the opening-up of China’s capital markets, stepping up supervisory capacity building, deepening international cooperation, improving sustainable finance regulatory regime, and driving green economic transformation and development. They welcomed the CSRC’s recent efforts in enhancing communication and mutual trust with relevant U.S. regulatory agencies, and suggested that the two sides should continue to tackle the issues in audit oversight cooperation with a professional, rational and pragmatic approach, so as to jointly build a stable and predictable supervisory environment for global capital markets.

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 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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