Regulatory synergy needed for global growth
Updated: 2016-09-02 07:25
By Olivia F. Kirtley and Feng Shuping(China Daily)
|
|||||||||
Photo taken on Aug 25, 2016 shows the Hangzhou Olympic Sports Center in the Binjiang district of Hangzhou, capital of East China's Zhejiang province. Hangzhou is the host city for the upcoming G20 Summit.[Photo/Xinhua] |
This century has seen extraordinary developments in China's long history as a great trading nation. In 2001, China was admitted to the World Trade Organization, and in 2015, the renminbi was admitted to the International Monetary Fund's basket of reserve currencies.
China's economic ascendancy has coincided with deeper engagement and interdependence with its trading partners. This year, China will for the first time host a G20 Leaders Summit.
Chairing the world's top forum for economic cooperation is an exciting moment for the nation. In remarks delivered at the 2015 summit in Antalya, Turkey, that were warmly supported by professional accountants, President Xi Jinping called for the world to shoulder a collective responsibility to promote growth.
Bound by a strong code of ethics and a duty to the public interest, our profession (of accountants) occupies a unique, strategic role supporting global trade and commerce. In a study by the International Federation of Accountants this year, the profession was estimated to contribute more than $500 billion in added value to the global economy.
The federation represents the views of almost 3 million accountants through its member organizations, including the Chinese Institute of Certified Public Accountants, which has more than 220,000 members nationwide. Our shared interest in strong financial management, transparency, accountability and enhanced governance is based on the belief that these components are essential for sustainable, long-term, economic growth and better outcomes for the world's citizens.
On the global profession's behalf, the federation has for many years urged the G20 to actively promote enhanced public sector financial management, better organizational governance, and global regulatory consistency-in particular the worldwide adoption and implementation of high-quality international standards.
Related Stories
China, other G20 members contribute to global financial governance 2016-09-01 17:44
G20 coordinators confident of summit's success, accomplishment 2016-09-01 16:17
G20 will play vital role in stabilizing global financial markets: China 2016-09-01 13:42
G20 summit displays China's ability in chairing global governance forum 2016-09-01 11:27
China will deliver on G20: official 2016-09-01 11:26
Hangzhou G20 summit, a China moment 2016-09-01 11:00
Today's Top News
Mexico contradicts Trump on paying for border wall
British born Chinese face cultural challenge
UK house prices rise after Brexit hit
Brazil's Senate removes President Rousseff from office
EU to push for six priorities at G20 summit
Merkel opens Germany's 17th Confucius Institute
France's outgoing minister vows to 'transform' France
EU orders Apple to pay 13 bln euros tax to Ireland
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |