Regulatory synergy needed for global growth
Updated: 2016-09-02 07:25
By Olivia F. Kirtley and Feng Shuping(China Daily)
|
|||||||||
Understanding the regulatory environment in which businesses operate, trade occurs, and jobs and economies grow, is key to unlocking long-term economic growth. Our starting point is that regulation is a vital feature of successful economies, and as the global financial crisis showed, there were glaring problems in many jurisdictions. Governments, regulators and citizens were right to demand rapid, corrective action.
With the benefit of hindsight and mutual respect, global leaders, policymakers and businesses have a golden opportunity to pave the way for growth, and to help predict and prevent the next crisis.
Required by clients in businesses big and small to help interpret the new, post-crisis regulatory environment, professional accountants strongly support greater global regulatory cooperation. As regulation has surged and complexity increased, the risks of fragmentation have grown. We have consistently urged a focus on the principles of "good regulation"-starting out with clear objectives, deep and wide consultation, and ending in active oversight and systematic review to ensure the regulation is acting as intended.
Centuries after mastering the manufacture of exquisite silk and pottery, and being crucial to the development of world's most strategically important overland trading route, we applaud China's G20 ambitions for long-term global economic growth. Good regulation that pays heed to international commerce and trade will strongly support both innovation and shared development.
Meanwhile, professional accountants everywhere will continue to shoulder their responsibility to support a more open, transparent world economy, in the public interest.
Olivia F. Kirtley is president of the International Federation of Accountants, and Feng Shuping is president of the Chinese Institute of Certified Public Accountants.
- China, other G20 members contribute to global financial governance
- G20 coordinators confident of summit's success, accomplishment
- G20 will play vital role in stabilizing global financial markets: China
- G20 summit displays China's ability in chairing global governance forum
- China will deliver on G20: official
- Hangzhou G20 summit, a China moment
- The timeline of G20 Leader's Summit
- China G20 meeting helping to develop inclusive growth
- Record number of Americans dislike Hillary Clinton: poll
- Mexico contradicts Trump on paying for border wall, clouding visit
- First direct commercial flight from US in over 50 years arrives in Cuba
- Typhoon kills 9 in Japan's old people's home as toll hits 11
- Brazil leader's impeachment trial enters final stretch
- 94th anniv. of Victory Day marked in Turkey
- Korean ethnic dance drama shines in Beijing
- Children explore science and technology at museum
- Children wearing Hanfu attend writing ceremony
- 73rd Venice Film Festival opens in Italy
- 'World's most dangerous village' draws visitors
- Chinese female pilots fly fighter-bomber JH-7
- African trainees learn lion dance in NE China's Dalian
- Left-behind children back to hometown after spending summer with family
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Trump outlines anti-terror plan, proposing extreme vetting for immigrants
Phelps puts spotlight on cupping
US launches airstrikes against IS targets in Libya's Sirte
Ministry slams US-Korean THAAD deployment
Two police officers shot at protest in Dallas
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
Effects of supply-side reform take time to be seen
US Weekly
Geared to go |
The place to be |