Pres. Xi is still digesting the worldwide events of yesterday that commemorated the events of June 4, 1989 when the PLA murdered thousands of Chinese protesters in Beijing under orders from Communist Party leaders feeling threatened on their thrones. Now he has another unpalatable morsel to digest, and this could be even more distasteful for it involves finance and money. US Senator Rubio is a Republican and hails from the State of Florida. A former candidate for the presidency, he now represents his home state. He announced yesterday a new bill that will cause a stir among Chinese company executives whose businesses are listed on American stock exchanges. There are over 100 of these companies, 11 of which are state-owned enterprises. It seems that domestic companies here at home must adhere to certain accounting rules and disclosure rules that make their dealings transparent so investors have confidence that the business plays by the rules and follows accuracy in reporting results. Currently, the Chinese companies play by their "OWN" rules. When a Chinese owned company is asked for data, those requesting the information are confronted with Chinese domestic rules and regulations that diverge greatly from US rules. One rule in China requires all data to be kept at home. If a request is made, the requestor must go to China and find the answer, which is most often impossible, despite Beijing's offering of full disclosure.
Mr. Rubio says it's time for Beijing to play by the rules; if not, in 3 years' time, the company(s) will be de-listed from the stock exchange involved. Well, it's about time somebody in Washington made this move. Why did it take so long? China joined the WTO almost 20 years ago. Enough is enough. No more Mr. NICE GUY. Play ball or go home. Oh, and if you restrict tourism and students moving to America to study: YOU LOSE, not us.
Well, Mr. Xi J P, enjoy your morning: coffee, tea, Pepto Bismal, yak butter tea, or whatever beverage you take with your noodle stir fry.
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| We need information now |
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| Waiting for Disclosure statements |
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| Not Beijing |
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| we're in the global boat together Xi |
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