China accused of backward step in revision of listed firm rules

Taiwan News  
Date: 2018/06/17
By:  Central News Agency

Shanghai, June 17 (CNA) A proposed change by China’s top securities regulator that

Image taken from Pixabay

would require listed companies to set up a Communist Party of China (CPC) unit is a step back to the era of the Cultural Revolution, a China-based Taiwanese business consultant has said.

The China Securities Regulatory Commission (CSRC) on Friday unveiled guidelines to improve corporate governance at publicly listed companies that include a requirement to establish a CPC unit inside the company to carry out party activities.

China’s listed companies must strengthen efforts on “Communist Party building” among other measures to improve corporate governance, the CSRC said in a statement announcing the measures, which were published on the CSRC website to seek comment from the public.

Asked about the proposed rule changes, a Taiwanese business consultant based in Shanghai who spoke on condition of anonymity said the CSRC already has regulations in place requiring large enterprises to set up a CPC unit in their companies.    [FULL  STORY]

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