IN MOST COUNTRIES the state has no business in most commercial secrets. The Chinese authorities have long taken a different view, considering the review by foreign regulators of accounting documents drawn up in China for Chinese companies listed outside the mainland as an infringement on sovereignty, potentially punishable by death. The government softened its stance in 2020, when some such documents were shared with a Hong Kong accounting body. Now it seems ready to open the books to American regulators, who have been keen for a peek for more than a decade, in order to ensure the soundness of Chinese securities listed in New York.
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