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The China Securities Regulatory Commission (CSRC) and the United States Securities and Exchange Commission (SEC) agreed on Tuesday to increase cooperation and collaboration through an enhanced bilateral dialogue.

CSRC Chairman Shang Fulin and SEC Chairman Christopher Cox signed terms of reference at the SEC headquarters in Washington that establish the structure of the enhanced dialogue and discussion subjects for the agenda during 2006.

"In developing capital markets in China, we attach great importance to cooperation with American markets and American regulators. The US market is an important listing venue for large Chinese enterprises," said Shang.

He said American investment banks have a big market share in underwriting overseas-listed Chinese companies, and about one-third of the foreign partners of joint venture securities companies and fund management companies in China come from the United States.

The CSRC and SEC have had very good collaboration and cooperation in cross-border enforcement and training, he said.

"I believe, with the conclusion of the CSRC-SEC terms of reference, regular dialogues will further enhance our collaborative relations and prove to be mutually beneficial," said the CSRC chairman.

On his part, Cox said China's equity markets, barely 15 years old, are making significant progress. The CSRC and the SEC have a key role in facilitating this progress, through rules that promote high quality disclosure, fair and orderly markets, and efficient capital formation.

"I am pleased that today we are memorializing the strengthening of cooperation and collaboration between the SEC and the CSRC through the formalization of a dialogue between our Commissions," he said.

Cox and Shang met in Beijing in October 2005, when the two expressed their desire to work together to protect investors in the United States and China and to establish a framework for dialogue between their respective commissions.

The new dialogue, to take place through regular contacts among senior staff and between the chairmen of the SEC and CSRC, has three primary objectives -- to identify and discuss securities markets regulatory developments of common interest; to improve cooperation and the exchange of information in cross-border securities enforcement matters; and to continue and expand upon the existing program of training and technical assistance provided by the SEC to the CSRC.

(Xinhua News Agency May 3, 2006)