On November 2, 2021, the Third “Belt and Road” National Accounting Standards Cooperation Forum (hereinafter referred to as the “Cooperation Forum”) was held in the mode of a video conference. The Cooperation Forum was hosted by Accounting Regulatory Department of Ministry of Finance of China and China Accounting Standards Committee and organized by Xiamen National Accounting Institute (hereinafter referred to as the “XNAI”).

Wu Xiangyun, Deputy Director-General of Accounting Regulatory Department of Ministry of Finance of China, Zhang Juan, Deputy Director-General of China Accounting Standards Committee and Zheng Yong, Vice President of XNAI attended the forum.

Delegates from accounting standards-setting bodies of 10 countries, including China, Cambodia, Laos, Mongolia, Nepal, New Zealand, Pakistan, Russia, Saudi Arabia, and Vietnam participated in this event.

Liu Yanli, Deputy General Manager and Chief Financial Officer of State Grid International Development Co., Ltd. was invited to share experience and perspectives on the role played by accounting in cross-broader capital flows. Participants had in-depth discussions on new progress in the development of accounting standards, the accounting treatment of business combinations under common control, rate regulation and so on, and reached a preliminary consensus on the arrangements for the next Forum.

The participants unanimously agreed that the cooperation forum has established an important platform for Belt and Road countries to enhance exchanges and collaboration in the field of accounting. They expressed their hope to fully leverage this platform to achieve connectedness and mutual learning, promote the development and implementation of high-quality accounting standards, create a conducive accounting environment for international economic trade and capital flows, and open up new prospects for mutually beneficial development.