On November 3, 2020, the Second “Belt and Road” National Accounting Standards Cooperation Forum was successfully convened in Xiamen. Delegates from accounting standards-setting bodies of ten countries, including Cambodia, China, Laos, Mongolia, Nepal, New Zealand, Pakistan, Russia, Saudi Arabia, and Vietnam, attended the Forum. Due to the impact of the COVID-19 Pandemic, delegates participated in the Forum online.

Cheng Lihua, Vice Minister of Finance of China, delivered a written speech at the Forum. She pointed out that the Cooperation Forum, as an exchange mechanism, is conducive to accounting standards-setting bodies of participating countries of the Belt and Road (hereinafter referred to as “BRI partner countries”) conducting discussions on accounting issues, exploring paths for accounting globalization, enhancing each other’s capacity for standards development and implementation, and creating a good accounting environment for economic and trade exchanges and capital flows among BRI partner countries. Cheng proposed that participants of the Forum should proactively meet the challenges posed by the new economy and new business formats to accounting standards and focus on ensuring the effective implementation of accounting standards; actively address accounting issues arising from the COVID-19 Pandemic, further strengthen accounting cooperation and exchanges among BRI countries, and better play the role of accounting as a fundamental tool in advancing global economic recovery.

Participants conducted in-depth discussions on two technical topics, namely accounting issues related to the COVID-19 Pandemic and experiences in the implementation of accounting standards. They also exchanged views on administrative topics such as the construction of the Cooperation Forum website and future cooperation.