So does anyone have any idea where this Madam Wu comments have started coming from I am now seeing on DinarRecaps? Seems like others run out of things to talk about so they get together and make up something new about every 2 weeks or so.
Madam Wu Xiaoling is an Independent Director of Central Huijin.
She is concurrently a member of the Standing Committee of the National People's Congress (NPC) and Vice Chairman of the Financial and Economic Committee of NPC.
Previously, Madam Wu served as Deputy Governor of the People's Bank of China (PBOC), Administrator of the State Administration of Foreign Exchange, Governor of PBOC Shanghai Branch, Director General of the Research Bureau of PBOC, and Deputy Director General of Financial System Reform Department of PBOC.
Madam Wu also served as Deputy Chief Editor (deputy director general level) of Financial News affiliated to PBOC.
Madam Wu was born in 1947, and holds a master's degree in economics.
High-level Seminar on International Accounting Standards sponsored by the People's Bank of China and China Financial Accounting Association was held in Beijing on October 14, 2005. In the seminar, participants discussed in-depth issues of the international accounting standards and China's share-holding reform of the wholly state-owned commercial banks. Madam Wu Xiaoling, Deputy Governor of the People's Bank of China and Chairwoman of the China Financial Accounting Association, attended the seminar and delivered a speech. Mr. Li Wei, Vice Chairman of China Banking Regulatory Commission and other delegates from the Ministry of Finance, China Accounting Standards Committee and commercial banks addressed the seminar as well. Madam Wu Xiaoling noted that, it is the natural requirement of commercial banks to promote share-holding reform by studying and gradually introducing international accounting standards and transparency standards into Chinese market to guide the wholly state-owned commercial banks reform and restructuring. At present, the key issues for the wholly state-owned commercial banks reform are recapitalization and corporate governance, therefore, the crucial issue concerned with introducing strategic investor and successful IPO is to encourage complete financial management and operational information disclosure in line with international accounting standards and information disclosure practice. At the same time, it is also an important task for Chinese commercial banks to strengthen their internal management by studying and learning from international accounting standards and promoting accounting information disclosure quality, which are particularly important and strongly pertinent to commercial banks management skill improvement. Madam Wu Xiaoling praised the remarkable progress in the establishment of financial enterprises' accounting standards and pointed out that, due to institutional constraints, there are still some gaps between Chinese commercial banks accounting standards and the international practice, such as deficiencies associated with prudential accounting and transparent information disclosure, different accounting standards adopted by listed commercial banks and non-listed banks and the one-time off method of resolving historical problems, which are the main causes for discrepancy between internal financial statements and external ones and exert negative impact on commercial banks' financing from international capital markets and their global competitive position. Therefore, Deputy Governor Wu Xiaoling pointed out that, it is essential to gradually improve commercial bank's accounting standards in line with international accounting practice in order to meet the share-holding reform needs and to establish a coordinative and interactive mechanism between development of supervisory standards and accounting standards in line with the Basel Committee's principles, to strengthen transparency in accounting information disclosure and to prevent financial risks. It is also necessary to deepen financial reform to create favorable environment for the internationalization of commercial banks' accounting standards as well. Madam Wu Xiaoling stressed that, we must follow the important guidelines of "improving through introduction and innovating through learning " to study and promote international accounting standards in line with the Chinese banking reform practices. The seminar was hosted by Mr. Yi Gang, Assistant Governor of the PBC, and above 70 delegates from the People's Bank of China, the Ministry of Finance, China Banking Regulatory Commission and commercial banks participated in this seminar.