Beijing's 'Legal Great Wall' Helps Fleece

北京的"法律长城"帮助掠夺美国投资者

Jesse M. Fried and Matthew Schoenfeld

杰西·M·弗里德和马修·舍恩菲尔德

Aug. 27, 2025

2025年8月27日

It's good news that the Securities and Exchange Commission is reconsidering 40-year-old rules that grant Chinese companies sweeping exemptions from the disclosure requirements imposed on American firms. But removing these exemptions won't address the core problem U.S. investors face: American corporate and securities laws, including disclosure rules, are unenforceable against China-based companies and their insiders. If the SEC wishes to protect American investors, it should also bar initial public offerings and secondary offerings by Chinese firms until Beijing cooperates on cross-border enforcement.

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