Tougher corporate regulations

China plans to issue new rules to prevent corporate scandals, China Daily reported. Zhou Weiguo, chief accountant of the China Securities Regulatory Commission, said that over the next two years, new regulations would introduce tougher accounting obligations for executives and improved disclosure requirements. Further measures, such as strengthening audit requirements for annual reports and improving internal control systems of firms, might be introduced over the next three to five years. Zhou added that a national independent accounting supervision committee was an important long-term objective.