China strengthens supervision of accounting firms

China said on Monday it will tighten scrutiny over accounting firms in a fight against financial forgery, vowing “zero tolerance” toward misconduct.

The guidelines, published by China’s State Council, or cabinet, come as Beijing launches a flurry of regulatory crackdowns against sectors ranging from Internet to tutoring.

China will publish detailed rules on the supervision of accounting firms, and will increase the frequency of inspections, while stepping up punishment, the guidelines said.

Meanwhile, Chinese regulators will co-operate on cross-border supervision of accounting and auditing, in a bid to safeguard China’s economic and information security.

China is stepping up efforts to open its stock and bond markets to global investors.