Regulatory synergy needed for global growth

Understanding the regulatory environment in which businesses operate, trade occurs, and jobs and economies grow, is key to unlocking long-term economic growth. Our starting point is that regulation is a vital feature of successful economies, and as the global financial crisis showed, there were glaring problems in many jurisdictions. Governments, regulators and citizens were right to demand rapid, corrective action.

With the benefit of hindsight and mutual respect, global leaders, policymakers and businesses have a golden opportunity to pave the way for growth, and to help predict and prevent the next crisis.

Required by clients in businesses big and small to help interpret the new, post-crisis regulatory environment, professional accountants strongly support greater global regulatory cooperation. As regulation has surged and complexity increased, the risks of fragmentation have grown. We have consistently urged a focus on the principles of "good regulation"－starting out with clear objectives, deep and wide consultation, and ending in active oversight and systematic review to ensure the regulation is acting as intended.

Centuries after mastering the manufacture of exquisite silk and pottery, and being crucial to the development of world's most strategically important overland trading route, we applaud China's G20 ambitions for long-term global economic growth. Good regulation that pays heed to international commerce and trade will strongly support both innovation and shared development.

Meanwhile, professional accountants everywhere will continue to shoulder their responsibility to support a more open, transparent world economy, in the public interest.

Olivia F. Kirtley is president of the International Federation of Accountants, and Feng Shuping is president of the Chinese Institute of Certified Public Accountants.