The chairman of the U.S. Securities and Exchange Commission, Gary Gensler, earlier this week told American reporters that he was doubtful that China and the U.S. will reach an audit agreement that would prevent 150 Chinese companies from being delisted by U.S. bourses by 2023.

If an agreement is not met, the implications are huge both for China and the U.S. capital markets and investors. Some of China’s largest and most successful companies are listed in New York, including eight of China’s state-owned firms.