After a decade-long review, China was this week celebrating its decision to bring accounting and auditing practices in line with international standards.
Jin Renqing, finance minister, presided at an elaborate ceremony at the Great Hall of the People in Beijing that was attended by many Chinese officials and international accountancy celebrities.
"This is a milestone for the accounting and audit industry in China which will move the country towards a more modern economic model and help investors make more sensible decisions," said Mr Jin.
It is a milestone that dozens of other countries have passed as they seek to harmonise business practices with the global economy.
But the experiences of China's predecessors - in the industrialised world as well as emerging markets - carry cautionary tales for the Beijing authorities, and for those who rely on Chinese accounts.
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