China aims to develop at least 10 accountancy firms capable of comprehensive, international standards of service within the next decade by a "bigger, stronger" policy intended to cut reliance on foreign groups.
The goal is outlined in a draft policy paper released for industry comment last week by the Chinese Institute of Chartered Accountants that underlines government determination to reform the sector. The policy has the strong backing of China's finance ministry, according to comments from Chen Yugui, CICPA secretary general, published yesterday on the institute's website.
Policymakers are concerned that the weakness of China's accounting infrastructure and doubts about the reliability of corporate accounts could hamper the movement of capital.
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