China to develope accountancy firms

A plan to develop “national champions” that could challenge the dominance of the Big Four international (i.e. foreign) accounting firms in China was reported here in June. Now it is reported (by Forbes and the FT) that a draft policy paper has been released by the Chinese Institute of Chartered Accountants (CICPA), and that the aim is to:

“develop at least 10 accountancy firms capable of comprehensive, international standards of service within the next decade in order to reduce its reliance on foreign groups”.