We hear that the Chinese finance ministry wants to develop at least 10 full-fledged accountancy firms in the next ten years. The policy: “bigger, stronger, self-reliant”. The goal: be capable of providing comprehensive audit services of world standards in order to reduce reliance on foreign firms, especially the Big 4. These 10 firms would be able to operate internationally and support local Chinese companies which plan to internationalize. Further, 100 medium-size firms would concentrate on the domestic market…..current firms are actively encouraged to merge to create economies of scale...
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