BIZCHINA / Center
PwC to add 55 new partners in China
By Wang Zhenghua (China Daily)
Updated: 2007-07-05 10:08
PricewaterhouseCoopers (PwC), the world's largest accounting firm,
announced it will admit 55 new partners in China to support growth that
has surged more than 30 percent annually over the past five years.
The 40 new partners from the mainland and 15 from Hong Kong account for
10 percent of the company's new partners around the globe and will bring
the total number in China to nearly 330.
The US auditing giant also plans to raise its total headcount in China to
13,000 professionals from 8,000 currently to meet demand in what is now
its third-largest market globally.
"China is critical for PwC, not only because it's the fastest-growing
market around the world but, more importantly, because of the role China
is playing in capital markets," the company's Global CEO Samuel A.
DiPiazza said during a press conference in Shanghai.
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"Whether it's in London, New York, Dubai or Frankfurt, the capital
markets are heavily influenced by what happens here in China," he said.
"Chinese companies, both State-owned enterprises (SOEs) and public or
private companies listed here, will be looking for advisory assistance as
they become more competitive in global markets, whether it's in process
improvement, risk control, acquisition or tax."
Foreseeing increasing demand from Chinese companies growing globally -
along with active mergers and acquisitions in Chinese enterprises in the
coming five years - the professional services firm has decided to invest
$50 million to $100 million in China by 2011.
To date it has poured $200 million into the country, has 12 offices
across the nation and audits 40 percent of the China's major clients that
have H-share listings.
Frank Lyn, PwC's China markets leader, said revenue growth has come
mostly from auditing Chinese SOEs and initial public offerings (IPOs).
Last year the accounting firm helped more than 20 companies with a total
IPO value of $23 billion list in Shanghai or Hong Kong.
PwC has a high turnover rate of 15 to 18 percent in personnel across the
world, yet the rate could exceed 20 percent in China.
(For more biz stories, please visit Industry Updates)
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