July 25 – In November 2007, the Ministry of Finance and the China Appraisal Society jointly announced an asset appraisal standards system, comprising 15 appraisal standards.

The standards system comprises two parts: professional ethics standards and business standards. The business standards are classified into four categories: basic standards, detailed standards, valuation guidelines, and guiding opinions.

American Appraisal’s summer newsletter has and excellent write-up on China’s valuation standards system, listing as well the latest and expected Chinese valuation standards.