Apr. 30 – In a meeting with a delegation from the American Institute of Certified Public Accountants on Monday, April 23, Deputy Minister of Finance and President of the Chinese Institute of Certified Public Accountants, Li Yong, emphasized the importance of communication and cooperation between China and the United States in the field of accounting. He noted that such dialogue not only conforms to the trend of global governance in international accounting, but also serves the interest of the strategic economic and trade partnership between China and the United States.
Li put forward the role and performance of public accounting in China and the future development of the industry in China during the visit of the U.S. delegation.
Li said China is dedicated to establishing the following:
In the aspect of service providing, many agencies are expanding rapidly and some influential Chinese public accounting agencies have set up overseas branches. These entities are enhancing their ability to provide more comprehensive overseas services, as well as expanding into different fields – from auditing to consulting, and non-auditing taxation services. Furthermore, public accounting is playing a more important role in foreign trade and foreign investment in China.
According to China’s Ministry of Finance, with regards to social influence, the development and improvement of China’s public accounting industry ensures the order of the market and a healthy economic development. The industry is also well-supported by the government. In the 12th Five-Year Plan, the government has included certified public accountants in the middle and long-term talent scheme.
With the advancement of globalization, accounting assumes a more significant role in global economic governance. Li pointed out that it’s possible and necessary for China and the United States, the world’s two largest economies, to strengthen communication and cooperation in the field of public accounting.
Li lists four suggestions for future cooperation.
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