| China to promote accounting standard: official |
| Wednesday,June 29,2005 Posted: 09:42 BJT(0142 GMT) Xinhuanet |
LONDON, June 28 (Xinhuanet) -- China will promote international convergence of its accounting and auditing standard to help the country to be more competitive in the global market and the society more trustworthy, a senior Chinese official said here Tuesday. Wang Jun, assistant minister of finance of China, said in an exclusive interview with Xinhua, that China is to "improve the Chinese systems of accounting and auditing standards and accelerate their convergence with international standards in line with China's market ad the overall trend of economic globalization". China will draw up its own standards and find its own solutionsaccording to the real Chinese situation in areas where international standard fail to fit, Wang said. Since the implementation of its reform and open-door policy in 1978, China has made enormous achievement in its economic development, with GDP growing from $147147.3 billion in 1978 to $1.6 trillion, taking the sixth place in the world, at an annual growth rate of 9.4 percent, and ranking the third place in terms of import and export with a growth rate of 16 percent. The economic rise has rendered enormous demand for development of the accountancy profession, Wang said after his speech at the 125th anniversary conference of the ICAEW (The Institute of Chartered Accountants in England & Wales). He said that China's economic growth in the past 26 years has boosted the reform and progress of the accountancy profession in the country. "Reform and progress of the Chinese accounting profession playsan important role in facilitating and ensuring the development of the market economy and maintenance of a good market order and social harmony in China", Wang said. With tariff and non-tarrif barriers that affect trade significantly reduced, and the development and the booming of international capital market, cross-border company mergers and strategic alliance, new vitality for internationalization of professional service that feature knowledge and information orientation, the Chinese financial official said. China has published 48 standards covering technical standards, professional ethics, quality control and etc since 1995. A total of 27 member firms and seven liaison firms and 20 representative offices of international accounting firms have been opened up in China. |
| (Source: English Site of Kuching) |
 | Shanghai, Shenzhen stocks close lower at midday sessions 2005-06-28 16:11 |
| ICBC reports 17.4% jump in 2004 profits 2005-06-28 16:10 |
| "2005 Harbin ROK Week" to be held 2005-06-28 16:09 |
| Coca-Cola's sales growth up 2005-06-28 16:08 |
| China Unicom plans to issue 10b-yuan debt 2005-06-28 16:07 |
| Watchdog: Quota for QFIIs set to increase 2005-06-28 16:06 |
| Danfoss targets four-fold sales jump 2005-06-28 16:05 |
| COSCO raises HK$9.5b in IPO 2005-06-28 16:04 |
| ICBC applies to issue bonds 2005-06-28 16:04 |
| China, ASEAN to lower industrial duties 2005-06-28 16:03 |
All articles marked with "Article type: Original" posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of "Source: Ministry of Commerce Website".
All articles posted on this website or its sub-sites marked with "Article type: reproduced" or "Article type: translated" and "Article type: redistributed" come from other media, and are provided solely for the user's information, which does not mean this Website or its sub-sites endorse the ideas thereof or assume any legal liability or responsibility for their authenticity. Any other media, websites or individuals must maintain the source of information indication on this Website or its sub-sites when using the information, and shall assume legal liability for the use.
