China's Modernization Drive Expands World Accounting Business

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Last updated at: (Beijing Time) Tuesday, November 19, 2002

China's Modernization Drive Expands World Accounting Business

With China's continued modernization drive after its accession to the World Trade Organization (WTO), there arise tremendous opportunities for the accounting profession on the Chinese mainland.

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With China's continued modernization drive after its accession to the World Trade Organization (WTO), there arise tremendous opportunities for the accounting profession on the Chinese mainland.

Peter Wong, chairman of the Organizing Committee of the World Congress of Accountants, made the remarks in the message of the program guide handed out at a reception of the 16th World Congressof Accountants held at the Hong Kong Convention and Exhibition Center Monday evening. The congress will open on Tuesday.

Wong said China is currently trying to bring in from overseas large numbers of professionals and other intellectual resources to improve the environment for investment and, at the same time, encouraging state-owned enterprises to convert themselves into standard companies in compliance with the requirements of modern enterprises system and improve their corporate governance.

"The organizing committee (of the congress) has, therefore, included a China focus into the program aiming to provide international delegates with a unique opportunity to explore new developments and potentials in this part of the world," he said.

The China focus Wong referred to includes topics on accounting reform and development in China and the current status and future development of the corporate governance regime in China. Other topics include China's macro-economic situation and public finance reform, the present and future development of China's securities market.

And with China taking a new road to industrialization in its modernization drive and deepening the reform of the fiscal, taxation, banking, investment and financing systems in the wake of China's entry into the WTO, Wong said that China accession is rapidly propelling its transition toward more internationally recognized practices within the accounting framework.

Speaking at the reception which was officiated by the Hong Kong Special Administrative Region (HKSAR) chief executive, Tung Chee Hwa, Wong said the congress also provides a splendid avenue for making friends, networking and building relations among the delegates.

More than 5,000 accounting professionals were invited to the reception, marking the imminent start of a three-day event to discuss various accounting issues, and one hot topic is expected to be about corporate governance.

In an encouraging atmosphere of international economic cooperation, Wong said, "The recent spate of corporate failures in the US further reinforces an international determination to restore public confidence in the profession.

"This (the congress) will surely lead to a strengthening of ties among the world's accountancy professionals, culminating in a global coalition particularly felt at this world congress," Wong said.

Wong added that in order to reflect the diverse nature of the congress theme - "Knowledge-based Economy and the Accountant" -- the congress has developed a comprehensive program with a strong line-up of distinguished speakers from around the world to tackle global issues relating to corporate governance, ethics, auditors independence, knowledge management and the international harmonization of standards.

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