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Wednesday, December 06, 2000, updated at 14:12(GMT+8)
China  

China Revises Accounting Rules

In a historical step to promote financial transparency in the market and stave off financial risks, China is now drafting a new set of accounting rules to replace its current accounting system, a Ministry of Finance official revealed Tuesday, December 5.

"The new comprehensive rules will be applied to all the enterprises present in the Chinese market, including both domestic enterprises and foreign-funded enterprises, said Chen Yugui, deputy director of the Accounting Department under the Ministry of Finance.

The new system will consist of three separate sets of rules: accounting rules for general industrial and commercial enterprises, accounting rules for financial enterprises and accounting rules for smaller enterprises.

The new rules will represent a great improvement in the current system, Chen said, noting because the current system applies different rules to different industries, which often results in incompatibility between economic sectors.







In This Section
 

In a historical step to promote financial transparency in the market and stave off financial risks, China is now drafting a new set of accounting rules to replace its current accounting system, a Ministry of Finance official revealed Tuesday, December 5.

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