China to build world-leading accounting system in next five years

BEIJING, Nov. 11 (Xinhua) -- China will strive to build an accounting system with Chinese characteristics that is internationally leading during the 15th Five-Year Plan period (2026-2030), according to a plan released by the Ministry of Finance (MOF) on Wednesday.

The plan sets out seven major tasks covering the rule of law, talent, professional services, supervision, digital and intelligent transformation, international governance, and accounting theory, the ministry said.

On combating financial fraud, China will strengthen the oversight system, step up monitoring of key areas and rectification of prominent problems, and keep sharpening the precision and effectiveness of these efforts, so as to accelerate the clearing of existing cases and effectively curb new ones, according to the plan.

China will raise the accounting sector's digital-intelligent level, basically build a system with unified standards, secure and controllable operations, and intelligent and efficient services, and significantly strengthen such work in accounting, auditing and industry management, according to the plan.

Lin Qiyun, director of the ministry's accounting department, told a press conference that the plan focuses on strengthening the rule of law and supervision, building up talent and expertise, advancing digital and intelligent transformation, and opening the sector wider while improving efficiency.

"We have unique institutional strengths, abundant accounting talent, a super-large market and rich corporate practices," Lin said. "We have the confidence and a solid foundation to build an accounting system with Chinese characteristics that is internationally leading, and to better serve high-quality economic and social development."

The plan comes after solid progress of China's accounting industry during the past five years. By the end of 2025, China had more than 10,000 accounting firms, including branch offices, and over 100,000 practicing certified public accountants, providing professional services to 4.2 million enterprises and public institutions each year.

The country has also strengthened the rule of law in accounting. The accounting law and the law on certified public accountants were amended in 2024 and 2026 respectively, marking a new chapter in the country's accounting legislation.

In recent years, the MOF has stepped up supervision and increased administrative penalties, with special campaigns from 2023 to 2025 leading to inspections of the accounting information quality of 18,000 enterprises and 7,010 practice-quality inspections of accounting firms.

Looking forward, Lin also stressed greater emphasis on opening up and efficiency. China will actively build an open and cooperative international accounting governance system and steadily advance mutual recognition of the equivalence of accounting and auditing standards, he said, adding that the country will push accounting services toward greater specialization and the high end of the value chain, helping enterprises better expand into new markets and enhance value.