Deloitte has become the largest accountancy firm in the world's fastest-growing economy, following its acquisition of Beijing Pan-China CPA for an undisclosed fee.

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Although the Big Four firm has been in the country since 1917, the deal is its first ever on mainland China and will allow it to expand on its 3,200 employees in eight locations throughout the country.

A Deloitte statement said the acquisition was aimed at 'developing the profession and local talent in China and better serving the needs of the world's fastest-growing economy'.

It added that it would strengthen its position in China's booming financial services industry by adding the clients and the employees of Beijing Pan-China CPA from 1 June.

Deloitte has undertaken a rapid expansion programme in the Far East. Last June, it announced a five-year investment plan worth $150m (£80m). Two-thirds of this will be used for acquisitions and hiring local talent, which it plans to increase fivefold.

Deloitte China CEO Peter Bowie called the deal a 'key step forward'. He added: 'It enables us to better serve the growing Chinese market and to be recognised as a localised professional services firm by our clients, our people and the market.'