PwC plans major expansion in China

PricewaterhouseCoopers (PwC) is defying the credit crunch and plans a major expansion in China where it is preparing to recruit about 2000 Chinese graduates in 2009 as part of its long-term plan to expand in that country, its top China head said yesterday.

PwC plans to retain this pace of hiring over the next three to five years and will open new offices in China 'very soon' to support its rapid business growth, Frank Lyn, PwC Beijing-based China Markets Leader, told Reuters in Shanghai.

Lyn also said Chinese companies hoping to expand to the west through mergers and acquisitions could wait another six to nine months when cheaper deals were expected.

'The current economic crisis is something that everyone is very, very concerned about,' Lyn said. 'If you take a longer-term view and the fact that we're here to stay, we are not just hiring for now but ready to train our people for the next five to 10 years.'