PracticeAuditChina to promote rivals to Big Four

China to promote rivals to Big Four

China wants to reduce reliance on Big Four global giants

Liu Ying, the director general of China’s finance ministry accounting
regulatory department, has called on smaller accounting firms to match China’s
rapid growth and catch up with the Big Four.

Ying said he wanted to reduce the reliance of Chinese companies (that are
listed abroad) on the Big Four international firms, according to a report in the
FT.

‘A Chinese companies list abroad; we also hope the audit firms can go global
too,’ Ying was quoted as saying.

The Big Four firms are all pursuing major growth plans in China, and Ying is
concerned that the Asian giant is becoming to dependent on foreign firms to
raise capital.

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