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Accounting body benefits from helping China
By Xin Zhiming (China Daily)
Updated: 2008-10-13 18:43 In the coming years, late leader Deng Xiaoping led the country to liberalize the rural economy by allowing farmers to work on their own instead of on the communes, and generally unleashing the "entrepreneurial Chinese spirit". "It was a small step, but it was followed by big liberalizing economic steps shortly afterwards," Blewitt says. It is not clear whether Blewitt's unique China experience motivated him in his ACCA years to ultimately influence the ACCA management to enter China. But certainly the association, as foresighted as the Chinese teacher Blewitt had met, had foreseen China's economic potential and entered the country to gain an early advantage. "We were aware from our experience elsewhere in the world how important professional accountants are to success of economies," says Davies. "So we felt it's an opportune time for us to come and see what we can contribute to the Chinese market." Its contribution is huge. "The rapidly growing economy in China needs armies of high-quality accountants, and we at ACCA have done a great job in this regard and are cooperating with many local partners to meet such needs to fuel economic growth by training and nurturing more high-caliber professionals," says Kelly Chan, financial controller of Moet Hennessy Diageo Hong Kong Ltd and ACCA Hong Kong President. ACCA has gone from a first batch of 30 students in Beijing to 20,000 members and 32,000 students, with 27 exam centers, 600 approved employers and four offices in Beijing, Shanghai, Guangzhou and Hong Kong. Many of its students have become backbones of industry and their employers. "In the past two decades, ACCA has helped China train a good number of professionals versed in international accounting standards and practices, who have played a conducive role in China's transformation to a market economy," says Tang Yunwei, Partner of Ernst & Young and the first ACCA honorary member from China. "I hope ACCA will continue to contribute to China's economic growth by doing the same good job it has done in the past two decades." For many who attend ACCA tests, the exams are in a sense as important as the national college entrance exams, because they may both change the fate of the youth. "ACCA was the biggest turning point in my life," says Dai Xibao, deputy general manager of Internal Audit Department of Aluminum Corporation of China. Dai was not a financial or accounting major during his university years. "ACCA provided me with a high-level platform to embark on my financial career," says Dai, who initially graduated from the Department of Philosophy at Peking University and used to be a college teacher. The organization has attributed its success in China to the country's rising economic prowess, which creates increasing demand for high-caliber accounting professionals. China "has contributed so much to ACCA's reputation and influence over such a short period of time," says Helen Brand, ACCA chief executive. For China, however, the benefits are mutual and the organization's vision is behind its success. "By entering China, you've chosen the right place (to expand your business) and that's because you have thorough knowledge of China," says Wang Jun, vice-minister of finance. (For more biz stories, please visit Industries)
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