IN BRIEF (Page 13)

Global accounting norms

China's accounting and auditing systems have achieved substantial convergence with international standards, said Vice-Minister of Finance Li Yong at a conference during which the ministry and the World Bank jointly released a report on the assessment of accounting and auditing practices in China. Penelope Brook, acting vice-president of the World Bank, said that the progress China has achieved could serve a model for other developing countries.

BOC posts 19% rise in profit