ACCA working hand-in-hand to grow financial talents in China

The Association of Chartered Certified Accountants or ACCA will facilitate the cultivation of financial talents in China as the country plays an increasingly important role in the global economic growth, Helen Brand, chief executive of ACCA, told China Daily at the sidelines of the China International Import Expo.

"This is an impressive and impactful expo. It brings together businesses and people, to discuss issues while also showcasing best practices", she said.

"It's an important display of how world trade can operate, and a showcase for China as it continues on its economic agenda for growth.

"CIIE works as an important platform to promote the global trade. And we can see that the signal from Chinese government is very positive."

ACCA is the Official UK Government Partner of CIIE. This time, the UK pavilion at CIIE shows how the UK's most pioneering technologies, goods and services can support China to further improve living standards and tackle both domestic and global challenges, said Brand.

During the week, the association will be taking part in events at the UK pavilion, launching a report about the Emotional Quotient, a measurement of a person's ability to monitor his or her emotions.

The report, titled "Emotional quotient in a digital age", revealed that developing EQ requires a range of competencies including growth mindset, self-knowledge, perspective-taking, empathy and influence.

"Emotional intelligence is placing a new demand on accountants in today's digital age, and this new report uncovers the importance of understanding human emotions," according to Brand.

"We assert that to succeed in a fast-evolving digital age, professional accountants need a rounded set of skills that go beyond technical knowledge, and these skills include the emotional quotient."

A unique diagnostic tool was also unveiled alongside the report for individuals to self-assess their level of EQ, against a credible global benchmark specific to the accountancy profession. The tool provides practical guidance on how to improve effectiveness in this competency.

On Nov 6, ACCA signed a MoU with Alibaba Cloud, the cloud computing arm of Alibaba Group, focusing on course development, research and professional insights.

"We together will explore the ways to industry researches, innovative courses, cultivate digital financial leadership for future business," Brand said. The future financial professionals should equip themselves with digital abilities, such as digital information, technologies and strategies. They can provide digital financial support for business development and change business models, Brand said.

Other events, hosted by ACCA at the expo, included a session called "Innovation in motion: The future of the accountancy profession", which showcased ACCA's research into the skills and competencies needed to boost future growth and innovation in economies around the world - from ethical and technical skills to emotional intelligence.

As a global professional accountancy organization, ACCA has been a long time supporter of fair, open and transparent global trade, said the chief executive, who sees accountants and finance professionals as being 'super connectors' across the globe, enabling trade and business.

As of today, ACCA has operations in 57 countries around the world and 24 of these countries sit directly on the footprint of the Belt and Road Initiative, including India, Indonesia, Kazakhstan, Pakistan, Russia, Singapore, the UAE and Turkey.

So far, ACCA has around 8,000 members and more than 100,000 students on the Chinese mainland. The company's recent average growth on the Chinese mainland for the past three years is about 23.4 percent, according to Brand.

"There is huge potential for future growth as China is deeply involved with globalization, and widely using international standards," she said.

Earlier, the association published a series of reports related to the B&R issues, expecting that as this new trade route develops, it will enable economies within it to explore exciting opportunities, providing ACCA members and their companies and clients with fresh possibilities.

One of the reports was called "The Belt and Road Initiative: Reshaping the global value chain", which was published with the Shanghai Stock Exchange to help businesses and the professionals who are not yet on the B&R journey. The project will help them understand how to take advantage of this New Silk Road Economic Belt themselves.

This year marks the 30th anniversary of ACCA in China, when the country is celebrating its 40th anniversary of its reform and opening-up policy. It was the first international professional accountancy body to establish operations in the country.

"China is at an exciting point in its history, with its drive to open up new trade routes and marketplaces, to build on existing connections, and to create new ones. We look forward to playing our part in this exciting future for the next 30 years and beyond," said Brand.

"Perhaps the most impressive change we have seen is the growth of China to become the world's second-largest economy," she said. "It has become the center of the global supply chain, an important exporter and consumer of commodities, while at the same time being a global leader in the digital economy. The connections it has strived hard to make have paid of." As China has stepped into a new era in economic development, the country will "become a global leader in innovation as well as ensure greater equality and living standards for all", according to the ACCA leader.

"We will continue with our strategy in China, to help create and sustain the financial talent needed in the country now, and in the future - working with others to do so."

(China Daily 11/09/2018 page12)