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China to promote accounting standard
Updated: 2005-06-29 13:36

China will promote international convergence of its accounting and auditing standard to help the country to be more competitive in the global market and the society more trustworthy.

Wang Jun, assistant minister of finance of China, said that China is to "improve the Chinese systems of accounting and auditing standards and accelerate their convergence with international standards in line with China's market ad the overall trend of economic globalization".

Wang said China will draw up its own standards and find its own solutions according to the real Chinese situation in areas where international standard fail to fit.

He said that China's economic growth in the past 26 years has boosted the reform and progress of the accountancy profession in the country.

China has published 48 standards covering technical standards, professional ethics, quality control and etc since 1995. A total of 27 member firms and seven liaison firms and 20 representative offices of international accounting firms have been opened up in China.

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