Experts: Enhanced accounting infrastructure crucial for economic progress

Strengthening the construction of accounting infrastructure is vital for improving economic development, especially for countries involved in the Belt and Road Initiative, said experts.

The accounting infrastructure usually consists of accounting standard system, accounting regulatory framework and accounting talent system. A sound accounting infrastructure can promote a country's growth and stability.

The first workshop of the China-Central Asia Accounting Elites Exchange Program officially kicked off on Monday at the Shanghai National Accounting Institute.

The program, proposed jointly by the Shanghai National Accounting Institute (SNAI), the Central Asia Regional Economic Cooperation Institute (CI) and the Association of Chartered Certified Accountants (ACCA), was announced as one of the important outcomes of the second Belt and Road Forum for International Cooperation held in Beijing in April this year.

Nearly 30 experts from the accounting standards setting departments, accounting regulators, and accountancy profession of all 11 CAREC countries including China, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Turkmenistan, and Georgia attended the first workshop.

To better integrate with the international community and attract foreign investment, many countries in Central Asia are taking measures to strengthen accounting infrastructure, said experts.

At present there are differences in accounting standards and accounting professionals of the Belt and Road countries including Central Asian countries. Li Kouqing, president of SNAI, said: "The accounting standards are like the railways of the world."

Promoting the connectivity of accounting infrastructure should be a due part of the "Belt and Road" cooperation, and an unshirkable duty for the accountancy profession, he said.

Ada Leung, director of ACCA Greater China, said that ACCA is one of the pioneers in exploring the impact of the BRI on China, the global economy and the development of the accountancy profession.

ACCA will continue to carry out a series of studies with partners and further discuss the opportunities and challenges for the accounting profession, businesses and governments brought by the BRI, supporting the implementation of the China-Central Asia Accounting Elites Exchange Program, according to Leung.