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PwC to add 55 new partners in China

By Wang Zhenghua (China Daily)
Updated: 2007-07-05 10:08

PricewaterhouseCoopers (PwC), the world's largest accounting firm, announced it will admit 55 new partners in China to support growth that has surged more than 30 percent annually over the past five years.

The 40 new partners from the mainland and 15 from Hong Kong account for 10 percent of the company's new partners around the globe and will bring the total number in China to nearly 330.

The US auditing giant also plans to raise its total headcount in China to 13,000 professionals from 8,000 currently to meet demand in what is now its third-largest market globally.

"China is critical for PwC, not only because it's the fastest-growing market around the world but, more importantly, because of the role China is playing in capital markets," the company's GlobalCEOSamuel A. DiPiazza said during a press conference in Shanghai.

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"Whether it's in London, New York, Dubai or Frankfurt, the capital markets are heavily influenced by what happens here in China," he said.

"Chinese companies, both State-owned enterprises (SOEs) and public or private companies listed here, will be looking for advisory assistance as they become more competitive in global markets, whether it's in process improvement, risk control,acquisitionor tax."

Foreseeing increasing demand from Chinese companies growing globally - along with activemergers and acquisitions in Chinese enterprises in the coming five years - the professional services firm has decided to invest $50 million to $100 million in China by 2011.

To date it has poured $200 million into the country, has 12 offices across the nation and audits 40 percent of the China's major clients that have H-share listings.

Frank Lyn, PwC's China markets leader, said revenue growth has come mostly from auditing Chinese SOEs andinitial public offerings (IPOs). Last year the accounting firm helped more than 20 companies with a total IPO value of $23 billion list in Shanghai or Hong Kong.

PwC has a high turnover rate of 15 to 18 percent in personnel across the world, yet the rate could exceed 20 percent in China.