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, a senior Chinese official said in London Tuesday.

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 ".

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, Wang said.

Since the implementation of its reform and open-door policy in 1978, China has made enormous achievement in its economic development, with GDP growing from $147147.3 billion in 1978 to $1.6 trillion, taking the sixth place in the world, at an annual growth rate of 9.4 percent, and ranking the third place in terms of import and export with a growth rate of 16 percent.

The economic rise has rendered enormous demand for development of the accountancy profession, Wang said after his speech at the 125th anniversary conference of the ICAEW (The Institute of Chartered Accountants in England & Wales).

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. "Reform and progress of the Chinese accounting profession plays an important role in facilitating and ensuring the development of the market economy and maintenance of a good market order and social harmony in China", Wang said.

With tariff and non-tarrif barriers that affect trade significantly reduced, and the development and the booming of international capital market, cross-border company mergers and strategic alliance, new vitality for internationalization of professional service that feature knowledge and information orientation, the Chinese financial official said.

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.

Source: Xinhua