China Wednesday announced its introduction of revised corporate accounting standards and registered accountants standards as of Jan.1, 2007 in a bid to meet the needs of its market economy.

Jin Renqing, minister of Finance, said the standards, including 39 ones for corporate accounting and 48 for auditing by registered accountants.

Addressing a press conference in Beijing, he said the standards for corporate accounting will be applied among listed firms as of Jan. 1, 2007, while the standards for auditing will be used by accountants' offices on the Chinese mainland.

The minister said China will work hard to implement the standards in the coming years.

Lou Jiwei, vice-finance minister, said that the implementation of the new standards will result in release of more useful information about companies involved for investors and the public.

He said the new standards are getting much closer to international practices.

Li Xiaoxue, an official with the Chinese Securities Regulatory Commission, said the standards will be useful in improving supervision of the corporate accounting and facilitating the growth of the country's capital market.

Source: Xinhua