China to arrange overseas exams for certified accountants

China's Ministry of Finance will arrange overseas examinations for certified accountants, said a Chinese official in Hong Kong on Friday.

Wang Jun, deputy finance minister said at the one-day international conference on China and Global Capital Markets that the move is to be taken to help implement the globalization strategy of the Chinese mainland professional accountants, and foster the overseas certified accountants forces.

The conference is jointly held by the Hong Kong Institute of Certified Public Accountants and the Institute of Chartered Accountants in England and Wales.

Wang, also secretary-general of China Accounting Standards Committee, said Chinese ventures' entering into the international capital market, their obtaining of overseas funding all impose practical requirements to the Chinese professional accountants.

He said Chinese mainland accountants will be encouraged to obtain certifications of overseas certified accountants.

Wang said in the Chinese mainland exams for certified accountants, English will be a must-exam in the near future.

He said the ministry will strengthen ties with the international accounting organizations to launch more training programs for mainland accountants.

Wang said to improve the competitiveness of big accounting firms is another task for the ministry.

The effective management of the listed companies is the foundation for the capital market and the good service of the accounting firms for the listed ventures is closely linked to the sound development of the capital market.

He said the construction and improvement of the capital market is a necessary demand of China's opening up drive. The Chinese government has been attaching great importance to the development of the capital market, and has taken a series of measures to improve the management of the listed companies and maintain the legitimate rights of the investors, especial the individual investors.

He said in the first three months of this year, the gross domestic product (GDP) of the Chinese mainland reached 536.5 billion U.S. dollars, up 10.2 percent over last year's same period.

Source: Xinhua