KPMG's Flynn Sees Continued 'Remarkable' Growth in China |
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By: KPMG Posted: 2007-11-10 06:00:27 |
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Pointing to China's record of economic success, KPMG Chairman Timothy P. Flynn told the China Chamber of Commerce in the U.S.A. at its 10th anniversary celebration event here that, "The China Chamber no doubt played a significant role in this growth."
"China's economic success is based on the essential ingredients for growth -- investment, trade, education and productivity," said Flynn, who termed China's average growth rate of 10 percent annually for the last three decades "remarkable." "Expectations are that China will experience rapid growth for another 15 years, the currency will appreciate, exports and imports will expand in the double digits, and direct foreign investment will climb. During the first half of this decade alone, the number of Chinese owned businesses in the U.S. grew more than 13 percent," he said. The anniversary event on Nov. 7 was attended by more than 250 guests and dignitaries, including Kuang Weilin, Acting Consul General of China in New York; Stephen Orlins, President of the National Committee on U.S.-China Relations; David Dew, COO of event co-sponsor HSBC; and China Chamber of Commerce President Zhang Liyong. Flynn added that KPMG has a strong presence in China. "In the last few years, KPMG in China has more than tripled its staff to 7,000 employees in eleven locations, and plans to grow to about 9,000 in the next two years," he said. "KPMG has 650 Chinese nationals in the U.S. firm, and a dedicated U.S. China practice with teams across our three businesses -- tax, audit and advisory. Today KPMG is also working with more than 75 companies in China that are in the process of going public," he said. Commenting on a recent KPMG executive team's meetings in China, he said, "People told us that to be successful in the U.S., Chinese firms and local Chinese governments need effective partners with deep industry knowledge to help provide in-depth understanding of the local markets and the ability to help navigate legal and legislative matters." "As China continues to build its role in the global market, KPMG is ready to help and to advocate on your behalf," Flynn said. "KPMG and our profession understand the challenges you face and we intend to build a welcoming environment to help you build your businesses in the U.S. and around the world." About KPMG: KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 148 countries and have 113,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. Each KPMG firm is legally distinct and separate entity, and describes itself as such. Contacts: George Ledwith/Dan Ginsburg KPMG LLP Tel: +1 (201) 307-8498/8270 |
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