Mon. Dec 6th, 2021

Over the next five years, PwC will create 20,000 jobs in China as part of an investment of Rmb8 billion ($ 1.25 billion) that will double the size of its presence in the country, even as global businesses face increasing divisions. between Beijing and the west.

The Big Four accounting firm on Monday outlined its expansion plans for China in a strategy it dubbed “The New Equation”. The unveiling coincided with the first day of the China International Import Expo, an annual business event in Shanghai aimed at proclaiming the country’s role in global trade.

The strategy will double PwC’s workforce in China, making it nearly twice as large as the company’s UK operations, which employ around 22,000 people.

PwC’s new five-year plan comes as global accounting industry grows caught in geopolitical tension between China and the USA.

Washington regulators have threatened to delist Chinese companies of New York stock exchanges after auditors failed to hand over the audits of the companies’ financial statements for inspection. The Big Four accounting firms – PwC, KPMG, Deloitte and EY – audited 141 Chinese companies listed in the US with a total market value of $ 1.7tn on June 30, according to the US audit watchdog.

PwC has separately come under the microscope in recent months over its audits of Evergrande, the world’s most indebtedness developer. Regulators in Hong Kong are investigate the firm after giving green light to Evergrande’s accounts for years before the real estate group warned in August it could struggle to meet its financial obligations.

PwC is the most dependent on its Asia-Pacific revenue among the Big Four accounting firms. The region generated $ 8.9 billion in fees for the company in 2021, nearly 20 percent of PwC’s global revenue. PwC does not provide specific revenue or profit figures for China.

“China continues to perform remarkably well despite ongoing global challenges,” said Raymund Chao, PwC’s Asia-Pacific and China chairman. “We will continue to support China’s key national strategies and contribute to a lasting outcome of continued growth and development for its economy.”

PwC, which has 28 offices in China, including Hong Kong and Macau, said the $ 1.25 billion investment would enable it to scale up customer services such as environmental, social and management standards and digital transformations.

In June, PwC announced plans to increase its global staff count by more than a third by 2026, Add 100,000 staff as part of a $ 12 billion investment in recruitment training, technology and transactions.

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