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PBOC Lowers Reserve Requirement Ratio by 50 Basis Points

The People’s Bank of China (PBOC) announced on Wednesday that it will lower banks’ reserve requirement ratio (RRR) by 50 basis points for the first time in three years. The latest cut, effective on Dec. 5, drops the RRR to 21 percent for large commercial banks and 17.5 percent for mid- and small-sized banks.


Overview of Public Company Audit

As of 23 November 2011, 1,672 of 2,297 A-share listed companies have disclosed their audit fees. 53 accounting firms having the qualifications for securities and futures businesses carved up the 2.83 billion yuan annual report auditing market. In terms of number of public company clients, BDO China Shu Lun Pan CPAs (222), Pan-China (192), ShineWing CPAs (131), RSM China CPAs (127) and Ascenda (119) were the top ones.


Accounting Industry Key Area in 12th Five-year Plan Period

The Ministry of Commerce published an outline of development of service industries in 12th Five-year Plan. According to the outline, regarding accounting industry, at least 3 indigenous-branded accounting firms should be among the top 30 firms worldwide and, at least 5 to 10 large-sized firms each should practice in at least 30 countries and set up around 100 offices.



“China Accounting News Weekly” is established on August 5, 2005. It selects important accounting news weekly to convenient the  people can acknowledge the developments quickly. From its launching, thousands of people read it every week.
In order to promote the development of China accounting industry to English readers, we make this English edition on March 23, 2007. If there are any problems, please contact with qiaobocao@snai.edu.

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