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BIZCHINA / Overseas Investment

Accounting firm set for further expansion

By Wang Zhenghua (China Daily)
Updated: 2006-11-07 08:57

SHANGHAI: PricewaterhouseCoopers (PwC), the world's largest accounting
firm, will continue to invest US$50 to US$100 million in China and take
on 2,000 new employees a year over the next few years, its global Chief
Executive Officer Samuel A. DiPiazza said yesterday.

DiPiazza, who arrived in the city for the 18th International Business
Leaders Advisory Council for the Mayor of Shanghai, said the investment
will be mainly in human resources and also in the fast-growing advisory
and tax businesses.

"The company is deeply committed to the Chinese market, which it views as
its most important market over the next 20 years," he added.

The remarks were made after PwC reported gross worldwide revenue of US$22
billion for its network of firms for the fiscal year ended on June 30,
2006  up 11 per cent.

For the second consecutive year, most large PwC firms achieved
double-digit revenue growth, the firm said. Revenue growth was strongest
in China, Russia and other developing markets. Continued strong economic
conditions around the world helped boost its client numbers in non-audit
and transaction-related services during fiscal year 2006.

"Our commitment to China as an international company is very strong, and
we see this market as being central to the future of PwC and in fact to
the capital markets all over the world," DiPiazza said.

"We invest here from a position of strength," he said. "But we intend to
invest even more in the Chinese market."

To date the auditing giant has poured US$200 million into China,
employing 8,000 people in 12 offices across the country. It audited 40
per cent of major clients in China with H-share listings.

In Shanghai alone, it employs a team of 2,000 and expects to add 500 more
in 2007. To show the importance of the Chinese market, the firm moved a
number of its most experienced partners, including a top technical
partner, from the United States to China.

"Our investment will take the form of moving best international practices
and skills into China," the CEO said. "But even more important is to give
our people in China the opportunity of experiencing a global company.

"Our investment will focus on our people's learning, education,
development of their global practices. It will include many of our best
learning experiences by bringing them into China for the benefit of our
people in China."

DiPiazza also said yesterday that he didn't feel the need to do
acquisitions as he felt PwC could grow organically.

Asked to comment on the dissatisfaction some Chinese employees revealed
online about unpaid overtime and lack of opportunities to receive
training overseas, the CEO said the company tries to build a culture of
innovation, and develop opportunities for growth, teamwork, excellence
and leadership.

"We understand and will continue to create an environment for employees
to feel rewarded and have the chance to learn," DiPiazza said.

PwC also plans to send more than 1,000 Chinese employees to its overseas
network of firms to learn over the next three years.

(For more biz stories, please visit Industry Updates)

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