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PwC China Ranks First in China's CPA Industry for 18th Consecutive Year

Upholding PwC’s Purpose to Support the High-quality Development of China’s Economy

Beijing, 19 July 2021 – The Chinese Institute of Certified Public Accountants (CICPA) recently released its Top 100 accounting firms in 2020 rankings. PricewaterhouseCoopers Zhong Tian LLP (“ PwC ” ) once again took the first place. PwC China has been ranked first in the top 100 firms for 18th consecutive years since CICPA released its first rankings in 2003.  With building trust in society and solving important problems as its purpose, PwC China has once again won the support and recognition of the market and clients.

This year, CICPA adopted a new evaluation system, which includes income, turnover in the partner (shareholder) team, IT investment, training expenditure, and incompliance penalties. It also focuses more on the development of the industry, quality standards and risk awareness in order to strengthen the integrity of China's CPA industry during the 14th Five Year Plan period.

"We are honoured to be number one in the industry for 18 consecutive years. This achievement is in line with the country’s reform, opening up and remarkable economic development, and the persistent and hard work of all of our people in providing high-quality services. PwC China will continue to uphold our purpose of building trust in society and solving important problems, and actively participate in major national strategies in driving towards a sustained outcome of continued growth and development of China’s economy,” said Raymund Chao, PwC Asia Pacific and China Chairman.

In an era of technology-led development, PwC China is committed to promoting audit innovation with technology at its core, as well as applying new technologies such as big data, cloud technology and blockchain. PwC recently launched its "The New Equation" strategy across its global network: it will invest USD12 billion in technology development and personnel training related to digitisation in the next five years, so as to realise the development of people and the emerging technologies. It will not only improve the quality of professional services and bring high value-added long-term benefits to the clients, but also promote the sustainable development of the industry.

Talent is a core competitive factor in the CPA industry. It needs to cultivate high-quality certified public accountants with "strong professional ethics and skills" to achieve the transformation of the industry. PwC China is keen to promote diversity and localisation in its leadership team, while providing professional and career training for its employees and cultivating the local talents. Benefiting from PwC’s comprehensive training system and the localisation strategy, 100 new partners were promoted in the last four years, reaching a record high, all of them are local partners and 48% of them are female partners. This further improves diversity within our management team.

PwC China has always attached great importance to its corporate responsibility and environmental protection, constantly taking steps to reduce its impact on the environment. It is committed to achieving net zero emissions across the PwC global network by 2030. PwC has always advocated responsible investment and Environmental, Social and Governance (ESG) principles. It is integrating environmental protection with business development to help the clients cope with the risks and challenges arising from climate changes.

Daniel Li, senior partner of PricewaterhouseCoopers Zhong Tian LLP said: “PwC China has always adhered to a corporate culture of integrity and quality. We are constantly increasing our investment in technological innovation, talent training and green development in order to lead the healthy development of the industry. To celebrate the 100th anniversary of the founding of the Communist Party of China, we will continue to serve the country with our professionalism while always bearing in mind our social responsibilities. We will continue to respond to the expectations of the market and regulators with high-quality audit services, reflecting the professional value in helping the country's dual cycle economic development.”

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Christy Liang

Senior Manager, PwC China

Tel: +[86] (10) 6533 8708

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