Hefei, 26 Jul 2017 - Globally leading professional services provider PwC today officially opened an office in Hefei, making it the first PwC branch in Anhui Province, China.
PwC has a network of firms in 157 countries and more than 223,000 employees. PwC’s history in China dates back more than a century as it started to operate in Hong Kong in 1902 and in Shanghai in 1906. PwC now has around 700 partners and 18,000 people in the Greater China region. It provides industry leading professional services for more than 400 out of the Fortune Global 500 companies. Since 2003, PwC China has been the No.1 on the Top 100 Public Accountancy Firms ranking published by the Chinese Institute of Certified Public Accountants for 14 consecutive years.
Frank Lyn, PwC China and Hong Kong Markets Leader, said: “Settling in Hefei is another key milestone for PwC’s strategic layout in the China market. Leveraging our Hefei office, we will step up efforts to expand our business in the Anhui region. We will help companies realize technology disruption and business success, while delivering on our corporate purpose to ‘build trust in society and solve important problems’.”
Anhui Province is a new rising star in the Yangtze River Delta Economic Zone. In recent years, its economic output has grown rapidly. In 2016, Hefei was listed among the Top 10 Provincial Capitals in China. As the provincial capital and a political, economic, cultural and technological hub, Hefei is strategically significant, and one of the key cities in east China, as well as an integrated transportation hub for the whole country.
Thomas Leung, PwC China and Hong Kong Deputy Markets Leader, said: “We are committed to tapping innovation and technology to drive changes. We not only provide audit, tax, M&A, and consulting services, but also closely track new technologies and emerging industries, such as technological innovation, healthcare and food safety. This year, PwC set up Shanghai Innovation Centre, Beijing Innovation Centre and China Centre of Excellence in Qianhai, Shenzhen. With this network of centres, we hope to incubate and share PwC’s most innovative solutions, newest technologies and latest insights, both externally for our clients and internally for our people.”
In recent years, innovative industries have been the key driver behind Anhui’s economic growth. In 2016, industrial output by the province’s strategic emerging industries exceeded 1 trillion yuan, representing an increase of 16% from the prior year. PwC has also identified the pivotal role emerging industries will play, and has begun building an open platform to cultivate innovative ecosystems. Partnering with global and domestic incubators, PwC is leveraging its quality resources and state-of-the-art technologies to foster these ecosystems, which will bring together startups and investors, providing one-stop professional services that span from strategic planning to operation management.
According to Hefei’s Thirteenth Five-Year Plan, Hefei is going to build the international inland open land and will accelerate the pace of “introducing” and “going out policies”. Notably, PwC data indicates that China’s mergers and acquisitions market recorded a new high in 2016, with outbound investment by Chinese mainland companies having soared by 246% to US$221 billion. In 2017, both the total M&A deal value and volume are expected to remain the same as, or be slightly lower than 2016.
Jevens Qian, PwC China Hefei Lead Partner, said: “PwC, is a professional services provider linking China and the world. We will use our global network resources and professional advantages to assist companies in Hefei and Anhui as they seek overseas M&A opportunities and outbound investment, and help Chinese enterprises ‘going out.’ Cultivating local talent is a top priority at PwC. With the establishment of the Hefei office, we will recruit and train more local professionals. We hope that PwC will be able to extend our collaboration with Hefei in more fields to help bolster the city’s economic development.”