Deloitte successfully completes localisation conversion in China
New partnership structure, same strong commitment to China
Publish date: 11 January 2013
Deloitte is pleased to announce the establishment of Deloitte Touche Tohmatsu Certified Accountants LLP, which became legally effective on 1 Jan, 2013, to replace the former joint venture in China.
The conversion does not change the range or features of services offered by Deloitte. The new LLP structure is similar to that under which other large and mid-size local accounting firms in China are operating, and reflects Deloitte's on-going localization strategy and sustained commitment to China.
"We are excited about the inauguration of the new partnership structure, which signals a new era for our firm in China in this priority marketplace for Deloitte. It will also support our business plan to further invest US$160 million in China over the next three years and to expand our workforce to 15,000 people by 2015, following our total strategic investment of US$250 million made between 2004 and 2012," said Mr. Chris Lu, CEO, Deloitte China.
"For the past few decades, we have witnessed the rapid growth of the Chinese economy and the continuing growth and evolution of the accounting profession in China. We have been privileged to have played a part in the development and internationalisation of China's accounting industry – from contributing to the establishment of the new set of Chinese Accounting Standards that conforms to international accounting practice, to attracting and nurturing new talent into this important profession. We are deeply committed to playing our part in supporting the needs for professional services of China inbound and outbound business opportunities, as well as ensuring that the ongoing growth of China's economy is well supported by the ongoing growth and maturity of the Chinese accounting industry," Mr. Lu continued.
Deloitte is appreciative of the guidance and support from the Ministry of Finance and all other government authorities in assisting its timely and successful conversion into the new partnership structure.