Deloitte China Sign Memorandum of Understanding with Sichuan SASAC

Deloitte China signed a memorandum of understanding (MOU) with Sichuan SASAC on 14^th August 2017 to seek closer cooperation in areas such as SOE reform, composite-ownership system, state-owned asset securitization and SOE improvement within Sichuan Province. The MOU was signed between Mr Xu Jin, Director of Sichuan SASAC, and Mr Patrick Tsang, CEO of Deloitte China.

After Mr Xu outlined the guidelines for economic development in Sichuan Province, he commented that "Although SOE reform in Sichuan has received endorsement from the Chinese government, there remain problems and challenges in the SOE reform process. With the signing of this MOU, we hope that Sichuan SASAC and Deloitte can work closely to promote Sichuan's SOE reform, improve the management quality of SOEs, promote state-owned asset securitization, seek strategic investment opportunities within the 'One Belt One Road' network and accelerate global mergers and acquisitions." Further, Mr Xu added that, "As a world-class professional services organisation, Deloitte has extensive experience working with Chinese governments and SOEs. As such, Sichuan SASAC will encourage more cooperation between Sichuan SOEs and Deloitte in the future."

Under the MOU provisions, Deloitte will assist Sichuan SOEs in establishing their vision, theory and foundational infrastructure with its rich resources and professional advisory services in line with SASAC policies. Nevertheless, in response to requests from SASAC, Deloitte will offer professional advisory services across areas such as state-owned capital operating company reform, composite-ownership system reform, 'One Belt One Road' strategy, state-owned asset regulation, innovation and management training.

Deloitte China CEO Patrick Tsang said, "We are delighted to enter into this memorandum of understanding with Sichuan SASAC, and we appreciate SASAC's trust in and recognition of Deloitte. With the support of Deloitte China and our global network, we will work closely and relentlessly with SASAC to support SOE reform and sustainable development in Sichuan.

The other attendees at the ceremony include Sichuan SASAC officers, Sichuan SOE leaders, Deloitte China Western Region Managing Partner Terence Cheung, Western Region Deputy Managing Partner Steven Cheung, Western Region Risk Advisory Leading Partner Total Chow, Audit and Assurance Partner Jon Peng, Audit and Assurance Partner Liu Yang, Audit and Assurance Partner Ge Ming, Risk Advisory Partner Wu Jun, Tax and Legal Partner Tony Zhang, Financial Advisory Partner Lv Maogang and Financial Advisory Partner Delphi Zhou.