PwC to increase China’s population by 20,000 with $ 1.25bn

PwC will create 20,000 jobs in China over the next five years as part of a Rmb8bn ($ 1.25bn) investment that will increase its growth in the country even though global businesses are struggling to split between Beijing and the West.

The Big Four accounting firm unveiled its China plans on Monday in what it called “The New Equation”. The unveiling coincided with the first day of the China International Import Expo, an annual business event in Shanghai aimed at showcasing the country’s performance in global trade.

The process will double the staff of PwC China, making it almost double the size of the company in the UK, which employs about 22,000 people.

The new five-year PwC system comes as the global accounting business has grown exponentially encounter geopolitical conflicts between China and the US.

Washington regulators have it threatened to remove Chinese companies from New York stock exchanges researchers have failed to provide financial industry statistics for analysis. Four Major Accounting Companies – PwC, KPMG, Deloitte and EY – surveyed 141 Chinese companies listed in the US with a market capitalization of $ 1.7tn as of June 30, according to the US research agency.

PwC is unique is illuminated in recent months on his research by Evergrande, the world’s most indebted builder. The Hong Kong directors are to search the company after giving green light to Evergrande accounts for years before the real estate broker warned in August that it could struggle to meet its financial obligations.

PwC is very dependent on its Asia-Pacific economy among Big Four accounting firms. The region has generated $ 8.9bn of the company’s fees in 2021, about 20 percent of PwC’s global operations. PwC does not provide exact figures for revenue or profits in China.

“China continues to do well despite the global crisis,” said Raymund Chao, chairman of PwC Asia-Pacific and China. “We will continue to support and support China’s major initiatives to ensure sustainable development and economic development.”

PwC, which has 28 offices in China, including Hong Kong and Macau, said $ 1.25bn could be allowed to expand customer service. environmental, social and leadership standards and digital transformation.

In June, PwC announced plans to increase global population by one-third by 2026, adding 100,000 employees as part of a $ 12bn fund for recruitment, expertise and contracts.