KPMG is proud to have been invited to participate the inaugural Belt and Road Forum for International Co-operation in Beijing.
While attending the Forum, John Veihmeyer, Chairman, KPMG International, said: “We applaud China’s leadership in proposing a comprehensive and inclusive vision and action plan for addressing the development needs of emerging markets and developing countries, which already contribute to 80% of the growth of the global economy, and the impressive milestones which have been achieved to date”.
Also attending the Forum, Honson To, Chairman, KPMG China said: “The ‘Belt and Road’ Initiative is built on the premise that raising living standards and prosperity in, and strengthening connectivity with developing countries will be good for global growth because it will unlock new demand for products and services. This is why the ‘Belt and Road’ Initiative is not only important to China and the other countries and regions along the ‘Belt and Road’; it is important to the whole world.”
To continued: “The ‘Belt and Road’ Initiative” is very much about promoting more effective cooperation among governments, international organizations and companies in order to make the initiative a true engine of prosperity, not just in China but globally. The ‘Belt and Road’ Initiative, and this Forum, also sends a clear, strong and timely message about China’s commitment to becoming more open and more integrated with the global economy.”
Vaughn Barber, Global Chair of KPMG’s Global China Practice and Co-Head of Infrastructure for KPMG in China said: “China is using its expanding engagement and influence on the global stage to bring attention to the need for attracting private capital to infrastructure projects in these important developing and emerging markets which, together with China, make up 65% of world population and almost 35% of global GDP”.
“One of the most significant aspects of the ‘Belt and Road’ Initiative, then, is that it advances a new paradigm for international co-operation which seeks to attract more private capital to support the delivery of infrastructure in developing, emerging and frontier markets in a way that promotes co-operation between Chinese companies and leading foreign firms in the financing, construction and operation of international infrastructure projects.”
In talking about the reasons why he made a special trip to Beijing to attend the Forum Veihmeyer explained: “KPMG is present in some 90% of B&R countries. This represents 40% of our global footprint. In addition to this, ‘Belt and Road’ is of great interest to governments and companies from countries which are not on the ‘Belt and Road’, many of which are represented at the meetings today and tomorrow. All of this means that supporting the implementation of the ‘Belt and Road’ Initiative is a significant priority for KPMG.”
Veihmeyer used the occasion of his attendance at this historic event – the inaugural Belt and Road Forum for International Cooperation – to announce that KPMG has formed a KPMG Belt and Road Centre of Excellence. “With resources initially based in Beijing, London and Hong Kong, this team is responsible for co-ordinating and mobilizing expertise and resources from around the KPMG global network to continue and deepen our commitment towards supporting the implementation of the ‘Belt and Road’ Initiative. In the next stage, once key ‘Belt and Road’ countries have been determined, we will work with our Member Firms in those countries and other collaboration partners to provide all necessary on the ground support.”
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KPMG China operates in 16 cities across China, with around 10,000 partners and staff in Beijing, Beijing Zhongguancun, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Xiamen, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 152 countries and regions, and have 189,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG China was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong office can trace its origins to 1945. This early commitment to the China market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in the Chinese member firm’s appointment by some of China’s most prestigious companies.
KPMG’s Global China Practice, headquartered in Beijing, plays a leading role in ‘bringing China to the world’ and ‘bringing the world to China’. Given the increasing importance of China’s outward direct investment (ODI) to China and host countries around the world, KPMG established the Global China Practice, with dedicated teams in nearly 60 locations around the world, including countries and regions along the ‘Belt and Road’. Our experts are very proud to have worked on many of China’s landmark outbound transactions. We are also passionate about guiding and facilitating Chinese ODI in other meaningful ways, including by helping Chinese companies integrate into local business communities, and introducing them to potential partners in key overseas markets.
Through the Global China Practice, KPMG stands shoulder to shoulder with Chinese and foreign companies alike as they seek to understand complex and dynamic business environments, shape crucial business partnerships, and build platforms to achieve long-term and sustainable market positions. This work is underpinned by market-leading thought leadership from the Global China Practice, produced in conjunction with leading government and industry bodies in China.
So whether you are a Chinese company looking to ‘go out’ or a foreign company assessing the evolving opportunities for your business to grow in and with China, KPMG and its Global China Practice have the insights, experience and resources to support you as you chart your path to success.