KPMG is pleased to announce it will open its Wuhan office today. As China’s initiatives such as the ‘Belt and Road’, Yangtze River Economic Belt and Hubei Pilot Free Trade Zone deepen, the Wuhan office will be central to KPMG China, facilitating the upgrade of high-end services in the region, and driving development of Wuhan and surrounding areas.
Honson To, Chairman, KPMG China & Asia Pacific, said: “National initiatives, including the ‘Belt and Road’ and Yangtze River Economic Belt, are of great importance to Hubei province and its capital city Wuhan, and will create new growth opportunities for KPMG. Our expertise and global network will provide a professional communication and cooperation platform to help Chinese enterprises go global and foreign companies enter the Chinese market, supporting the development of both Wuhan, and Hubei province.”
KPMG’s Wuhan office will provide a variety of audit, tax and advisory services to local enterprises, public institutions and government organisations, including financial, tax, business information, investment, business management, global economy, market information, and risk and system advisory.
In order to strike a better regional balance in economic development, in recent years the Chinese Government has released many policies favourable to Central and Western China. These regions started showing a cost advantage during the national economic transformation and industrial upgrade, while Eastern China is enhancing its positive influence on Central and Western China, significantly changing China’s regional economic development picture. Central and Western China started to outperform Eastern China in terms of economic growth rate in 2011, and became the fastest-developing regions in China in the five years that followed, with a growth rate far above national level.
“Foreign direct investors are also closely watching and following this trend. Provinces in Central and Western China have drawn an increasing share of foreign direct investors over the past few years, and this will keep rising as the provinces continue to top the nation in economic growth. Foreign-funded enterprises should continue paying attention to this trend and could consider speeding up investment here,” added To.
Benny Liu, Co-Chairman of KPMG China, said: “As the core city in Central China, Wuhan serves as a critical industrial, research and education base, and integrated transport hub for the nation, as well as a key region to roll out the Rise of Central China Plan. The government working report published during the NPC and CPPCC sessions this year states that the Chinese Government will continue its Rise of Central China Plan, putting Wuhan’s economic performance in the spotlight. KPMG is optimistic about Wuhan’s strength in driving regional economic development and its crucial position in China’s overall regional development pattern. Our Wuhan office will deliver KPMG’s quality and professional services to boost the economy of the city and Hubei province.
According to the resolution of the fourth plenary session of the 13th CPC Wuhan Committee in 2017, the local government will shift its development focus in 2018 from speed to quality. The aim is to exceed by forging a new economic development pattern, innovating urban planning, building a talent pyramid, and heavily investing in high-efficiency and hi-tech sectors for economic innovation and competitiveness. The innovative urban plan shows that the local government will continue concentrating urban construction in the Yangtze River basin to help Wuhan become an innovative city at the centre of the Yangtze River. To obtain more skilled talent resources, Wuhan will deepen its incentives to attract one million graduates over five years, and at the same time roll out its ‘Wuhan Craftsman’ programme.
To achieve industrial development, the local government is determined to push forward the construction of modern industrial zones and scientific start-up zones, and propel high-efficiency and hi-tech sectors including advanced manufacturing and modern services. Wuhan, the centre of the province, plans to accelerate metropolis development for better infrastructure interconnection, cooperation within the enclave economy, and extension of industrial chains and public service resources to neighbouring cities.
William Gong, Vice Chairman, KPMG China and Senior Partner, Eastern and Western China Region, said: “After entering Wuhan, we will be able to more directly and quickly address the demands of the local government and enterprises, and help local enterprises grasp unprecedented opportunities. We have learned that Wuhan is seeking national-level development zone reform and innovation, devoting most of its efforts to developing new industries such as information technology, health, modern finance, new energy vehicles, smart homes, smart devices, and general aviation manufacturing. It is also speeding up growth of the advanced manufacturing industry, and setting up a high-performance innovation platform.”
“By offering a variety of professional services such as audit, assurance, tax, risk advisory, management advisory and financial advisory, KPMG can help Wuhan with the transformation and upgrading of traditional industries and the deployment of strategic emerging industries. Setting up the Wuhan office is a crucial step in KPMG’s growth plan in Central China. It demonstrates not only our efforts to seek continuous expansion of our professional services network, but also our focus on core Chinese cities,” Gong concluded.
KPMG China operates in 17 cities across China, with around 12,000 partners and staff in Beijing, Beijing Zhongguancun, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Wuhan, 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 154 countries and territories and have 200,000 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.