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A New Xi’an in the New Era — KPMG Contributes to the Development of a New Reform Locomotive in Inland China

A New Xi’an in the New Era

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Xi'an Office opening ceremony

KPMG China today announced that it has opened an office in Xi’an. This is the third new Chinese city where KPMG has set up offices this year, following the establishment of branches in Wuhan and Changsha in 2018, as well as the KPMG Digital Ignition Centre in Nanjing in October 2017. KPMG will be working with the municipal government in Xi’an to jointly develop commercial and trading services and enhance economic cooperation in the region.

Honson To, Chairman of KPMG Asia Pacific and Co-chairman of KPMG China, said, “Xi’an is an important city, as it serves as a transportation, trading and logistics hub in North-west China, and connects the country’s eastern and central regions with the north-western and south-western regions. China’s ‘Belt and Road’ Initiative has presented new opportunities for KPMG as well as for Xi’an, which is situated in the heart of the north-west. This is the 19th Chinese city where we have established a presence, and our office here will help broaden KPMG’s business scope in China and business engagement with countries participating in the ‘Belt and Road’ Initiative. We hope to help build the north-west, with Xi’an at its centre, into a new reform hub in inland China during this prime development period.”

As the ‘Belt and Road’ Initiative advances, Xi’an has set up two state-level pilot zones to promote innovation and free trade, creating new potential for the commercial and trading sectors. In addition, the establishment of economic and trading ties with countries in Central Asia has gradually made Xi’an an additional choice for foreign investment in China, and the ‘No. 1 project’ that Xi’an is rolling out has drawn a flock of business titans to the region. As a city famous for scientific research and education, Xi’an also boasts strength in technological development and cultural exchange, and is home to numerous hi-tech enterprises in industries such as energy, chemical, IT, aerospace and non-ferrous metallurgy. Further, it has set up international industrial zones with partners from Central Asia and South Asia to form industrial clusters.

Benny Liu, Co-chairman of KPMG China, noted, “Xi’an is a central city that China plans to develop. It is an international metropolis that facilitates cooperation and exchange between Asia and Europe, a critical node of the ‘Belt and Road’ Initiative, and the starting point of the Silk Road. KPMG’s Xi’an office will be dedicated to offering quality services to help enterprises here handle accounting principle changes, address any potential accounting challenges that arise, and drive performance and value, so as to play a part in the economic development of Xi’an and North-west China.”

According to the Working report of the People's Government of Xi’an City (2018) , the city will build itself into a Silk Road international financial centre by accelerating the establishment of three financial pilot zones covering science and technology, culture, and civil-military integration, as well as another three for the energy, logistics and green sectors, to attract more financial institutions and workers from around the world. Furthermore, it recently revamped its household registration policy, a move to encourage non-local workers to settle down in the city.

Jacky Zou, Senior Partner, Northern Region and Vice Chairman, KPMG China, said, “KPMG has been working hard to attract the best people from various markets and industries. Xi’an is among the top Chinese cities in terms of density of colleges and number of college graduates, making it a leader in terms of education and scientific research in China. The skilled resources here will draw an increasing number of enterprises to the city, and we will leverage our well-developed employee training and development systems to help accelerate the process.”

“Located in Xi’an Hi-tech Industries Development Zone, an area with a high density of technological and financial institutions in North-west China and a prominent economic development zone in the city, our Xi’an office will significantly drive the future of KPMG. We will help the hi-tech zone further optimise industry chains, speed up industry development and push the implementation of the ‘5882’ strategy for a RMB 100 billion-worth financial service cluster , so as to contribute to the sustainable development and the high-quality economic development of Xi’an and Shaanxi province,” said Roger Zhang, Senior Partner, Xi’an, KPMG China.

 

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About KPMG China

KPMG China operates in 19 cities across China, with around 12,000 partners and staff in Beijing, Beijing Zhongguancun, Changsha, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Wuhan, Xiamen, Xi’an, 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. 

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