A new accounting firm may well be born in China, with the country wanting to establish its own tailor-made accountancy giant for its economic needs.
While there are many homegrown accounting companies on the mainland, their size is not sufficient to allow them to compete with the big international firms.
Some veteran accountants are now advising the mainland authorities on how to build their own giant. The firm, of course, must be led by a strong team of accountants with international experience for it to gain recognition in the global finance market.
The advisers say one way would be for Beijing to set up a new firm and headhunt Chinese partners from the so-called Big Four firms to join the team. The Big Four are PricewaterhouseCoopers, Ernst & Young, Deloitte Touche Tohmatsu and KPMG.
Another method would be to allow a mainland accounting firm to acquire a second-tier international accounting firm, just below the Big Four, which could then be merged with other companies.
'The Big Four and other accounting firms are all eyeing the mainland market,' said one source, who is advising the mainland government on the plan. 'Why shouldn't China build up its own local brand?'