QUALITY not quantity. That is the latest strategy of international accounting firms with operations in China.
After rushing to establish joint ventures and new offices in 1992 and 1993, some of the largest firms worldwide are beefing up their operations in a bid to carve out a bigger share of the growing market, with the focus aimed at major cities.
'The strategy is to develop the Shanghai and Beijing offices in particular to take them to the next level in terms of services and sophistication. The Guangzhou and Shenzhen offices are of third priority,' said Patrick Paul, deputy chairman of Price Waterhouse's joint venture in Shanghai.
To accomplish that, Price Waterhouse has increased its China staff from 74 to 271 since the beginning of the year.
Mr Paul said the joint venture's Shanghai office had seen the biggest growth, with staff there more than tripling from 45 to 141 since January. Similarly, in Beijing, the number of employees jumped from 23 to 80.
International firms say the main obstacle to growth in China remains finding and training qualified personnel who are capable of meeting global accounting standards.
'Our development plan is to enhance and put substance into the offices we've already established,' said Ted Lee, managing director for Deloitte Touche Tohmatsu's China division. The firm now has four offices and one joint venture on the mainland.
