KPMG plans major hiring spree, new offices in China with bets on Qianhai and Greater Bay Area growth

KPMG and peer BDO are seeking to boost their headcounts as Qianhai zone adds to opportunities in Greater Bay Area

Demand for accounting and consultancy services to grow with deeper integration between Hong Kong, Macau and mainland China

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KPMG is planning a hiring spree in China over the next three years amid deeper economic integration. Photo: Reuters

Published: 12:30pm, 26 Sep 2021Updated: 9:42pm, 26 Sep 2021

KPMG is looking to undertake a major recruitment drive in China over the next three years as deeper economic and financial-market integration with Hong Kong and Macau fuels demand for accounting and consultancy services.

The Big Four firm will raise its headcount to about 20,000 in mainland China, Hong Kong and Macau from current 13,000 over three years, while increasing its offices in 40 locations from 28, Honson To, chairman of KPMG Asia Pacific and China, said in an interview with the Post.

The additional resources would be needed to prepare the group for new opportunities created by China’s latest push for the Qianhai economic zone located on the western side of Shenzhen, the richest city in southern Guangdong province. That is in addition to the ongoing transformation of the wider Greater Bay Area comprising Hong Kong, Macau and nine other cities in the province.

“The latest opening of Qianhai aims at establishing a high-end services sector,” To said. “It is expected that more policies will be announced soon to allow Hong Kong accounting professionals, lawyers as well as the many innovative start-ups to develop their career in the wider Greater Bay Area.”

The new blueprint for Qianhai, unveiled on September 6, calls for an eight-fold expansion in the physical area, from about 15 sq km (3,705 acres) to more than 120 sq km. About one-third of the enlarged area will be reserved for Hong Kong investors.

Another accounting firm BDO last week also said it planned to expand in Qianhai, while HSBC this week unveiled a new service called Credit Connect that enables its customers to transfer their preapproved credit limits across Hong Kong, Macau and Guangdong as quickly as one business day.