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KPMG projects more HK, mainland cooperation
(China Daily)
Updated: 2009-09-28 09:02 Therefore, I would expect Hong Kong accounting firms to put even more focus on the mainland market to have a better market share. Hong Kong accountants should also keep an eye on the mainland market to equip themselves to become more competitive by developing a better understanding of mainland regulations and the business environment. Q: What are the challenges for your firm at present? Do you see any new business opportunities during this economic recovery? A: The downturn impacts our clients and the volume of business activity. It also impacts our business. The sharp fall in IPOs hurt demand for our auditing services. Our strategy during such difficult times is to maintain a relatively reasonable cost structure, while at the same time retaining our most valued human resources. There will be increasing demand for corporate restructuring and cash flow management, as well as how to implement a better risk control system. There also will be the need for advisory services for banks to meet complicated new regulations . Q: What's your opinion on the soon-to-be launched Growth Enterprise Board (GEB)? Can it offer any cooperation opportunities between the stock exchanges on the mainland and in Hong Kong?
I have no doubt that the GEB provides a new function to China's capital market and a new channel for middle and small companies to obtain financing. However, it takes time to develop the market to maturity. In the long run, I am sure that the stock exchanges on the mainland and in Hong Kong will have more and more cooperation. Q: Some people say they have already seen signs of economic recovery. Do you agree? In your opinion, how soon will our economy be back to normal? A: Positive signals include the easing in the credit market as capital injections take effect. Also, the release of the bank stress tests in the United States shows improvement in the banking system. China's economic data are also encouraging. China's manufacturing expanded in July for the fifth consecutive month. The $586 billion stimulus package successfully maintained the GDP's growth rate at 7.1 percent for the first quarter and the second quarter of 2009. Of course, there are also other factors to be considered before deciding whether the economy has recovered or not, such as the unemployment rate, recovery of international trade and domestic manufacturing industry. (For more biz stories, please visit Industries)
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