CPA Australia signs 3 MOUs

CPA Australia, an international member organization, said it is optimistic about China's economic growth potential and is looking for long-term cooperation with Chinese industrial players such as fostering more skilled accounting professionals.

The organization attended the 2024 China International Fair for Trade in Services for the first time this year and said it is a premier event of its kind in China and globally.

During CIFTIS, which concluded in Beijing on Monday, CPA Australia signed three memorandums of understanding with Australian National University, Beijing Software and Information Service Industry Association and Beijing Power Supply Association.

"In the field of accounting in China, we found the need for greater understanding of reporting in ESG, compliance with sustainability standards, and the use of artificial intelligence in auditing," said Dale Pinto, global president of CPA Australia. "A big challenge for everyone is talent management. The skill set that we need now and in the future is very different, and all the workforce need to be trained and upskilled."

Pinto added that CIFTIS' theme of Global Services, Shared Prosperity this year underlines the exciting opportunity to grow the bilateral relationship between Australia and China.

China has been Australia's largest trading partner for 15 consecutive years. For China, Australia stands as its seventh-largest trading partner. Last year, the bilateral trade value between the two countries reached a record 1.61 trillion yuan ($226.85 billion), up 9.8 percent year-on-year, the Ministry of Commerce said.

Earlier this year, CPA Australia conducted a survey about the economy and business prospects in the Chinese mainland, and the results show that the Chinese mainland remains an attractive investment destination.

In particular, regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region will continue to attract domestic and foreign enterprises and investors.

The survey forecast that the Chinese economy is expected to continue the trend of steady progress this year. Among the total, 78 percent of respondents said in the next three years, their enterprises plan to expand business activities in the Chinese mainland.

Pinto said those findings have been positive signals. In the next few years, he expects the growth areas in China to include the green economy such as green financing, ESG and low-carbon footprint. In addition, technological and digital transformation sectors such as artificial intelligence, as well as talent management are foreseen to embrace growth.

Meanwhile, accounting firm Ernst & Young, which has participated in CIFTIS for five consecutive years, said amid increasing global economic uncertainties and sluggish economic recoveries, the Chinese economy still shows strong resilience and vitality.

It has provided a broad market and a favorable business environment for domestic and foreign enterprises.

"China's innovation in fields such as digital technology, artificial intelligence and green energy has been driving the country's economy growth toward a direction with higher quality, higher efficiency and better sustainability," said Jane Yang, managing partner of Ernst & Young Beijing office.

"Those sectors boast significant growth potential. They have injected new vitality into the Chinese economy, and provided new service demand and business growth opportunities for professional service companies such as Ernst & Young."