PwC takes China's positives into account

Chao said PwC will bring the right expertise, experience and resources to help Chinese companies manage the potential opportunities emerging from the Belt and Road Initiative.

He said another opportunity was the reform of the initial public offering system. PwC would cooperate with the Chinese securities regulator to make the new registration-based IPO system successful, control risks and help investors gain more confidence to actively participate in the A-share market.

"Our continued challenge is to make sure we can offer the best products and retain them," said Chao. "So people are the key to our success."

Chao said PwC spent a lot of time, and invested heavily as well, in recruiting and developing its people, especially in terms of high business and ethical standards.

For any foreign company to succeed in China, "it's very important to understand the local business requirements, culture, and develop local people, and go through the localization process", Chao said.

PwC, he said, believes strongly in diversity. Its diversity program called HeForShe, for example, identifies female employees for opportunities and big roles. PwC announced in July the admission of 53 new partners, including 18 women, across its firms in the Chinese mainland, Hong Kong, Taiwan and Singapore during the past year.

In terms of deals, PwC has a lot of firsts in China. It offered financial services in 1991 to China SG Technology Holding Co Ltd, the first B-share-listed company at the Shenzhen Stock Exchange; in 1993 to Tsingtao Brewery Company Ltd, the first H-share company listed on the Hong Kong stock exchange; in 1994 to Huaneng Power International Inc, the first Chinese company to list on the New York Stock Exchange.

The Chinese Institute of Certified Public Accountants ranked PwC the No.1 firm for 13 consecutive years.

"We respect the fact that we are the No.1 in the market, and what I want to do is, make PwC the distinctive No.1 in China. We will bring more innovation and technology, and make sure all of our people have rewarding careers, and continue to bring the right level of expertise to support this journey for our clients in the Chinese economy," said Chao.