Focus on China
| by Louise Farrow 26 Jul 2002 |
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| Located in East Asia, on the western shore of the Pacific Ocean, the People’s
Republic of China (PRC) has a land area of around ten million square kilometres.
It is the third largest country in the world, next only to Russia and Canada.
It has land borders of 22,800 km long, with 15 contiguous countries. From north
to south, the territory of China measures some 5,500 kilometres. From west to
east, the nation extends about 5,200 kilometres.
For centuries China has stood as a leading civilisation, outpacing the rest of the world in the arts and sciences. After World War II, the Communist Party of China (CPC) under Mao Zedong established the People’s Republic of China on 1 October 1949. China is the most populous country in the world, with over 1.3 billion people, roughly 22 percent of the world’s total. The population is unevenly distributed, along the densely populated east coast there are more than 400 people per square kilometre in comparison to a country average of 130. With the return of Hong Kong and Macao in 1997 and 1999 respectively, China now has 23 provinces, 5 autonomous regions, 4 municipalities directly under the Central Government and 2 special administrative regions (Hong Kong and Macao). According to the latest statistics there are 1,960 universities and colleges in China. The total number of students in 2000 was 219.04 million, of whom 5,561,000 were in college or university. Currently, 91 per cent of the country has instituted compulsory primary education; nearly 99 percent of school age children are enrolled in schools. ACCA in China We now have three ACCA offices, seven tuition providers and 12 examination centres in 11 cities – all offering consistently high standards of training, services and support. Working towards a qualification which has global recognition, Chinese students have the option of taking variant papers based on Chinese law and tax. The majority of students in China opt to take the international stream Financial Reporting and Auditing papers. This means that our students and members are in great demand with both multi-national and local companies. The outstanding performance of ACCA’s Chinese students has already demonstrated that they will make an invaluable contribution to the economic and financial development of China. ACCA is committed to assisting the development of the accountancy profession and accountancy expertise in China. In Shanghai two member interest groups - ‘Taxation’ and ‘Management’ - hold discussion sessions and meetings to which all registered students and members are welcome. ACCA’s Beijing Office organises regular technical seminars and gatherings for members and students. Information about these and other benefits can be found on ACCA’s China website: Student support Three training centres in Mainland China have been awarded Premier Status under ACCA’s University and College Registration Scheme: Nanjing Audit Institute Training Centre of the China National Audit Office Zhongnan University of Economics and Law A further 4 training centres have been awarded Registered Status: College of Management Jinan University Dong Hua University Shanghai National Accounting Institute Shanghai University of Finance and Economics ACCA Beijing Representative Office A resource room contains ACCA booklets as well as reference books. Internet access is also available. Office opening hours are 9am - 5.30pm Monday to Friday, 2pm - 5pm on Saturday. Contact details: tel: +86 (0)10 6526 9776, +86 (0)10 6518 6122 / 23 ACCA Shanghai Representative Office There is an open area in the office for enquirers and students to read ACCA textbooks and other materials. Office opening hours are 9am - 5.30pm from Monday to Friday. During July and 15 November - 15 December the office is also open on Saturdays 9am - 1pm. Contact details: tel: +86 (0)21 6468 6175 / 77 ACCA Guangzhou Representative Office Contact details: tel: +86 (0)20 8755 7932, +86 (0)20 8755 7933 Profiles Employer Profile
As one of a small number of companies worldwide that has achieved ACCA Platinum Approved status, we greatly value ACCA’s recognition of the finance training provided by SOEC. ACCA accreditation enables us to attract more talented people to work for OTIS China Groups and has had a positive impact on employee motivation to develop themselves within the organisation. Mr Paul Chen was the first in the company to gain ACCA membership and a number of employees are currently studying for the qualification. We are encouraging more employees to study ACCA because it provides an excellent understanding of the latest international accounting principles and practices. It also develops the skills of analysis and judgement that we require of our top finance people.”
“I started my career in finance and accounting in 1991, working at the Government Office of Minhang Development Zone in Shanghai as a cashier. After that I also worked for Mitsubishi Bank in their Shanghai Branch for 4 years as Assistant Finance Manager. Currently I’m the Financial Controller of Manulife - Sinochem Life Insurance Co. Ltd., the first Sino-foreign joint venture insurance company providing services to more than 100,000 clients in Shanghai. It was natural for me to take a career in finance and accounting, as I majored in finance from Shanghai University of Finance and Economics. I embarked on the ACCA Professional Scheme in 1994 and completed my finals in 1999. In my view, a finance manager should possess both professional expertise and general management skills. Management skills are particularly valuable when an accountant gains a senior position in an organisation. The ACCA syllabus covers a range of subjects including accounting knowledge, human resource management and strategic management. This ensures a broad range of skills and the ACCA qualification has certainly helped me in my current role as Financial Controller. It is crucial that my skills and knowledge are up-to-date. I need to be able to display technical skills, industry specific knowledge and be able to collect useful environmental and business information. The ACCA qualification has provided me with a platform to provide this input to Manulife - Sinochem Life Insurance Co. Ltd.” MBA profile
In March 1995 I joined my present company as Financial Controller of the Hubei Province. For the first three years I assisted the General Managers and gradually learned the feed and husbandry industries. In July 1998 I was promoted to Deputy General Manager. By late 1999 I became the General Manager and was awarded the title of Assistant Vice President. Until I was promoted to my current position, my responsibility was purely in the finance and accounting area. Now I take care of all activities at the plants. This also covers quality assurance; production; engineering; purchasing; customer services; personnel; administration and legal areas. My reason for choosing to study for the ACCA MBA was to achieve advancement in my career to senior executive level. In particular, I felt the need to update my training in marketing and sales. China entered the WTO in November 2001. This will open up new opportunities as well as expose the company to increased competition. By embarking on the MBA programme, which is run on a ‘virtual campus’ over the internet, I expect to meet more talented people from a variety of countries and sectors. In an environment of e-business and open trade, I value having friends and business contacts throughout the world. To quote the Chief Operating Officer of ContiGroup Inc, “The easiest way for someone to grow as a person is to surround himself with people smarter than himself”. Student Profile
Prior to Ogilvy and Mather I worked for Arthur Andersen (as it was then called) as an auditor for four years. As I did not major in accounting and auditing at college I quickly realised that I would need to gain a professional accountancy qualification in order to work more effectively and efficiently. In addition, I recognised that the qualification would be central to my career development. I researched several professional courses before I made my decision to study ACCA, as it offered me the broadest range of options and the brightest career prospects for the future. Due to my busy job, self-study is my preferred and most convenient study option. The study materials I use are clear and easy to understand and help to underpin the practical experience I have acquired to date. After four years with Arthur Andersen I decided it was time for change and started looking for new employment. This was both for career development and also to allow me more time to fit in my study. Potential employers during interviews were always impressed when I mentioned the fact that I was studying for my ACCA qualification. I accepted the job offer from Ogilvy & Mather because of the study support I was offered to continue with my ACCA studies. My current boss, Anny Young, is already an ACCA member and recognises the demands of working full-time when completing professional accountancy exams. She has offered me her full support which includes time off work during the exam period. The ACCA qualification is helping me develop the skills and knowledge that are essential to my work – I know the differences between IAS and Statutory accounts, I can use financial ratios to conduct analysis and evaluation and, furthermore, I know the importance of working capital management and smooth information flow. I am looking forward to completing my exams and perhaps getting back a little more free time – at the moment reading student accountant seems to be the closest I come to having a hobby! As a self-study student, the magazine has really helped to supplement my studies and keep me up-to-date with the global business scene.” |
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“With
outstanding finance people we can secure sustained financial health and corporate
success. For this reason, SOEC commits considerable resources to recruit quality
finance people and to help them develop by providing appropriate training opportunities.
“After graduating from University
of Hong Kong in 1987 with a Bachelor Degree in Social Sciences, I worked for
a number of companies including Royal Hong Kong Jockey Club in Hong Kong and
an animation studio in Shenzhen City. For the last seven years I have worked
with ContiFeed (China), an agricultural company based in Wuhan city. I have
gained diverse experience from working across these distinct sectors. In the
three years as trainee accountant at the Jockey Club, I learned every aspect
of financial accounting, management accounting, internal auditing and treasury
activities, as well as the experience of working in a huge organisation of more
than 10,000 staff.
“I
am currently working as a Financial Manager in the Shanghai offices of Ogilvy
& Mather – a multinational advertising agency which is part of the
bigger Ogilvy Group. The Ogilvy Group is one of the world's largest marketing
communications networks. I am an ACCA Part 2 student and have been studying
part-time for my qualification for the last three years.