Shanghai to lead top-end office market by 2020

KPMG Huazhen, the China unit of KPMG International, has received the green light from the Ministry of Finance (MoF) to open three offices in Chengdu, Xiamen and Qingdao, the accounting firm said in an e-mail statement on Monday.

KPMG Huazhen was the first international accounting firm to be granted a joint venture license in China in August 2012.

"The firm has opened three offices within two years, which demonstrates the positive effect of the localization transformation program on our business development in China. The approval for the opening of three offices by KPMG Huazhen has enabled us to take the lead in reaping the benefits of the program," said Stephen Yiu, Chairman of KPMG China.

According to John B Veihmeyer, Global Chairman of KPMG International, China is one of the company's most vital markets in emerging economies.

When the MoF and other government departments jointly issued the Sino-foreign Joint Venture Accounting Firms Localization Transformation Program two years ago, KPMG Huazhen responded positively by being the first among the big four to submit an application and obtain approval from the regulators.