The Chinese government has tried to promote local CPA’s on the expense of the Big Four, but – says Beida accounting professor Paul Gillis – the 2018 top-10 CPA ranking shows the Big Four are back winning market shares, with PwC, Deloitte and E&Y in the top three, he writes at his Chinaaccountingblog.
Tag Archives: Paul Gillis
The tech giant Alibaba listing on the Hong Kong stock market is already a sign things are changing for the US markets, and the ongoing trade war will stop many Chinese firms to list in the US, as they did in the past, especially when a bill by US Senator Marco Rubio is adopted or not, says Beida accounting professor Paul Gillis in Forbes.
US Senator Marco Rubio is drafting a law, the Equity Act, to kick out Chinese companies from US stock markets, unless they comply with the oversight by the Public Company Oversight Board (PCOB) of their information. Beida accounting professor Paul Gillis believes this act might be passed, and although it is not the hottest issue in the ongoing trade war between China and the US, companies will have three years to move, for example to Hong Kong, he writes in the Chinaaccountingblog.
Now a massive row of Chinese companies, including Alibaba, are preparing for IPO´s, both at home at abroad, insights in China´s financial industry are more important than ever,
The government wants to allow market forces to decide what financial direction the country is taking, and because more than even capital is owned by Chinese citizens, just looking at what the central government in Beijing is doing, is not longer good enough.
The official trade war between the US and China seems to be entering its end game. But that does not mean the hostilities will end. Making sense out of what the world’s first and second-largest economies will do will only be slightly easier. A few speakers at our office might be able to help you out.
The reform of the income tax in China will drive many expats out of the country as it will kick in by 2021, as foreign and local taxpayers will fall under the same taxation rules, says financial expert Paul Gillis on his weblog. Especially the equal treatment for housing and education costs will become too costly for expats, or their companies.
The new foreign investment law is no longer mentioning the ban on VIE’s like an earlier edition did in 2015. The tool to circumvent Chinese regulations by channeling investments through…
Two financial regulators in the US, the SEC and the PCAOB, have joined the trade war of their country and combined it with their struggle for better accounting practices in China, writes Beida accounting professor Paul Gillis at his weblog. While the complaints are not new or surprising, he wonders about the timing, Gillis adds.
Accountants have to figure out what is happening in a company, and the difference between Western and Chinese practices makes that often hard, says Paul Gillis, accounting professor at Peking University, and author of the leading website ChinaAccountingBlog to Young China Watchers.
Registering offshore, through so-called VIE’s or variable interest entities, is more popular than ever for Chinese companies, even though the Chinese government tries to stop this circumventing trick. Tencent Music Entertainment was the last one to use it for its IPO and get away with it because investors seldom read the disclosure, says Paul Gillis, accounting professor at the Peking University, at the Nikkei Asian Review. And for good reasons.