KPMG reaches key milestone in China, opening its 10th office in Fuzhou

KPMG has reached another important milestone by opening its 10th office in China in one of China’s most economically vibrant cities, Fuzhou. Located in the heart of Fuzhou’s central business hub, Gulou District, the new KPMG office will commence operations with more than 40 professionals to provide a wide range of financial advisory and business advisory services to companies in Fujian and South-eastern China.

Frederick Ma Shi-hang, Secretary for Financial Services and the Treasury, Hong Kong SAR, Ye Shuangyu, Vice Governor, Fujian Province and Zheng Songyan, Mayor, Fuzhou City, were invited as our distinguished guests at the opening ceremony on 15 May, 2007.

KPMG is a global network of professional firms providing audit, tax and advisory services, with an industry focus. KPMG operates in 148 countries and has more than 113,000 professionals working in member firms around the world. The aim of KPMG member firms is to turn knowledge into value for the benefit of their clients, people and the capital markets.

“As a major commercial and manufacturing centre, Fuzhou will play a strategically important role for KPMG in China. This new office will strengthen our capability to serve clients in South-eastern China, including local state-owned and privately owned enterprises, as well as many multinationals seeking to build up their presence in Fujian,” said John Harrison, Chairman, KPMG in China and Hong Kong SAR.

“We are very excited to be part of the future and growth of Fuzhou, which has a long tradition as a coastal port and shipbuilding centre in China. As the central city of a province with many ethnic and linguistic links to Taiwan, Fuzhou is able to benefit from cross-strait investment.”

Fuzhou contributes significantly to China’s economic development. It is one of 14 coastal pilot cities, which China formally opened to foreign investment in the 1984. According to the latest figures from the National Bureau of Statistics, Fuzhou achieved a GDP growth of over 12 percent in 2006, above the overall GDP growth of 10.7 percent for China.

“Located at the lower reaches of the Minjiang River of Southeast Fujian, Fuzhou is a prime industrial centre and communication hub. It has established trade relationships with many countries in the world. Its solid economic infrastructure and well-educated workforce are also making Fuzhou an attractive location for business,” Harrison noted.

Ronald Sze, Senior Partner of KPMG’s Fuzhou branch, acknowledges the support from the local government, “Our start-up process has been very successful and we feel privileged to receive the support and guidance from the Fuzhou Municipal government. Fuzhou is a city with ample opportunities; we are confident that Fuzhou and KPMG in China will move together from strength to strength.”

“The office opening is only our first step in Fuzhou. Over the next 18 months, we are planning to expand to over 100 employees. Most will be recruited from local universities.”