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Kreston Reeves host Chinese delegates

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Kreston Reeves, one of the leading accountancy and financial services firms located across London and the South East, was delighted to host a delegation of accountants from Shanghai in its London office on Monday 24 August 2015.

Partners and seniors managers from small, medium and Big 4 firms listened to presentations from Andrew Griggs (Senior Partner), Michael O’Brien (Partner and Head of Technology and International) and John Cowie (Partner and Head of Corporate Finance) covering the challenges that are facing the UK profession, inward investment into the UK and the corporate finance market, both in the UK and worldwide.

Discussions ranged from the growth in advisory services to clients, the continued commitment of the Big 4 to the audit market and the growth of the mid tier firms into industry sector specialisms.

The Chinese delegates were interested in work patterns and career expectations and despite the different histories and cultures between Europe and Asia, there were a number of similar factors affecting both nations.

When asked about the slow down in economic growth in China, which has hardened within the last two years, the main reason given by delegates was the cooling of the debt fuelled construction and real estate boom.  In addition, China’s large exporters, who employ tens of millions of people, have shrunk by an unexpectedly sharp 8.3% from a year ago. 

Economic growth has held steady at 7% in the last quarter which is believed to be due to strong retail sales in China.  Whilst retail growth slowed in July, it was still a healthy 10.4% while online is growing at twice that rate.  Retail combined with the strong services sector is helping to sustain growth in China albeit at a slower rate.

Andrew Griggs commented, “China has shown remarkable development over the last 30 years mainly due to market-orientated reforms (industrialisation and urbanisation in particular which have improved the allocation efficiency of the production factors in China) and opening-up to the world.  By 2012 China was and still remains the second largest economy globally.  The fact that economic expansion has slowed down to 7% or 5% is still very favourable on a worldwide basis and may be coming the ‘New Norm’ for the country.”

Author:Kreston Reeves