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Economy

PwC takes China's positives into account

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2016-01-04 10:58China Daily Editor: Qian Ruisha
Raymund Chao, chairman of PricewaterhouseCoopers Greater China, said that PwC is helping companies and supporting the Chinese government's strategies, like the Belt and Road Initiative, under the new normal. (Photo/China Daily)

Raymund Chao, chairman of PricewaterhouseCoopers Greater China, said that PwC is helping companies and supporting the Chinese government's strategies, like the Belt and Road Initiative, under the new normal. (Photo/China Daily)

China unit chief Raymund Chao is keen to adapt to the new normal of economy

For the past 23 years, Raymund Chao, 54, chairman of PricewaterhouseCoopers Greater China, has been working in the country with the network that offers professional services like auditing, assurance, tax and management consulting. As its leader, he is now keen the company must make a difference to the community.

The seeds of that intent may have been sown in 1992. Just after then paramount leader Deng Xiaoping toured southern China to emphasize economic reforms and liberalization, Chao returned from Canada to Hong Kong, his place of birth and childhood.

"Actually, I was comfortable in Canada and did not plan to come back, until I had a vacation in Hong Kong and found everything had changed so fast. It made me feel that I should be in this part of the world, because in China, there are so many opportunities and I should bring the skills in advance to help contribute to the growth of China," said Chao.

Chao worked for PwC Hong Kong and his first deal was to help a Hong Kong construction enterprise to acquire an asset in southern China. In 1995, he was promoted as a partner.

Chao moved to Beijing to take charge of a unit of the PwC Greater China in late 2002 when the Severe Acute Respiratory Syndrome or SARS was rampant. The Hong Kong-Beijing flight he took was almost empty. Fortunately, the SARS attack didn't last long.

"I didn't know there was going to be SARS when I decided to move to the mainland. The reason for my decision to move to Beijing was very simple. I wanted to grow in my career and contribute my skills to the development of the Chinese economy. That was going to be my future then," said Chao.

He said he has seen a lot of positive changes in the Chinese mainland since his arrival in late 2002.

Back then, he recalled, when he went to buy a car, he was told there was only one color, black, available. "Today, you can buy any color you want. So you can see just within a very short period of time, there's significant development in China."

Chao has done several hundreds of deals for PwC. Being an accountant can be a rewarding career, he said. "I have worked with a lot of companies in different sectors and offered my technical skills to their business. Our work is different every day because our clients need different solutions. And I get a lot of satisfaction by just helping our clients to succeed. I think being an accountant will continue to be a great profession for our young people because they can really learn a lot."

PwC's business in China also grew rapidly partly due to Chao's efforts. When he moved to Beijing, the firm boasted a 3,000-strong staff. Today, their number has risen to 15,000.

On July 13, 2015, PwC elevated Chao to chairman of PwC Greater China.

Dennis Nally, chairman of PricewaterhouseCoopers International, had said then: "Raymund is a proven leader with the knowledge and breadth of experience needed to successfully grow PwC in China. With his clear vision and passion, I am confident Raymund will continue to successfully develop PwC's operations in China while playing a leading role in the global network."

Chao regards himself as a people's leader. "As a good leader, you want to take your people through good times and bad times and continue to inspire and lead them into the future. So what I've done, and will continue to do, is share with them my vision, and inspire and excite them about the journey we're going through to move PwC forward in the new world and into the future."

Chao organized regular interactions with PwC staff at all levels to exchange thoughts, views, and concerns, and information about the company's performance.

With the runaway double-digit Chinese economic growth slowing to robust single digits, Chao said it's a part of a "new normal".

"I don't see the new normal as a real challenge to PwC, and the key is how you adapt to the new normal and see opportunities in the new normal," said Chao.

According to him, PwC is helping companies and supporting the Chinese government's strategies, like the Belt and Road Initiative, under the new normal.

Chao said PwC will bring the right expertise, experience and resources to help Chinese companies manage the potential opportunities emerging from the Belt and Road Initiative.

He said another opportunity was the reform of the initial public offering system. PwC would cooperate with the Chinese securities regulator to make the new registration-based IPO system successful, control risks and help investors gain more confidence to actively participate in the A-share market.

"Our continued challenge is to make sure we can offer the best products and retain them," said Chao. "So people are the key to our success."

Chao said PwC spent a lot of time, and invested heavily as well, in recruiting and developing its people, especially in terms of high business and ethical standards.

For any foreign company to succeed in China, "it's very important to understand the local business requirements, culture, and develop local people, and go through the localization process", Chao said.

PwC, he said, believes strongly in diversity. Its diversity program called HeForShe, for example, identifies female employees for opportunities and big roles. PwC announced in July the admission of 53 new partners, including 18 women, across its firms in the Chinese mainland, Hong Kong, Taiwan and Singapore during the past year.

In terms of deals, PwC has a lot of firsts in China. It offered financial services in 1991 to China SG Technology Holding Co Ltd, the first B-share-listed company at the Shenzhen Stock Exchange; in 1993 to Tsingtao Brewery Company Ltd, the first H-share company listed on the Hong Kong stock exchange; in 1994 to Huaneng Power International Inc, the first Chinese company to list on the New York Stock Exchange.

The Chinese Institute of Certified Public Accountants ranked PwC the No.1 firm for 13 consecutive years.

"We respect the fact that we are the No.1 in the market, and what I want to do is, make PwC the distinctive No.1 in China. We will bring more innovation and technology, and make sure all of our people have rewarding careers, and continue to bring the right level of expertise to support this journey for our clients in the Chinese economy," said Chao.

  

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