Patrick Cheng of Deloitte Touche Tohmatsu says the firm’s partners in Hong Kong and China collaborate on many projects

The expertise of the Hong Kong office of international professional services organisation Deloitte Touche Tohmatsu (DTT) has been called upon to assist the People's Bank of China in developing corporate governance structures for the banking sector.

"The firm's appointment to provide advisory services further enhances Hong Kong's role in helping Chinese mainland companies to identify and adopt international best practices," said Patrick Cheng, CEO of the China practice of Deloitte Touche Tohmatsu and the managing partner of Deloitte Touche Tohmatsu Hong Kong.

He added that the provision of advisory services in this project is achieved through a collaborative effort "orchestrating the expertise of our Hong Kong and China as well other offices in DTT's global network".

"Our partners in Hong Kong and China work in collaboration on many projects drawing on the expertise from our practices in both places," Mr Cheng said. "With some projects, we also have the participation and involvement of partners from the DTT global network." 

DTT was the first international accounting firm to set up an office in Shanghai in 1917, but it later withdrew from that market. When DTT set up its Hong Kong office over 25 years ago, it provided a strong foundation for the firm to re-enter the mainland market in 1993.

"The Hong Kong office served as a springboard to a network of offices in the mainland," Mr Cheng said. "Our network now spans nine key cities in China including Beijing, Dalian, Guangzhou, Hong Kong, Macau, Nanjing, Shanghai, Shenzhen and Tianjin.

"Hong Kong is an ideal base for companies doing business in the mainland because of its close proximity. Hong Kong professionals have a good understanding of Chinese culture, language, the business environment and practice in China, in addition to being well-versed in international practices.

"With its well developed legal, financial and transportation infrastructure, Hong Kong supports the needs of overseas companies seeking an entry point to the mainland market. Hong Kong also has a deep pool of business talents who have international knowledge and experience. They provide an important bridge between the still distinct business cultures of foreign and domestic companies."

Mr Cheng added that with China's WTO membership, an increased flow of foreign capital is expected into the mainland as well as an increase in cross-border economic and business activities.

"More professional services are therefore required by both foreign and domestic companies to meet their business needs. This in turn will present a lot of opportunities for the accounting profession."

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