BEIJING, May 14 (Xinhua) – Central China-located Hubei Province has recently decided to offer free public accounting services for all businesses in the Hubei Free Trade Zone in five years.
Hubei FTZ is short for China (Hubei) Pilot Free Trade Zone (Hubei FTZ), which consists of three areas in Wuhan, Xiangyang and Yichang respectively, covering a land area of 120 square kilometers.
According to a document rolled out by Hubei Provincial Finance Department, Hubei Province would expand the public accounting services to the Yangtze River Economic Belt and “Belt and Road”-related businesses within 10 years.
The move is aimed to effectively lower accounting management costs for in-zone businesses, in particular the startups and small- and medium-sized enterprises, and boost development of in-zone businesses.
From 2018, innovative measures will be taken to attract domestic and foreign high-end accounting services institutions to operate business in the FTZ, establish its FTZ accounting services alliance and form an accounting service provider cluster , make full effort to build 3-5 public accounting service platforms to provide services for in-zone businesses by the end of 2020.
In terms of accounting talent team building, experts and talents specialized in investment and financing, international M&A, taxation planning, auditing appraisal, and international laws and regulations would be selected to found a FTZ expert team.
Meanwhile, a special plan on Hubei FTZ’s leading accounting talent cultivation will be drafted and 100 leading accounting talents, 10,000 data experts and 1,000 accounting talents will be cultivated for the FTZ within 10 years.
Besides, introduction and training of middle- and high-end accounting talents of in-zone businesses will be strengthened, according to the document released. (Contributed by Duan Jing, duanjing@xinhua.org; edited by Zhang Aifang)
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