chapter  1
17 Pages

The internationalization of China’s auditing standards: Developments and challenges


China began its economic reform three decades ago and a great success has been achieved since. China became one of the fastest growing economies in the world. China’s GDP increased from $14.73 billion in 1978 to $3.42 trillion in 2007 and the Chinese economy is now ranked the fourth largest in the world in terms of GDP, according to the National Bureau of Statistics of China. China’s capital market has developed rapidly, as of 31 January 2007 the number of companies listed on Shanghai and Shenzhen Securities Exchange reached 1,445 with the market value of $1,345.8 billion. Over 143 companies have been listed overseas (including Hong Kong), according to China Securities Regulatory Commission (CSRC, 2007).