China Drafts New Rules for Foreign Accounting Firms

China's finance ministry has introduced draft regulations for managing the activities of foreign accounting firms. These draft rules mandate that financial departments aid in enforcing compliance and that foreign accounting organizations adhere to Chinese laws while operating in the country.

China's finance ministry introduced draft rules on Thursday aimed at managing the domestic activities of foreign accounting firms.

According to the draft, financial departments will be responsible for helping authorities enforce laws and regulations targeting these firms and their representatives.

The ministry emphasized that foreign accounting organizations must adhere strictly to Chinese laws and regulations while operating within the country.

(With inputs from agencies.)