Hong Kong, 29 April 2009
KPMG China has signed a Memorandum of Understanding (MOU) on the cooperation to promote development of the service outsourcing industry in China with the Chinese Ministry of Commerce (MOFCOM) as part of the "Thousand-Hundred-Ten Project"（千百十工程）.
KPMG is the first and the only Big Four accounting firm to have signed this MOU.
The "Thousand-Hundred-Ten Project" is the largest official government outsourcing initiative, and is aimed at promoting the development of the service outsourcing industry, expediting the coordinated development of the regional economy, and improving the international competitiveness of the Chinese economy. This project, together with other more recent initiatives such as tax breaks, financial support, subsidies and intellectual property rights protection from the government are some of the many schemes to expand the outsourcing industry and to ensure economic growth, industry restructuring and creation of job opportunities, especially for university graduates.
Ning Wright, Partner in charge of Sourcing Advisory, KPMG China, represented KPMG China at the signing ceremony which was held in Hefei on 26 April 2009. Hefei is one of the 20 cities designated by the State Council as 'service outsourcing base cities' in China. This is a significant achievement for the KPMG China Sourcing Advisory Team.
Ning commented, "Through this agreement, KPMG will have direct access to the country's decision makers in MOFCOM, and we will also be able to position ourselves as one of the leading advisory services providers in sourcing in China. We are proud to be the first and only Big Four accounting firm given this honour."
Egidio Zarrella, Global Partner in charge of IT Advisory, KPMG China, commented, "This is an outstanding achievement for our China Sourcing Advisory team, this is a key initiative that supports our strong Global Sourcing Advisory practice."
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