Today, KPMG formally opened its 14th China office, which is located in Chongqing. This is another important milestone for KPMG in China. Key officials from Chongqing municipal government attended the opening ceremony to offer their congratulations and to express their high expectations for the valuable services that KPMG can offer to local enterprises.
Stephen Yiu, Chairman of KPMG China, said: "Being an economic centre in the upstream region of the Yangtze River, as well as an important modern machinery manufacturing base, Chongqing enjoys a position of significant strategic importance in China. Moreover, the number of our local clients is increasing in line with Chongqing's booming economy. The main reason for setting up the new office in Chongqing is to be closer to our clients."
With MNCs rapidly increasing their investments in Chongqing, many of KPMG's global clients have also established a presence in the city. Yiu pointed out that providing a better service to such clients is another reason for setting up an office in Chongqing. He also expressed the view that the opening of the Chongqing office is an integral part of KPMG's development strategy in China, as well as an embodiment of the strong confidence KPMG has in Chongqing's prosperous outlook.
The overseas investments of Chongqing enterprises have also soared in recent years, as they have pushed hard to establish themselves in foreign markets. Jacky Muk, Senior Partner of KPMG in Chongqing, said: "In the past few years, KPMG has been engaged in many investment projects in the US, Germany, Australia and Brazil that were initiated by Chongqing enterprises. Moreover, we have also provided financial and tax management services to their overseas business. Our presence in Chongqing will help us to further understand our clients' demands, better allocate and coordinate our global resources, and provide timely professional advice to our Chongqing clients on their decision-making regarding overseas investment and management."
As for the financing demands of Chongqing enterprises, Muk pointed out that KPMG has already started providing related services to Chongqing enterprises that are already listed or have IPOs pending in Hong Kong or other overseas exchanges. "We are delighted to see the increasingly active involvement of Chongqing enterprises in the capital market, especially in the foreign capital market," Muk said. "We are delighted to provide our professional insights and services to Chongqing companies that desire to go to domestic or overseas capital markets, and to offer them the benefits of our understanding and resources in this area."
Muk is optimistic about the enormous business opportunities Chongqing can offer, given its broad market and numerous high-quality customers: "Setting up operations in Chongqing will help us improve our deployment in China and better serve local and global customers in a professional and consistent way. Also, as the country's major modern machinery manufacturing base, Chongqing is home to a variety of industries with revenues above RMB 100 billion, including electronic information, automobiles, machinery manufacturing, integrated chemicals, materials, energy, and consumer products. Conducting business here deepens our understanding of these industries and helps us establish a closer relationship with them. More importantly, it allows us to provide better services to these industries through deployment of KPMG’s considerable resources."
Looking forward to the future development of the Chongqing office, Yiu said: "The majority of the Fortune 500 companies are KPMG's clients, and we enjoy rich expertise, experience and strong influence in the banking, pharmaceuticals, chemicals, service outsourcing, automobiles and manufacturing sectors. KPMG Chongqing office has been designed to provide wide-ranging services to Chongqing enterprises, particularly in terms of integrating the domestic and overseas capital markets and facilitating and managing foreign investment driven mergers and acquisitions. It is also well-equipped to cater to our global customers' local demands. Additionally, Chongqing office will be responsible for promoting Chongqing to the international network of KPMG and its global customers, i.e., helping MNCs better understand the business environment here and providing effective support to those intending to do business in the city."
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