BEIJING, Dec 10: Pakistani Chartered Accountancy firms are fully entitled to establish their business in China to compete with other domestic and international firms, said sources in the Ministry of Foreign Trade and Economic Cooperation (MOFTECH).

The sources told APP here on Monday that Pakistani chartered accountancy firms and individuals are allowed to avail the opportunities. They could easily succeed to compete with others by exploiting their professional skill and expertise.

Recently, the Chinese government has announced a package of incentives for foreign-based chartered accountancy firms and individuals. They are entitled to establish offices and do business in China, the sources added.

The sources said the individual chartered accountants have also been allowed to set up their offices for which they are being issued long-duration stay visa, up to five years and other incentives.

In the wake of entry in WTO, the Chinese government is keen to upgrade the professional and human resource development of commercial enterprises. Several reforms measures have been introduced for improving effectiveness and productivity of state-owned enterprises that comprise 70 per cent of the economy but only contribute 30 per cent of total export.

Whereas, the Chinese growing private sector, which comprises 30 per cent of gross-domestic products, contributes more than two third of China’s exports.

According to the sources, Pakistan chartered accountants, who have built up professional calibre and achieved distinctions in Europe, US and Canada, have rich potential to earn a respectable place in the Chinese market.

The Chinese government has adopted a ‘Green card’ policy to attract professionals and technical personnel from all over the world particularly from friendly countries like Pakistan.

Pakistan chartered accountancy and consultancy firms who possessed high professional skill will be welcomed to take part in the task of China’s rapid economic transformation, the sources said.

They can also establish joint venture undertakings to train Chinese personnel in chartered accountancy, as there is a growing demand for chartered accountancy in the rapidly growing Chinese economy. Pakistani professionals have additional advantages in this field because of the fact that most of them are trained in developed countries like Britain and are highly valued all over the world.

The vast opportunities offered to the chartered accountancy firms and individuals could also go a long way in earning foreign exchange for the country and strengthening bonds of goodwill and friendship between the two countries.

The international service companies and insurance companies have also been allowed to compete with the local business sector.

Pakistani private sector in the fields of insurance, finance, law and consultation are invited to open offices in Beijing, the sources added.

The sources said China’s insurance companies are prepared to face competition with international insurance companies after the WTO entry.

Pakistan has rich expertise, having long experience in the insurance sector. The sources hoped that the Pakistani businessmen would come forward to take benefit of the new openings.

Recently, China has entered into joint venture with an American company to expand the insurance business. Similarly, Pakistani companies can also explore the business opportunities in this field, the sources added.

Syed Hasan Javed, Deputy Head of Pakistan Mission, said the Commercial Section in the Embassy can assist Pakistani businessmen to establish their network in China and have joint ventures with the Chinese companies.—APP