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KPMG PEAT MARWICK JOINT VENTURE OPENS CHINA TO GLOBAL MARKETS

 KPMG PEAT MARWICK JOINT VENTURE OPENS CHINA TO GLOBAL MARKETS
 NEW YORK, April 28 /PRNewswire/ -- International accounting and consulting firm KPMG Peat Marwick has created the first joint accounting venture in China, removing a major barrier that prevents China from participating in the global marketplace. Signed on April 25 in Beijing, the joint venture paves the way for other international firms to form similar relationships.
 The firm, KPMG Peat Marwick Huazhen, will provide a full range of accounting services, including audits, tax preparation, and consulting services. The joint venture will ensure that Chinese companies receive audits
that meet international accountancy standards. Previously, audits conducted for Chinese companies were not recognized outside the country, falling well below worldwide standards. In addition, foreign accountants could not offer accounting services in China, so foreign investors often sought audit work from a select number of local professional service firms instead.
 The joint venture comes at an important time in China's history. By upgrading their accounting standards, Chinese companies are attempting to attract foreign investors as a way to raise capital through China's stock markets and in Hong Kong.
 KPMG first established a presence in China nearly 10 years ago. As a way to better serve Chinese clients as well as multinational clients doing business in China, the firm established offices in Beijing, Shanghai and Guangzhou. The new joint venture will be based in Beijing; however, Iain Bruce, senior partner of KPMG's Hong Kong office, expects the firm will extend the network to the major cities throughout China as the country's economy develops.
 Through a network of more than 800 offices around the world, KPMG Peat Marwick provides industry-specific professional accounting, tax and consulting services to leading multinational businesses and other organizations in the areas of financial, commercial and service industries. KPMG has more than 76,000 people worldwide and operates in 125 countries.
 -0- 4/28/92
 /CONTACT: Lisa Meyer of KPMG Peat Marwick, 212-909-5108/ CO: KPMG Peat Marwick ST: New York IN: SU: ACC


KD-SM -- NY126 -- 4012 04/28/92 16:41 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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