This demonstrates formal establishment of corporate accounting and CPA auditing standards systems which meet the demands of China's market economic boom and accord with international conventions. Finance Minister Jin Renqing indicated that issuance and implementation of these two systems will be conducive to improving China's market economic system and elevate its opening-up level.

Jin said that China will strive to cultivate 3,000 bellwether accountants and auditors familiar with international conventions and able to expand global markets through five to ten years of efforts. In the near future, China will focus the inspection on supervising listed companies' implementation of the Accounting Law and the corporate accounting standards system, and undertake special inspection or extensive inspection on accounting firms' practice of the auditing standards system.

While attending the conference on the 15th, International Accounting Standards Committee President David Tweedie mentioned that the issuance and implementation of China's corporate accounting standards system realizes substantial convergence between Chinese corporate accounting standards and universal financial report standards, which marks a crucial step to boost China's economic development and elevate its status in the international capital market.

AUTHOR：Zhao Jianhua    EDITOR：Luo Chunyan Tian zhou