China’s Development of Accounting Practices During Economic Reform

Chin Yau Laurence Yuen and Yunshi Wendy Lu
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Chin Yau Laurence Yuen: Bund Center Investment Limited
Yunshi Wendy Lu: Tongji University, Shanghai 200092

Journal of Interdisciplinary Economics, 2010, vol. 22, issue 4, 291-315

Abstract: Since economic reform, accounting practices have progressively moved from accountability to governments and control over economic activities to various forms of economic entities. The development of Chinese accounting practices is to serve enterprises and the market, which are the micro organs of the national economy. This paper reviews the economic reform in the Mainland, and the reform of Chinese enterprises, legal environment, foreign direct investment and securities markets which have been contributing to the development of accounting practices. It also suggests that the Chinese Government should advance the new accounting standards to all business enterprises in order to ensure consistency. The continuous economic reform will certainly elevate industrial accounting, which calls for more stringent corporate governance to reduce corporate frauds.

Keywords: China; Economic reform; Accounting practices; Openness policy (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jinter:v:22:y:2010:i:4:p:291-315

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