From the Financial Times:

China is encouraging the growth of accounting “national champions” to reduce the country’s reliance on the big four international firms that monopolise the auditing of Chinese companies listed overseas.

Liu Yuting, director general of the Ministry of Finance’s accounting regulatory department, told the Financial Times that he wanted the development of accounting firms to catch up with China’s spectacular economic growth.

“As Chinese companies list abroad, we also hope the audit firms can go global too,” Mr Liu said. “After all, the entry of foreign companies into China happened alongside the introduction of foreign audit firms here.”[Full Text]