China’s Evolving Accounting System

* In 1793,British Envoy-Lord McCartney struggles with China to become an

open market for western countries but Chinese Qianlong Emperor

withholds from it as China was considered above third of global GDP (Gross-Domestic-Product) If would like to know more about this article please refer to this link :(http://www.economist.com/news/leaders/21577070-vision-chinas-new-president-should-serve-his-people-not-nationalist-state-xi-jinping?spc=scode&spv=xm&ah=9d7f7ab945510a56fa6d37c30b6f1709)

* In1984 China Transformation from a Socialist Planned Economy into a

Market Economy system and China still striving for ‘Market Economy’

status from EU (European Union).

If would like to know more about this article please refer to this link :(http://news.xinhuanet.com/english/2009-05/21/content_11415493.htm) | | * Existence of Western Firms in China Market from to 2013

and its Economic Annual Growth with Western Firms over the past 10

years.

* China Current Accounting System is associated with old system of a

Socialist period, as a result, evokes some factors of being not efficient

enough with comparison of advanced western accounting system and

foreign investors confrontation of joint ventures with Chinese Companies

* What is a special situation in China’s Government that it cannot accept the IASC?

Questioners:

* Why China Accounting system is not associated with IASC (The International Accounting Standards Committee)? Is it a political issue which is related with country situation?

* Why (UN) United Nations doesn’t agree to accommodate China as a Market Economy Status? What do you think, what are some reasons for that?

IN 1793 a British envoy, Lord Macartney, arrived at the court of the Chinese emperor, hoping to open an embassy. He brought with him a selection of gifts from his newly industrializing nation. The Qianlong emperor, whose country then accounted for about a third of global GDP (Gross Domestic Product), swatted him away: “Your sincere humility and obedience can clearly be seen,” he wrote to King George III, but we do not have “the slightest need for your country’s manufactures”. The British returned in the 1830s with gunboats to force trade open, and China’s attempts at reform ended in collapse, humiliation and, eventually, Maoism.
China has made an extraordinary journey along the road back to greatness. Hundreds of millions have lifted themselves out of poverty; hundreds of millions more have joined the new middle class. It is on the verge of reclaiming what it sees as its rightful position in the world. China’s global influence is expanding and within a decade its economy is expected to overtake America’s. In his first weeks in power, the new head of the ruling Communist Party, Xi Jinping, has evoked that rise with a new slogan which he is using, as belief in Marxism dies, to unite an increasingly diverse nation. He calls his new doctrine the “Chinese dream” evoking its American equivalent. Such slogans matter enormously in China. News bulletins are full of his dream. Schools organize speaking competitions about it. A talent show on television is looking for “The Voice of the Chinese Dream”.
Countries, like people, should dream. But what exactly is Mr Xi’s vision? It seems to include some American-style aspiration, which is welcome, but also a troubling whiff of nationalism and of repackaged authoritarianism.
The end of ideology
Since the humiliations of the 19th century, China’s goals have been wealth and strength. Mao Zedong tried to attain them through Marxism. For Deng Xiaoping and his successors, ideology was more flexible (though party control was absolute). Jiang Zemin’s theory of the “Three Represents” said the party must embody the changed society, allowing private businessmen to join the party. Hu