Chinese New Year is upon us, which is the perfect opportunity to take a closer look at one of the most dynamic markets in the world today, in spite of the turbulent global economy.
The year promises to be an exciting year for our member firm in China. RSM China are increasingly challenging the dominance of the Big 4 on their home patch. RSM is already very well positioned in China – it was the first CPA firm to enter the country thirty years ago – and benefits from wide recognition from the work it does from its client base of western multinationals and state owned enterprises. The firm has generated strong organic growth in recent years. RSM was the first CPA firm to achieve revenue of RMB 1 billion (in 2010) and estimated revenue for 2012 is RMB 1.6 billion.
The outlook, then, is extremely positive. According to Mr. Gu, the Managing Partner of RSM China, the Chinese proverb “know your enemy and yourself and you will win every war” underpins RSM China’s approach to the Chinese accountancy market. Through intense competition with the Big 4, RSM China has come to know its business rivals intimately, and by refining its approach as such, RSM China is emerging as a main challenger. 2013, the year of the Golden Snake, promises to be a fascinating year.
One Happy New Year card that I have seen has the follow message:
“This year is the year of the golden snake. Although snakes are sometimes considered a slithery, serene creature, they are also known to embody esoteric knowledge and spiritual discovery which is why they are sacred to many ancient cultures around the globe.”
I would like to offer all of our Chinese colleagues a most happy and prosperous Chinese New Year.