Deloitte China has restructured to become a limited liability partnership replacing its former joint venture, the model traditionally chosen by international accounting firms to operate in the country.

The Chinese Ministry of Finance announced in May 2012 new rules aimed at placing control of large firms into the hands of Chinese-qualified CPAs.

The new rules require that by 2017 firms must have no more than 20% of partners qualified outside of China, ensuring that voting rights are dominated by Chinese professionals.

Deloitte is the second Big Four firm to comply with the new regulatory framework, after KPMG China formed in August 2012 a special group partnership with limited liability, which placed control of the firm in the hands of Chinese partners.

Deloitte China chief executive Chris Lu said the new partnership structure will support the firm’s plans "to further invest $160m in China over the next three years and to expand our workforce to 15,000 people by 2015".

Lu added the firm had already invested USD250m between 2004 and 2012.

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Deloitte China is the second largest network with estimated revenues of CNY3.71bn ($591m) and a headcount of 11,400 employees.

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Deloitte China