PwC Zhong Tian has officially converted its operations in China from a joint venture to a special general partnership.The move was approved by China’s Ministry of Finance (MoF) in December 2012.
According to MoF rules announced in May 2012, firms must have no more than 20% of partners qualified outside of China by 2017, and partners will have to be between 40 and 65 years of age.
PwC has already exceeded the MoF stipulated amount of local partners, and has over RMB 80m in capital.
Dennis Nally, PwC international chairman said the legal structure of China’s LLP arrangement conforms to international practise.
"I have full confidence that our China firm will continue to play an important role in our global network, and provides key insights into the development of international financial regulations and market order from China perspective."