Bloomberg News reports that Chinese government entities gave informal guidance to state-owned enterprises, urging them to let contracts with PwC, EY, KPMG, and Deloitte expire.
While offshore subsidiaries can use the global auditors, their parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up for renewal, one of the people told Bloomberg.
At the same time, geopolitical tensions are running high, with some business leaders voicing concerns about the decoupling of China, the world’s second largest economy, from the United States, the largest. They collectively received revenue of 20.6 billion yuan from all Chinese clients in 2021, Bloomberg said, quoting finance ministry data.
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