By Lillian Liu (China Daily)
Updated: 2007-10-27 11:37

Mazars, the world's fifth largest accounting and audit firm, said it will increase its staff in China to 1,000 by 2010 from the current 400, to meet the nation's growing demand for financial services.

"Strengthening our presence in the China market is our first priority," said John Mellows, senior partner at Mazars.

France-based Mazars said its China orders grow by 25 to 30 percent a year, and the nation accounts for 40 percent of its total turnover.

The world's Big Four accounting firms - PricewaterhouseCoopers (PwC), Deloitte, Ernst & Young and KPMG - are trying to cash in on increasing demand for financial advisory services triggered by the country's fast-growing economy.

Despite double-digit growth in commission fee income, the Big Four face fierce competition in China, one of the handful of emerging markets providing accounting firms with huge business opportunities.

PwC has been named accounting services supplier to the Beijing Olympic Games. Deloitte has invested hundreds of millions of US dollars in China in recent years and transferred partners from other parts of the world.

But accounting firms are competing for personnel rather than clients in China.