Zhongshen Zhonghuan teams up with Mazars to tap international market

Zhongshen Zhonghuan completed a merger with Mazars Group in Beijing, Nov 8, 2017. [Photo provided to chinadaily.com.cn]

Chinese leading accounting firm Zhongshen Zhonghuan completed a merger Wednesday with its European counterpart Mazars Group to tap the international market in Beijing.

"The combination of Zhongshen Zhonghuan and Mazars will enhance our capability to help Chinese enterprises go abroad and participate in global development," said Shi Wenxian, Zhongshen Zhonghuan chief partner and Mazars Group executive board member.

Shi Wenxian, Zhongshen Zhonghuan chief partner and Mazars Group executive board member, delivers a speech at the Zhongshen Zhonghuan-Mazars Group Combination Press Conference in Beijing, Nov 8, 2017. [Photo provided to chinadaily.com.cn]

The company will maintain high standards of service quality to ensure reliable support for foreign capital entering the Chinese market as well, Shi said.

"The combination is well-timed along with the speeding up of Chinese enterprises 'going out', the implementation of the 'Belt and Road Initiative', and the future opening up of the Chinese market," said Philippe Castagnac, chairman of Mazars Group.

Castagnac shared his vision for the future that, with the aid of technologies such as artificial intelligence and blockchain, the efficiency of accounting services will be improved comprehensively. He mentioned a newly developed software that would enhance the client experience after implementation.

In addition to technology, great people are also needed to ensure the strong demand for accounting services can be met and tailored services can be delivered to different and diverse clients, Castagnac added.

Philippe Castagnac, chairman of Mazars Group, delivers a speech at the Zhongshen Zhonghuan-Mazars Group Combination Press Conference in Beijing, Nov 8, 2017. [Photo provided to chinadaily.com.cn]

"Europe is China's largest trade partner and one of the most preferred investment destinations for Chinese investors. Sino-European trade and investment will continue to grow steadily. Although the Chinese system of auditing, accountancy and financial advisory differs from that in Europe, Zhongshen Zhonghuan will take full use of the active linkage with Mazars and other member firms to provide professional support to clients worldwide, and further achieve a win-win situation," said Philippe Castagnac.

The combination of talent, technology and experience is a very good partnership between the French company and Chinese company, and hopefully there will be more partnerships like this between companies from our two countries in the future, said Caroline Penard, general manager of the French Chamber of Commerce and Industry in China (CCI France Chine).

Annick de Kermadec-Bentzmann, honorable president of CCI France Chine, echoed Penard's opinion and added that this combination is not only significant to France but also European countries, because the Belt and Road Initiative will bring more transactions and capital flows between countries, generating more demand for professional cross-border auditing, accounting and consulting services.

Proposed by China in 2013, the Belt and Road Initiative aims to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road trade routes.

China's foreign trade volume rose 15.9 percent year-on-year to 22.52 trillion yuan ($3.39 trillion) in the first 10 months of this year, and exports to the European Union increased by 16.2 percent during the same period, according to data from the General Administration of Customs.