China will adopt International Financial Reporting Standards by Jan. 1, 2007, the country's minister of finance announced.

Speaking at a press conference, Jin Renqing said that the decision followed a 10-year review of China's financial industry and practices. All listed firms and registered accountants on the mainland will have to follow the standards, and government officials said that the hope is the regulations will facilitate the growth of the country's capital market. The rules will be phased in over a longer period for private companies.

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