Facing a radical shortfall of CPAs in China, where the Chinese Institute of CPAs has just 140,000 members and needs roughly 300,000 to serve the needs of global capital markets, Britain's largest domestic institute of chartered accountants is implementing a radical training plan.The Institute of Chartered Accountants of England and Wales will send some 50 "elite" professionals - but the number could increase later - for intensive training that will focus on accountancy and keeping China competitive in the global market environment.

According to the ICAEW, China is eager to move towards an efficient capital market. Also, it requires foreign banks to enter the marketplace. And most important, the country needs skilled accountants and financial literacy in order to implement much-needed financial reforms.

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