ERNST & Young yesterday reported a 41-percent growth in revenue in China in the fiscal year ended on June 30, riding on the country's booming economy.
Revenue of China's mainland, Hong Kong and Macau businesses expanded faster than Ernst & Young's global network, the accounting firm disclosed yesterday. But the firm did not reveal exact revenue figure.
Ernst & Young's combined revenues worldwide climbed to US$21.1 billion for the fiscal year ended on June 30, a year-on-year growth of 15 percent. Ernst & Young China is a member firm of the Far East area practice, which posted a 27-percent growth in US dollar terms for fiscal 2007.
"Success in the China market is central to our global strategy and we believe that emerging markets like China will increasingly contribute to the future performance of Ernst & Young as a global organization," says Jim Turley, chairman and CEO, Ernst & Young. "We will continue to invest in China as we grow our business around the globe."
Ernst & Young has 10 offices on the Chinese mainland, Hong Kong and Macau. The business posted double-digit growth in all core service lines, which comprise assurance and advisory business services, tax and transaction advisory services.
Ernst & Young employs 8,000 people in China, a rise of 30 percent from a year earlier. Its target is to employ 11,000 people by 2010.