International consulting firm PwC will create 20,000 jobs in China in the next five years as part of a RMB 8 billion ($1.25 billion) cash injection that will double the size of the company’s footprint in the country even as businesses face the consequences of increasing divisions between Beijing and the West, reports the Financial Times.
The Big Four accounting firm laid out its expansion plans for China on Monday in a strategy it dubbed “The New Equation.” The strategy would double PwC’s China workforce, making it almost twice the size of the company’s UK operations, which employ about 22,000 people.
PwC’s new five-year plan comes as the global accounting industry has become increasingly caught up in geopolitical tensions between China and the US. Washington regulators have threatened to delist Chinese companies from New York stock exchanges after auditors failed to hand over the audits of the companies’ financial statements for inspection. The Big Four accounting firms—PwC, KPMG, Deloitte and EY—audited 141 Chinese companies listed in the US with a total market value of $1.7 trillion as of June 30, according to the US audit watchdog.