China is tackling its shortage of professional accountants by enlisting a the UK's professional accountancy body to train the best students to international standards, the Financial Times reported. The Chinese Institute of Chartered Public Accountants (CICPA) has signed a deal with the Institute of Chartered Accountants in England and Wales (ICAEW). Ministry of Finance officials believe more rigorous accounting and auditing is a prerequisite of market stability and pulling in investment. The UK institute will train "China's most promising accountants filling an urgent skills gap in local leadership talent". The ICAEW will admit about 50 Chinese students each year on the 12-month long program, which would add to the qualification gained at the CICPA.