P R E S S   R E L E A S E

          The Faculty of Business Administration of The Chinese University of Hong Kong and the Shanghai National Accounting Institute have recently launched a brand-new Master of Professional Accountancy (MPAcc) Programme to meet the pressing need for accounting expertise following China's recent accession to the WTO.
 
          This Programme, which started on May 17, 2002, at the Shanghai National Accounting Institute, is designed to provide high value-added on-the-job training to financial and accounting talents.

          China's Minister of Finance, Mr. Xiang Huaicheng, who was guest-of-honour at the opening ceremony held on June 2, reiterated China's urgent need for talents.  Top-quality financial professionals, in his view, are crucial to the development of China's market economy.  

          The Minister also lauded the MPAcc Programme as China's the first programme specially designed to upgrade the professional standards of senior financial managers.
 
          "The Chinese University of Hong Kong is well-known not only in Asia but also around the world. Its achievement in business administration in recent years is a source of pride for all Chinese -- last year, its EMBA was ranked Number One in Asia," he added.  "On behalf of the Ministry of Finance and the Shanghai National Accounting Institute, I would like to express my deep gratitude to the University for their dedication and contribution to the development of education in China." 

          Professor Kenneth Young, Pro-Vice-Chancellor of The Chinese University of Hong Kong agreed that the programme was very timely.  The Enron and Andersen investigations had focused attention on corporate governance and the role of accountants therein. 

          "The need for world-class accounting and management professionals for Mainland China has now taken on a new urgency," he said.  "This programme is yet another demonstration of The Chinese University of Hong Kong's mission of developing high-quality talents to satisfy the needs of Hong Kong, China and other regions... I am pleased to note that the programme has been heavily over-subscribed, and that we are actively considering starting a new class."

          Response to the MPAcc Programme has been overwhelming, and applications continued to come in after the deadline.  The qualifications of candidates exceeded the minimum requirements both in terms of academic credentials and work experience.  Many of the 60 students admitted have MBAs or doctorate degrees.  While candidates were required to have five years of working experience, the average experience of students is 10 years. 

          More than ten per cent of the students come from cities outside Shanghai, including Beijing, Shenzhen, Nanjing, Wuhan, Luoyang and Hong Kong.  Quite a few are well-known decision-makers of large China-based corporations, such as Mr Donald Lu M.F., Vice President of Shanghai Industrial Investment (Holdings) Co. Ltd., and Mr Jia Yanlin, CFO of Bao Steel Co. Ltd. 

          The MPAcc Programme is a two-year part-time programme.  Graduates of this Programme will be awarded Chief Financial Officer Qualifying Certificate from the Shanghai National Accounting Institute and Master of Professional Accountancy Degree from The Chinese University of Hong Kong. 

          The Shanghai National Accounting Institute was set up in 2001 at the directive of Premier Zhu Rongji to execute Party Chairman Jiang Zemin's decision to produce 300,000 professional accountants.  It is directly responsible to the Ministry of Finance.