Relaxing capital controls is needed fast, argues Beida professor Paul Gillis at his accounting weblog, as he analyses the position of Chukong Holdings Limited. They filed last week for a US IPO, but also use a so-called variable interest entity (VIE) structure, a source of many problems, argues Gillis.

Getting listed is notorious difficult for Chinese companies, because getting permissions in mainland China is tough. But there is hope, writes professor Paul Gillis in the Wall Street Journal, as regulators in China and Singapore recently signed an agreement to let private companies list directly. Now such an agreement is needed between China and the US.

Accounting is one of the industries that almost had to start from scratch, as China started to open up economically in the 1980s. But a annual growth of 22% shows that China keeps on investing in account, writes financial analyst Paul Gillis at his weblog.

The academic book The Big Four and the Development of the Accounting Profession in China by professor Paul Gillis of Peking University is available at his publisher or at Amazon. Paul Gillis is a thought leader on his profession in China and available as a speaker.

The world´s four largest auditing firms are up in arms, as their China division as the SEC rules against them. But the real victims are their Chinese clients, warns Peking University professor Paul Gillis on his accouting weblog. Not only listed firms, but all companies working with the big four.

Paul Gillis is a leading expert on accounting and auditing issues in China. As a retired partner at PWC (1976-2004) he teaches accounting, auditing and finance at the Guanghua School of Management at Peking university since 1997. He travels from Beijing.