During 2009 we saw a great deal of change in China. At the beginning of the year the focus was very much on deteriorating economic conditions. In response, there were bold moves from policy makers with the implementation of large scale stimulus packages and an unprecedented number of interest rate cuts. As the year progressed, China’s GDP predictions were downgraded, but a few months later they were revised upwards as the economy continued to perform well. Towards the end of the year, China firmly took its place on the world stage, calling for the dollar to be replaced as the world’s reserve currency.
As we move into 2010, the year of the Tiger, it seems that there will be further transition ahead for China. The year of the Tiger is often thought of being a year of change, and this is likely to be reflected at both social and economic levels. So, what does 2010 hold in store for treasurers in China?
In this issue we examine the treasurer’s career path in times of turmoil. As the focus of companies has turned back to basics, the treasurer has moved out of the back room and into the boardroom. This is good news for those treasurers aspiring to be CFO. However, the route to the top job is never straightforward. In this issue’s Treasury Practice article (pages 10-14) we look at the skills that treasurers need in order to progress and where they may encounter barriers.
It is likely that 2010 will also bring with it some regulatory changes. In this issue’s China Focus article (pages 22-28) we speak to several industry experts about their predictions for cash pooling regulations in China. We also examine some of the challenges that companies face when pooling cash in China and how these can be overcome. This issue’s Question Answered (page 8) also has a regulatory slant as we discuss China’s Basic Standard for Enterprise Internal Control, also known as C-SOX. Our expert contributor explains the C-SOX implementation timeframe and outlines how the new regulation will affect corporates in China.
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