Former Head of Accounting Department at China’s Ministry of Finance Appointed as Assistant Minister
BEIJING, Sept. 9, 2024 – The Ministry of Finance (MOF) has appointed Shu Huihao, former director of the Accounting Department, as an assistant minister, according to anupdate on the MOF website. This appointment marks a significant promotion for Shu, who has dedicated nearly 30 years to accounting regulation in China.
Shu’s appointment was announced on the MOF’s Department Leadership page, where his name now appears alongside other senior officials. He is now a member of the MOF Party Committee and will oversee several key departments, including the Departmentof Law and Regulations, the Social Security Department, the Accounting Department, the Office Service Center, the Accounting and Financial Evaluation Center, the Accounting Standards Committee, the Beijing National Accounting College, the Shanghai National Accounting College, the Xiamen National AccountingCollege, and the Chinese Institute of Certified Public Accountants.
Shu’s career in accounting regulation began in the Accounting Department of the MOF, where he played a key role in the drafting of the new Accounting Law. He also served as a senior official at the Chinese Institute of Certified Public Accountants. His deep understanding ofChina’s accounting system and regulatory landscape makes him a valuable asset to the MOF leadership team.
This appointment comes at a time when the MOF is facing increasing pressure to strengthen financial regulation and oversight. Recent high-profile cases of financial fraud, such as those involving Evergrande and Huarong, have highlightedthe need for more robust accounting standards and enforcement.
Shu’s expertise in accounting regulation is expected to play a crucial role in addressing these challenges. His appointment is seen as a signal that the MOF is committed to improving the transparency and accountability of China’s financial system.
The MOF’s leadership teamnow includes Minister Lan Fu’an, Vice Ministers Liao Min, Wang Dongwei, and Guo Tingting, as well as Yang Guozhong, the head of the Central Commission for Discipline Inspection and the National Supervisory Commission’s Supervision Group at the MOF, Liu Wei, the chairman of the National Social Security FundCouncil, and assistant ministers Song Qichao and Shu Huihao.
Background on Shu Huihao:
Shu Huihao has a long and distinguished career in accounting regulation. He has worked in the Accounting Department of the MOF for nearly 30 years, where he played a key role in the drafting ofthe new Accounting Law. He also served as a senior official at the Chinese Institute of Certified Public Accountants.
His expertise in accounting regulation is widely recognized, and his appointment as an assistant minister is seen as a testament to his skills and experience.
Implications of Shu’s Appointment:
Shu’s appointmentis likely to have a significant impact on the MOF’s approach to accounting regulation. His deep understanding of the accounting system and his experience in drafting the new Accounting Law suggest that he will be a strong advocate for strengthening financial regulation and oversight.
His appointment also signals the MOF’s commitment to improving the transparencyand accountability of China’s financial system. This is particularly important in light of recent high-profile cases of financial fraud.
Looking Ahead:
It remains to be seen how Shu’s appointment will affect the MOF’s policies and priorities. However, his expertise in accounting regulation and his commitment to strengtheningfinancial oversight suggest that he will play a key role in shaping the future of China’s accounting system.
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