Why PwC is aggressively investing money and people in China
Big Four consulting firm PwC has announced it will invest US$1.25bn in China over the next five years and boost its headcount within the country by 20,000, as it looks to help companies meet the complex challenges and harness the opportunities.
This would see PwC China become almost twice the size of the company’s UK operations, which employs around 22,000 people.
This strengthening of PwC’s workforce and capabilities in China is part of The New Equation strategy, PwC’s vision that was launched earlier this year and is aimed at helping the firm position itself so it aligns with China’s own development objectives.
China’s opportunities under new development paradigm
This year, 2021, marked the start of China’s 14th five-year plan (2021-2025), one that is committed to fostering a new development paradigm as it builds towards its 2035 vision. The aim? To build a digital China, accelerate green development to realise its dual 30.60 carbon goals, and drive high-quality development towards a sustainable future.
Faced with these unprecedented and historic opportunities, organisations in China will need to shift their digital transformation, organisational culture and sustainability ambitions.
Aligned with this purpose and following The New Equation Strategy, PwC China is therefore positioning itself to best help businesses transform so that they can harness the opportunities of the future.
“PwC China is dedicated to helping clients to grasp the big opportunities under China’s new development paradigm,” says Raymund Chao, PwC Asia Pacific and China Chairman. “We are bringing the best of our people, capabilities and technologies together to support our clients and stakeholders in building trust and delivering sustained outcomes for their businesses and also for the society in which we all operate.”
Investment focus on sustainability and digitisation
Believing that ESG and digital will drive China’s future growth, PwC is focusing its committed investment both financially and in people on these areas and will focus primarily on digitising its products and strengthening its environmental, social and governance standards, to meet China’s business challenges of the future.
The investment of US$1.25bn and creation of 20,000 new jobs over the next five years will focus on five strategic areas that are critical to strategic agendas, including digital redesign, digital products and solutions, ESG, regional economic clusters and creating a workforce of the future.
As well as upping the ante on digitisation of its products and accelerating the integration of ESG across all functions, PwC will build an agile, market-centric and digitally-savvy workforce that is fit for the future and will strengthen the company’s capability to create holistic solutions integrate digital and human insight for its clients.
The company will also continue to build smart green offices across China, including in Beijing, Shanghai and Hong Kong, featuring intelligent, innovative and people-centric workspaces; and is building PwC Asia Pacific Trust Leadership Institute in Sanya Hainan.
Designed to bring an immersive learning experience to life through both physical and virtual connectivity, the institute will focus on sustainability, digital innovation, wellness and mobility and help to create impactful outcomes.
- SANY Group: how innovation is driving China’s best employerHuman Capital
- Why has Alibaba Cloud CEO Zhang quit as Wu takes top job?Leadership & Strategy
- Can Chinese EV maker BYD really take on Tesla and win?Corporate Finance
- China and the race to launch genAI models to rival ChatGPTTechnology