China aims to develop at least 10 accountancy firms capable of comprehensive, international standards of service within the next decade in order to reduce its reliance on foreign groups, Forbes reported, citing the Financial Times. The move to create robust local accounting firms has the backing of the finance ministry, the Financial Times said, citing Chen Yugui, the Chinese Institute of Chartered Accountants (CICPA) secretary general. Policymakers are concerned that the weakness of China's accounting infrastructure and doubts about the reliability of corporate accounts could hamper the movement of capital, the report said. The big four international accountancy firms KPMG, PwC, Deloitte and Ernst & Young presently monopolise the auditing of Chinese companies listed overseas. Only 70 of China's 5,600-odd accounting firms are authorised to audit listed companies.