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A total of 1.27 million Chinese people entered for a two-day national accounting qualification examination which last from Saturday to Sunday, the Ministry of Finance said at its website.

The national test, the 13th since it was first launched in 1992, has been organized by the Ministry of Finance in cooperation with the Ministry of Personnel.

A total of 3.15 million people have obtained accounting qualification certificates in various categories since 1992.

The cumulative number of Chinese people who have signed up for the test since 1992 is 18.96 million, but only 12.59 million have actually taken it.

Vice Minister of Finance Wang Jun said the national accounting qualification exam has become an important source for China to select excellent accounting talents.

Wang added that the ministry will further improve the country's accounting qualification evaluation system so as to bring up more qualified accounting talents to meet the market demand.

The accounting sector has become increasingly crucial in China since the country began to develop the market economy.

Major accounting firms from overseas, including the world's top four accounting firms, have been expanding their presence in the Chinese market in recent years, especially since China's entry into the World Trade Organization (WTO) in December 2001.

A total of 39 revised corporate accounting standards will be applied in China among listed firms as of January 1, 2007, a major step forward in keeping with the international practices.

The ministry said the 2007 national accounting qualification examination will be arranged in line with the new accounting standards.

(Xinhua News Agency May 22, 2006)