Covering 27 ha in the suburbs of Shanghai, the institute is designed to train senior economic officials in local governments and Chinese and overseas-funded enterprises.

The institute will develop online accounting courses and offer courses in senior accounting affairs and accounting English.

Over the past 20 years, China's certified professional accountant system has seen rapid development, but the quality of its 12 million accountants still needs to be improved to meet international standards, according to financial and accounting specialists attending the founding ceremony.

Finance Minister Xiang Huaicheng and Shanghai Mayor Xu Kuangdi cut the ribbon for the inauguration.

(Xinhua 05/16/2001)