In 2004, China was the first country in the world to formally require XBRL for all public company financial reporting. The Chinese Ministry of Finance, along with XBRL leaders in China, is currently developing the Chinese National XBRL Taxonomy that will be unveiled in June 2010. Listed companies on both the Shanghai and Shenzhen Stock Exchanges will be required to file required information using the unified XBRL Taxonomy.

“XBRL is one of the key vehicles for promoting accounting information in China today,” said Ms. Ying Wei, CPA, Deputy Director-General, China Ministry of Finance. “We are very excited to complete the National XBRL Taxonomy in June and continue to promote XBRL adoption across many industries in China.”

China will also host the 21st XBRL International Conference in Beijing in October 2010. “We welcome all of our XBRL friends around the world to come to Beijing for the next XBRL International Conference. China is proud to be your host,” added Ms. Ying Wei.

China has also been active in other asset classes, including the mutual fund sector. XBRL is being used by all mutual fund companies for their filings with the China Securities Regulatory Commission (CSRC). Initially deployed in 2009, XBRL is a tool to help the CSRC monitor and review the risks and returns of each mutual fund.

The taxonomy and system for Initial Public Offering (IPO) filings using XBRL are currently under development in China. In the future, all companies wanting to undergo an IPO will have to submit their application information in XBRL format.