The principles cover areas of operational requirements for and practice of valuers, reasonable requirements for clients on the contents and formats of valuation reports, conventional valuation engagements, etc, and all of which are coordinated by a system of standards.
The implementation of the Chinese Valuation Standards offers valuation practitioners a set of comprehensive and unified standards, enables supervision departments to study and judge the quality of a practice based on a set of criteria, and provide users of valuation reports a comprehensive basis for making valuation conclusions.
Regulated practices, effective supervision, and reasonable use of these standards have contributed to the improvement of the overall ability of certified public valuers to serve and the social creditability of the profession, which in turn consolidates the position of the services by the valuation profession in the market economy.
In just over 10 years and with reference to international valuation standards, the PRC has been formulating principles – the Chinese Valuation Standards – which accommodate the contemporary practice needs within the PRC. The formulation of the Chinese Valuation Standards has enhanced the international position and the professional image of the valuation industry in the PRC.