China, a country with an economy and population whose values exceeded all expectations over the last century, still makes considerable efforts to answer several calls from policy makers to develop responsibly in terms of industrialization, used resources and their reuse, economic restructuring, environmental protection and health etc. The major goal of China, the fact that its economy could become leader until 2030, its direct involvement in The Global Markets Project, and other items, make the study of national particularities of the accounting system of this country to be a topic of great interest. The fact that China has become a key pawn in the economy and world politics, reflected it in the accounts also. Development of cross-border transactions, capital markets, tax, multiple ownership of economic entities, all of these and not only, lead to the need for convergence with international accounting standards. Therefore, we try by means of this paper, to approach a series of issues related to past, present and likely future of the Chinese accounting system, how the system will influence and will be influenced by the social, economic and political environment