McKinsey opens 3rd Chinese mainland office

Global management consulting firm McKinsey & Co on Friday unveiled its latest office in Shenzhen, its third on the Chinese mainland after Beijing and Shanghai and its 107th worldwide.

The move is to better tap into the business opportunities in the booming services and private sectors in the South China city, said Nicholas Leung, managing director of McKinsey's Greater China Practice.

"Shenzhen has been at the forefront of reforms in China, and is leading China's shift from the world's workshop to the world's innovation center."

"A local office will help us better serve our clients and expand out local client base," Leung said.

Shenzhen now sees nearly 60 percent of its corporate revenue generated by service-related businesses, compared with 37 percent in Shanghai and 29 percent in Beijing.

The city is also home to leading Chinese private companies such as Ping An Insurance (Group), China Merchants Bank, Huawei Technologies Co Ltd, ZTE Corp, Tencent Holdings, and China Vanke Co Ltd.

Approximately one-third of McKinsey's clients in China are private enterprises, while the rest are State-owned enterprises and multinational corporations.

The firm has been growing at about 10 percent in the China market in terms of revenue over the past few years.