Impact of International Standard for Management Consultancy on China's Consultancy Service Industry

Management consultancy services are an important part of modern service industry. European and American countries enjoy a very mature management consultancy service industry, while China has also witnessed rapid development of the management consultancy industry and increasing market capacity in recent years. However, there still is a large gap between Chinese management consulting enterprises and those in developed countries. Poor services and unregulated competition are major problems in China's management consultancy service industry. An important reason for such problems is a lack of corresponding standards in the industry. The upcoming ISO20700 Guidelines for Management Consultancy Services will have positive effects on the management consultancy industry. China should take this opportunity to actively implement standardization of management consultancy and develop relevant standards for management consultancy, so as to raise the overall level of the management consultancy industry.