The London-based international consultancy firm is to invest €1.1 billion (£920,000/$1.2 billion) into its offices across China across the next five years, as reported by Consultancy.asia.

This will target recruitment, the digitisation of its products and the strengthening of its environmental, social and governance standards.

PwC currently employs more than 20,000 staff in China, where it has 800 partners.

It last year became an official sponsor for the Winter Olympic and Paralympic Games.

PwC is providing accounting and consulting services for Beijing 2022, building on its Olympic involvement that dates back to Sydney 2000.

The Beijing 2008 Summer Games is among the other Olympics it has supported.

PwC has previously assisted on areas including sustainability, reducing costs and project management, while it was also selected to independently review the selection and evaluation process for boxing referees and judges at Tokyo 2020.

PwC is additionally an official partner for the Paris 2024 Olympics and Paralympics.

Raymund Chao, the chairman of PwC Asia, explained the company's decision to pursue an expansion in China.

"China continues to perform remarkably well despite ongoing global challenges," Chao said.

"We will continue to support China's key national strategies and contribute to the continued growth and development of its economy."

Beijing is set to stage the Winter Olympics from February 4 to 20 next year, while the Winter Paralympics should follow from March 4 to 13.

There has been intensifying talk of Western nations staging a diplomatic boycott.

With the United States' relationship with China fraught, President Joe Biden has confirmed the country is considering a diplomatic boycott as a protest against the host nation's human rights record.

Politicians from Canada and the United Kingdom are also reportedly contemplating avoiding Beijing 2022.

PwC is headquartered in London.