CPA Australia, a professional accounting body, has proposed several policy measures to reinforce Hong Kong’s status as an international financial hub and innovation centre.
These recommendations, submitted for the upcoming Policy Address, focus on five key areas: financial services, innovation, and technology, ESG measures, talent development, and domestic economic growth.
Despite signs of economic improvement, businesses in Hong Kong remain cautious.
CPA Australia emphasised on the need for continued reform to attract investment and sustain the city’s global standing.
The organisation’s submission to the Policy Address includes ideas to enhance Hong Kong’s appeal to international enterprises and investors.
CPA Australia highlighted the importance of Hong Kong’s economic ties with overseas countries.
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By GlobalDataThe recent introduction of the Capital Investment Entrant Scheme and temporary changes to market regulations were viewed as positive developments; however, CPA Australia urged for more permanent and dynamic adjustments.
The organisation particularly emphasised the need for reforms in the listing requirements on the GEM Board to enhance Hong Kong’s competitiveness in the global market.
The proposal also calls for the implementation of an IPO Connect scheme, allowing investors from the mainland and Hong Kong to participate in each other’s IPOs.
This move could increase activity and competitiveness in Hong Kong’s financial markets, which currently see lower ETF trading volumes compared to other major Asia-Pacific exchanges.
CPA Australia divisional president of Greater China, Cliff Ip said: “As an international financial hub, Hong Kong should capitalise on its strengths to continue attracting foreign investment, ensuring its sustained vitality and global competitiveness.”
In view of the rise of Web 3 and virtual assets, CPA Australia recommended a unified approach to development and regulation under a dedicated task force.
The CPA Australia Business Technology Report 2024 indicates a surge in AI adoption by companies.
The organisation also suggested that the Hong Kong government should evaluate the need for AI regulations and support small to medium enterprises in adopting AI solutions, scaling technology, enhancing cyber resilience, and upskilling digital competencies.
