The Hong Kong Institute of Certified Public Accountants (HKICPA) has welcomed the diversified initiatives outlined in the Policy Address announced to boost the local economic development, noting that some of its recommendations have been adopted, according to a news release.
The professional accounting body believes that the initiatives of the said Policy Address can boost capital market, attract talents, and support the development of green finance and innovative technologies.
HKICPA sees this would enhance Hong Kong’s connectivity with the Mainland China and global markets, reinforcing the competitiveness of Hong Kong economy.
Among the adopted policy recommendations from HKICPA include introducing various measures to support the development of innovation and technology, green finance, and green infrastructure.
The professional accounting body also expects that innovation and technology will serve as key drivers of economic growth in Hong Kong and globally, welcoming the Policy Address' initiatives to enhance the development of Hong Kong's innovation and technology industry.
This includes formulating “Packages of preferential policies” to facilitate industry development and investment, facilitating development of artificial intelligence (AI) and data science industries, establishing the Hong Kong AI Research and Development Institute, and establishing the “AI Efficacy Enhancement Team” to strengthen the application of AI among government departments.
Further, HKICPA welcomes the adoption of its proposal to launch initiatives to complement the existing “Patent Box” regime, which include the launch of an “IP financing sandbox” and promoting intellectual property trading to encourage local innovation and technology activities.
The initiatives mentioned in the Policy Address, including the further lifting of the enrolment ceilings for the non-local students of Government-funded tertiary institutes and easing restrictions on property asset investment for the "New Capital Investment Entrant Scheme”, along with the "Study in Hong Kong" branding initiative proposed in last year's Policy Address, are believed to be of help in attracting high-quality talent to Hong Kong for development.
HKICPA anticipates these initiatives will help Hong Kong attract global accounting and financial talents, enable the accounting profession to continue to provide high-quality professional services by strengthening Hong Kong's accounting and professional talent pool.
On the part of advancing green finance development in Hong Kong, HKICPA welcomes the deepening pilot co-operation with the carbon markets in the Greater Bay Area and collaborating with relevant Mainland regulatory departments and authorities to address issues related to the nation's participation in the international carbon market.
Coupled with the progressive implementation of sustainability disclosure requirements that are fully aligned with international standards, HKICPA believes these initiatives not only enrich investors’ choices but also bring certainty to the capital market.
