CPA Australia submits recommendations for Hong Kong five year plan

HONG KONG SAR – CPA Australia has submitted a series of policy recommendations to the Hong Kong Government for the city's first Five-Year Plan (2026-2030) and the 2026 Policy Address. The recommendations aim to bolster Hong Kong's competitiveness, foster innovation, strengthen capital formation, and promote sustainable economic growth.

The suggestions cover several key areas:

1. Enhancing Hong Kong's position as a leading international financial centre

2. Developing the Northern Metropolis as an engine of economic growth and innovation

3. Reinforcing Hong Kong's role as a global trade hub

4. Establishing leadership in sustainable finance

5. Building a future-ready workforce and innovation-driven economy

Cyrus Cheung, President of CPA Australia Greater China Division, emphasized the importance of long-term planning to support Hong Kong's future competitiveness. He proposed positioning Hong Kong as a comprehensive capital markets hub, including commodities, precious metals, carbon products, digital assets, and RMB-denominated products. Cheung also suggested that Hong Kong should aim to become Asia's leading gold trading, clearing, settlement, financing, and risk management center.

Kelvin Leung, Deputy President of CPA Australia Greater China Division, highlighted the need to evolve Hong Kong's capital market ecosystem beyond traditional IPO fundraising. He recommended developing digital finance, asset tokenisation, offshore RMB business, wealth management, and family offices. Leung also suggested leveraging the Hong Kong Investment Corporation (HKIC) to catalyze private sector investment in strategic industries and developing a Capital Formation Strategy in collaboration with Mainland regulators.

Dr. Albert Wong, a divisional councillor on CPA Australia's Greater China Division, outlined a roadmap to support Hong Kong's technological transformation. He proposed establishing a Government-as-First-Customer procurement program to support local tech firms and leveraging the HKIC as an anchor investor to attract private capital into locally developed technologies.

Dr. Wong also emphasized the need to strengthen support for AI adoption in businesses, including measures like an AI Adoption Support Scheme for SMEs and a Cross-Border Data Exchange Sandbox with the GBA.