Paul Chan Emphasizes Accounting's Role in Sustainable Development at HKICPA Annual Dinner

Speech by FS at Hong Kong Institute of Certified Public Accountants Annual Dinner

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Institute of Certified Public Accountants (HKICPA) Annual Dinner today (November 7):

Director-General Hu (Director-General of the Department of Administration and Finance of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, Mr Hu Zhongyong), Deputy Director-General of the Commissioner's Office of China's Ministry in the Hong Kong Special Administrative Region Mr Zhu Xiufeng, Edward (President of the Hong Kong Institute of Certified Public Accountants, Mr Edward Au), Past Presidents, fellow members, ladies and gentlemen,

It is a pleasure to join you once again at the Annual Dinner of the Hong Kong Institute of Certified Public Accountants.

Each year, as I attend this event, I am reminded of the strength, dedication and unity of our accounting community. Seeing so many familiar and new faces tonight, I am heartened by the collective commitment we share to serve our beloved Hong Kong.

The theme of this year's dinner, "Sustainable Impact, Enduring Value", could not be more timely. It encapsulates the essence of what the accounting profession must strive for - not just ensuring financial integrity and regulatory compliance, but also making valuable contributions to the success of the organisation they serve, and the long-term development of our economy and our society.

Indeed, we are living in a time of profound transformation and uncertainty. The global political and economic landscape is undergoing deep structural shifts. Technological advancements, particularly artificial intelligence, are reshaping industries, redefining competitiveness and transforming our way of life. Meanwhile, the challenges of climate change are daunting. Amid such sweeping changes, what role does the accounting profession play? Are we facing declining relevance - or untapped opportunity? And above all, what lies ahead for our profession?

Global trends and our opportunities

In my view, Hong Kong is entering a new era, and we must have a clear vision, versatility in skills, and the agility and determination to navigate change. Allow me to share three key observations - along with my perspective on how the accounting profession can adapt and thrive.

Reconfiguration of global economy

First, the reconfiguration of the global economic landscape. Geopolitical tensions have reshaped the global trade order, moving it from multilateralism to regionalisation, characterised by enhanced multilateral or bilateral collaboration within regions. This is evident in the push to expand regional trade frameworks such as RCEP (Regional Comprehensive Economic Partnership) and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership). The FTA (Free Trade Area) 3.0 recently signed between China and ASEAN (Association of Southeast Asian Nations), as well as renewed calls to resume negotiations on a trilateral FTA among China, Korea and Japan, are good examples.

It is noteworthy that despite all the external pressure, China continues to advance steadily. The recent Fourth Plenary Session of the CPC Central Committee offered a clear roadmap for China's development under the forthcoming 15th Five-Year Plan. It has reaffirmed the country's steadfast commitment to high-level two-way opening up. It has emphasised technological self-reliance, with particular focus on the integration of innovation with industrial development.

Under the "one country, two systems" framework, Hong Kong will continue to thrive as a two-way platform with our "super connector" and "super value-adder" role. Our national policy is to encourage Mainland enterprises to go global. Increasingly, these enterprises are expanding their presence across the globe to reconfigure their own supply chain and industry chain - particularly in regions such as Southeast Asia, the Middle East, and other parts of the Global South. This outward push is not only a strategic use of their domestic production capacity, but also a broader effort to drive international industrial collaboration.

Many Mainland enterprises are choosing to go global through Hong Kong. They are leveraging our city as a strategic platform for raising capital, and providing support services like treasury and supply chain management, transport and logistics, and as an offshore hub for R&D (research and development) and talent. In doing so, they require a comprehensive suite of financial and professional services - from trade finance and tax advisory to ESG (environmental, social, and governance) consulting. This is evidenced by the recent uptake of substantial office space in Hong Kong, with some Mainland companies even securing entire office blocks to establish their regional and international headquarters here.

To capture this opportunity, the Government has established the GoGlobal Task Force (Task Force on Supporting Mainland Enterprises in Going Global), led by the Secretary for Commerce and Economic Development, to co-ordinate institutional support across the public and private sectors to facilitate their smooth landing in Hong Kong and overseas expansion.

For accounting professionals, this presents a wealth of opportunities. It is noteworthy that our professional expertise, international experience and exposure, language skills, extensive networks, work ethics and integrity are very much treasured by them.

Fellow members, joining them and helping them in their journey of global expansion is a promising and rewarding career choice.

At the same time, many businesses from Southeast Asia, the Middle East, and Central Asia are looking to Hong Kong as a springboard and gateway into the Mainland. Hong Kong is where they can raise funds, find partners and get professional support to tap into the vast Mainland market. Over the past year or so, companies from Thailand, Indonesia, Kazakhstan, and Singapore have come to list on the Hong Kong Stock Exchange. We will soon welcome the first Middle Eastern company from the UAE (United Arab Emirates). These developments are opening up a broader career stage for accounting professionals.

Technological advancement

Second, technological disruption, particularly AI. AI is transforming industries and ways of life at an unprecedented scale and pace. And the accounting profession is no exception. We need to embrace it.

The challenge is upskilling ourselves to leverage AI as a powerful tool, while focusing on areas where ethics, human judgement and strategic thinking are irreplaceable. For example, the identification of algorithmic bias, scenario contemplation, disaster recovery, cybersecurity, cross-sectoral collaboration, human resources deployment, and team building - these are domains where professional expertise and human judgement can truly make a difference, and the service is highly valued.

In other words, we need to transform ourselves, enhance our digital and AI preparedness, embrace technology transformation, and sharpen our soft skills. These are becoming the foundational pillars of our professional career and growth.

Green transition

Third, green transition and sustainability. While the US has rolled back on their climate commitments, Asia, and China in particular, remains firmly committed to green transformation and sustainable development.

And I believe the accounting profession will play an increasingly vital role in this transition. From tracking emission footprint to advising on sustainability transition strategy, to green and sustainability reporting, disclosures and assurance - accountants are at the heart of this transformation.

For example, as demand for ESG-related disclosure from investors, regulators and the public continues to grow, the accounting profession's services will become more relevant and recognised. For our part, the Government is also working to enable full adoption of ISSB standards in financial reporting, on a phased basis, by 2028.

A shared responsibility

Fellow accountants, ladies and gentlemen, the road ahead is both demanding and promising. Realising that promise requires the collective effort and wisdom of all stakeholders: from businesses to standard setters like the HKICPA, and from regulators to consultants, auditors and, indeed, every member of the accounting community.

As we gather tonight to celebrate the past accomplishments of the Institute and the profession, let us also look ahead and reaffirm our shared commitment: as stewards of public interest, and to the pursuit of excellence.

Before I conclude, may I also take this opportunity to encourage all of you to cast your votes in the Legislative Council General Election on December 7. This will help shape the future of our city.

Closing

Thank you once again for the invitation to join you this evening. I extend my heartfelt appreciation to all of you for your dedication to the profession and Hong Kong. Let us put our minds and hearts together to build a more inclusive, sustainable and resilient future for the profession, for Hong Kong and for the country.

I wish you all an enjoyable evening, and continued good health, prosperity and success in the year ahead. Thank you.

Speech by FS at Hong Kong Institute of Certified Public Accountants Annual Dinner Source: HKSAR Government Press Releases

Speech by FS at Hong Kong Institute of Certified Public Accountants Annual Dinner Source: HKSAR Government Press Releases

Source: AI-found images

TD urges public and visitors to plan cross-boundary trips early during long weekend of Easter and Ching Ming Festival holidays

The Transport Department (TD) announced today (April 1) that, in anticipation of a large number of members of the public, visitors and cross-boundary vehicles visiting land-based boundary control points (BCPs) during the long weekend of Easter and Ching Ming Festival holidays, cross-boundary travellers are urged to use public transport services travelling between Hong Kong and the Mainland or Macao, plan their trips early and allow sufficient travelling time.

Enhancing services for travel convenience

The TD has been steering local and cross-boundary public transport operators (PTOs) to strengthen their services during the long weekend of Easter and Ching Ming Festival holidays to accommodate the diverse travelling needs of passengers, including:

• The MTR Corporation Limited will enhance the train services of the East Rail Line (ERL) between Admiralty and Lo Wu/Lok Ma Chau Stations at different times during the above period based on passenger demand for the convenience of residents and visitors;

• Increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge (HZMB) shuttle bus (Gold Bus) to an average of about one minute during peak hours, if needed;

• Increasing the frequency of the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus) to an average of about two minutes during peak hours, if needed;

• Increasing the quota of cross-boundary coaches to strengthen services; and

• The frequency of local franchised bus B routes connecting various land-based BCPs will also be increased to a level higher than that of normal weekends, and the operators concerned will reserve sufficient vehicles and manpower to meet passenger demand.

Travel during non-peak hours

It is anticipated that the waiting time for public transport services, including the Gold Bus and the franchised bus B routes, may be longer. Passengers are advised to travel during non-peak hours, maintain order while queuing and heed advice from on-site Police and staff of PTOs concerned. Passengers planning to take cross-boundary coaches are also advised to reserve their coach tickets in advance.

Of note, HZMB users to Zhuhai should note that the temporary link bridge connecting HZMB Zhuhai Port and Qinglu South Road has been closed to all traffic. They should use public transport services as far as possible, plan their trips early and allow sufficient travelling time. The traffic of Zhuhai Port and neighbouring roads may also be affected, and passengers should remain patient while waiting.

As for motorists of cross-boundary private cars crossing the border, they are advised that special traffic arrangements may be implemented at the Lok Ma Chau and the Shenzhen Bay Port, subject to actual traffic conditions, during the long weekend of Easter and Ching Ming Festival holidays to secure smooth access for public transport vehicles to the above BCPs. Cross-boundary private cars may experience longer waiting times for crossing the BCPs during peak periods. Motorists should pay extra attention to variable message signs and traffic signs along the roads. In case of traffic congestion, they should remain patient and follow the instructions of on-site Police.

Information dissemination

For the HZMB, to plan their journeys ahead, members of the public can make use of the TD's HKeMobility mobile app or website (hkemobility.gov.hk/en/traffic-information/live/cctv) to access snapshots of traffic conditions at inbound and outbound vehicle plazas of the HZMB Hong Kong Port. They can also check real-time situations of the vehicle clearance plaza of the Zhuhai Port through the WeChat official accounts "hzmbzhport" or "zhuhaifabu" (traffic-info.gzazhka.com:5015/#/) (Chinese only). Moreover, motorists are reminded to always comply with the traffic control measures implemented by the Zhuhai authority when driving on the HZMB Main Bridge. Vehicles must not occupy the emergency lane unless instructed by the Zhuhai authority.

The public and visitors may visit the one-stop information platform on immigration clearance "Easy Boundary" (www.sb.gov.hk/eng/bwt/status.html?type=outbound) of the Security Bureau or the HKeMobility for the latest information on various land-based BCPs more conveniently. The TD will provide information on the services and waiting times of the Gold Bus, the Yellow Bus and the MTR. Members of the public are advised to check the latest traffic news through radio and television broadcasts, the TD's website (www.td.gov.hk) and the HKeMobility.

The TD's Emergency Transport Co-ordination Centre operates round the clock to closely monitor the traffic conditions and public transport services of various districts, the BCPs and major stations, and to implement contingency measures when necessary to meet service demands.

The Transport Department (TD), Photo by Bastille Post