Financial Secretary Highlights Accounting's Role in Hong Kong's Development at 2026 CPA Congress

Speech by FS at CPA Congress 2026

Following is the speech by the Financial Secretary, Mr Paul Chan, at the CPA Congress 2026 today (October 29):

CG Gareth Williams (Consul-General of Australia to Hong Kong and Macao), Dr Asheley Jones (Chief Learning and Innovation Officer of CPA Australia), Cyrus (Divisional President of CPA Australia Mr Cyrus Cheung), distinguished guests, ladies and gentlemen,

Good morning. I am pleased to join you at the CPA Australia Congress Hong Kong 2026. A very warm welcome to you all, particularly those visiting from afar.

As an accountant myself, I am delighted that the theme today is "Lead the Outcome". It is good to see accountants being invited into the conversation before decisions are made - and not just afterwards to explain what happened.

This Congress offers time to step back, exchange ideas and consider where the profession can make a greater difference.

Businesses today face no shortage of advice. Diversification. Embrace technology, especially AI. Prepare for the green transition. But the harder questions are: where and what should we invest in, which risks should we take, and when should we move?

That is where accounting professionals come in. You test assumptions, weigh the choices and help businesses turn promising ideas into workable plans. I am sure today's discussions will offer fresh insights to support that work.

For Hong Kong, we are equally determined to turn opportunities into lasting outcomes.

Last month, we released our very first Five-Year Plan, setting out our development direction and goals through 2030. It provides a clearer framework for policymaking, public sector investment and private sector strategy formulation. Businesses cannot predict every turn in the global economy. But they can understand our strategies and priorities, so they can plan and invest with confidence.

This morning, let me highlight just two connected priorities in our Five-Year Plan: finance, and innovation and technology.

Hong Kong brings together capital, innovators, enterprises and professional expertise. We want to put these strengths to fuller use, thereby developing new growth engines, supporting new industries, helping businesses transform and expand, as well as financing the green transition. This is the thinking behind our "Finance+" approach.

The question is not simply how much capital we attract, but what that capital makes possible.

Our close connection with the Mainland is central to this role. Its strong research and outcome translation capabilities, extensive supply chain and advanced manufacturing networks as well as vast market help take technologies from the laboratory to the market at scale. Yet, advances in artificial intelligence, semiconductors and green technologies are also opening up new investment opportunities.

Hong Kong connects these strengths and opportunities with international capital and global markets. We help Mainland enterprises navigate international requirements and expand overseas, while offering global investors a trusted and familiar platform to participate in the Mainland's growth.

The momentum is encouraging. In the first nine months of this year, IPOs (initial public offerings) in Hong Kong raised some HK$388 billion, more than double the amount a year earlier. International investors from the US (United States), Europe, Southeast Asia and the Middle East are major players here, while capital from the Mainland continues to flow in.

Our reach is also broadening, with enterprises from Southeast Asia, Central Asia and the Middle East exploring opportunities to list equities or issue bonds here. Australian companies are, of course, warmly welcome to consider a dual listing.

Beyond connecting more markets, we support building a greener economy. Here in Hong Kong, we are expanding our sustainable finance taxonomy and aligning sustainability disclosures with international standards. These efforts help investors look beyond the label and have the confidence to commit to green and transition investment. By the way, in terms of green and sustainable finance debts arranged in Hong Kong, we top Asia. Last year, the total amount was about US$77 billion.

Our second priority is innovation and technology.

In the Northern Metropolis, the task goes well beyond land and buildings.

We are bringing education, research, talent, enterprises and industry together to create a new engine of growth. By shortening the time to take discoveries to market and supporting them with patient capital, we give start-ups and young companies room to grow and scale.

Life and health technology offers a clear example of this potential. In the Hetao co-operation zone (Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone), Hong Kong and Mainland authorities are strengthening co-operation in clinical research and drug regulation, while facilitating cross-boundary flows of data and biological samples.

These efforts are attracting international pharmaceutical companies to conduct research and clinical trials here, as well as set up their advanced manufacturing facilities here, so that the products developed can reach the Mainland and broader international markets at the same time.

But scientific potential does not become commercial success on its own. It needs sound planning, sustained financing, effective risk management and a clear path to scale. This is where accounting professionals come into play.

Every founder wants to change the world. But it helps to have someone who can challenge their assumptions, help formulate business plans, secure funding, monitor risks, and communicate their products and value propositions. And your role grows as companies expand.

For those of you who are in the audit and assurance services, maintaining integrity and quality remains a critical priority. For accountants in business, you are the frontline gatekeeper and adviser to the Board.

Our shared responsibility is to sustain the trust and confidence in our businesses and capital markets as well as Hong Kong's status as an international financial and business centre.

It goes without saying that continuous learning is important. I see three qualities becoming increasingly valuable for fellow accountants: technological competence grounded in business understanding; integrity and sound judgement; and an international outlook with the ability to collaborate across markets, disciplines and cultures.

Ladies and gentlemen, professional bodies play an important role in helping members prepare for the transition and upcoming opportunities. We appreciate the work of CPA Australia. Through training, exchanges and co-operation across its global network, it helps members develop new skills, broaden their perspectives and bring international experience into local practice.

Working together, we can make Hong Kong a place where businesses find the expertise to turn innovation into opportunity, and the confidence to grow beyond borders.

I wish you a fruitful congress, and the best of health and business. Thank you very much.

The Financial Secretary, Mr Paul Chan, speaks at the CPA Congress 2026 today (October 29). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, attended the CPA Congress 2026 today (October 29). Photo shows (from right) the Chief Learning and Innovation Officer, CPA Australia, Dr Asheley Jones; the Consul-General of Australia to Hong Kong and Macao, Mr Gareth Williams; Mr Chan, and other guests at the congress. Source: HKSAR Government Press Releases

Statement by ExCo Non-official Members

The following is issued on behalf of the Executive Council Secretariat:

Non-official Members of the Executive Council (ExCo Non-official Members) today (October 29) issued the following statement on the Government's follow-up work in relation to the fire at Wang Fuk Court:

The Hong Kong Special Administrative Region (HKSAR) Government today released the report of the Independent Committee in relation to the fire at Wang Fuk Court in Tai Po. The Chief Executive and Principal Officials also held a press conference to give an account of relevant matters to the public. ExCo Non-official Members expressed full support for the Government in facing up to the problems, shouldering responsibility, and pursuing comprehensive reforms.

The Convenor of ExCo Non-official Members, Mrs Regina Ip, said, "The Chief Executive and Principal Officials have clearly explained to the public the Government's follow-up work, and, on behalf of the HKSAR Government, apologised to the residents of Wang Fuk Court and the community, demonstrating sincerity and political commitment. The Chief Executive also called on his team to continue to give their utmost in their respective positions in pressing ahead with various reforms and the extensive work ahead, while drawing lessons from the incident and better exercising leadership to step up the implementation of the result-oriented governing approach. I support this position."

"The Government's plans to implement comprehensive reform on the basis of the Independent Committee's report are comprehensive and pragmatic, addressing the crux of the issues. I concur with the seven major directions of systemic reform put forward by the Government. These include combatting bid-rigging in building maintenance and renovation projects, establishing a cross-departmental task force to combat crimes related to bid-rigging in such projects, establishing a Building Maintenance Support and Services Council, reforming the operation and regulatory system for building maintenance and renovation, reforming the structure of the Buildings Department, establishing a centralised data system and reforming the complaint mechanism, and establishing a steering committee chaired by the Chief Secretary for Administration to follow up on the Independent Committee's recommendations."

As regards accountability, the Government has demonstrated its determination to pursue responsibility comprehensively and enforce accountability at various levels. On criminal liability, law enforcement authorities have successively instituted prosecutions against the companies and individuals involved in the incident. The Government has also initiated the Administrative Responsibility Two-tier Investigation Mechanism under the Heads of Department Accountability System, and is strictly following up on the administrative responsibility of the civil servants concerned. As for political accountability, the Chief Executive, having considered a wide range of factors, decided that the Secretary for Housing should take political accountability, and has accepted the Secretary's resignation.

The fire at Wang Fuk Court has exposed a number of long-standing inadequacies at different systemic levels, and the issues involved are complex and intertwined. Properly addressing these issues requires firm resolve as well as precise and decisive decision-making. ExCo Non-official Members will give their full support to the Government in taking forward comprehensive reforms and will continue to fully support its governance. ExCo Non-official Members firmly believe that, as long as society works together with dedication to turn grief into the strength to move forward, learns from the experience, and thoroughly implements systemic reforms, similar incidents can certainly be prevented, making Hong Kong a safer and better home.