CIMA urges Hong Kong Government to prioritise digitalisation, cross-border business, and talent development in 2024 Policy Address

9 October 2024, Hong Kong, China - The Chartered Institute of Management Accountants (CIMA), the world's leading professional body for management accountants and one of the founding member bodies of the Association of International Certified Professional Accountants, has sent recommendations to Mr John KC Lee, GBM, SBS, PDSM, PMSM, Chief Executive of the Government of the Hong Kong Special Administrative Region ahead of his 2024 Policy Address on 16 October 2024.

Focusing on economic growth in Hong Kong and the Greater Bay Area, CIMA proposals for the upcoming Chief Executive's Policy Address focus on three key priorities:

1. Accelerating the delivery of the government's digitalisation programme, with a focus on the needs of the local and global business community.

• This includes a proposal to speed up the digitalisation of certain legal and administrative company processes, particularly for banking and finance, to reduce costs and increase productivity.

• CIMA also recommends furthering the development of policies designed to provide a stable business environment, including developing company and business investment-related policies that have multi-year commitments so that business can plan, and invest for the future.

2. Accelerating and leading on cross-border business within the Greater Bay Area, with a focus on enhancing the ease of doing business.

• This includes a recommendation to reduce complexity and costs for businesses by simplifying current legal requirements, seamlessly increasing connectivity across the Greater Bay Area.

• CIMA also advises to focus on Hong Kong's role as a strong advocate for business, including driving policies to drive economic growth and build the trust and confidence with business leaders across the region.

3. Accelerating the development of Hong Kong's future talent pipeline, with a focus on business and professional skills to support a strong economy.

• This includes a proposal to increase mobility of non-Chinese nationals to and from mainland China to help address growing skills shortages.

• CIMA also suggests capitalising on the potential benefits of the Continuing Education Fund (CEF), further encouraging individuals to upskill and reskill, and boost their career development. For example, the CEF could be extended to include the full reimbursement of tuition and examination fees for taking professional exams, such as CIMA's CGMA Professional Qualification, the US CPA exam, or ESG-related learning, which are of growing importance to the Hong Kong economy.

Andrew Harding, FCMA, CGMA, Chief Executive - Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants said:

"Hong Kong's economy has continued to grow in 2024 despite current uncertainties in the global economy. However, we believe that more can be done to further boost economic growth, enhance productivity, and achieve long-term success. AICPA & CIMA's proposals are designed to help Hong Kong, and the Greater Bay Area achieve their full potential."

"By accelerating digitalisation, enhancing cross-border business, and developing a robust talent pipeline, Hong Kong and the Greater Bay Area can create a stable, efficient, and forward-looking business environment, and ensure that they remain a competitive and attractive hub for both local, regional, and global businesses."

- ENDS -

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