The Hong Kong Institute of Certified Public Accountants (HKICPA) has set out seven policy recommendations in its submission to the public consultation on Hong Kong’s first five-year plan for economic and social development.
It said the proposals are designed to support Hong Kong’s alignment with the National 15th Five-Year Plan while reinforcing the city’s professional services sector
The institute’s submission covers green development and sustainable finance; talent, professional qualifications and education; reform of the business environment; Hong Kong’s role as an international financial centre; the establishment of a “Hong Kong Accounting Park”; tax policy and wider opening up under CEPA; and social and financial inclusion. On green finance, HKICPA said Hong Kong Standard on Sustainability Assurance 5000 (HKSSA 5000) should underpin the development of sustainability assurance in Hong Kong. It also called for faster progress on carbon credit trading and accreditation.
As part of this, the institute proposed that Hong Kong Exchanges and Clearing Limited establish a dedicated carbon credit trading segment linked to the Mainland carbon market and aligned with international standards. In talent and education, HKICPA proposed a licensing regime for valuation professionals to support intellectual property and innovation and technology enterprises. It also suggested making valuation a specialist area within the professional accountancy qualification framework, together with a dedicated module on intellectual property valuation.