HKICPA Submits 7 Proposals
The Hong Kong Institute of Certified Public Accountants has submitted seven policy proposals to the public consultation on Hong Kong's first five-year plan, covering areas such as green development and financial inclusion, with over 16,000 public submissions received by the government
The Hong Kong Institute of Certified Public Accountants (HKICPA) has submitted seven policy proposals to the public consultation on Hong Kong's first five-year plan for economic and social development. The proposals aim to support Hong Kong's alignment with the National 15th Five-Year Plan and reinforce the city's professional services sector.
The seven policy proposals cover various areas, including 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. Specifically, HKICPA proposed that Hong Kong Standard on Sustainability Assurance 5000 (HKSSA 5000) should underpin the development of sustainability assurance in Hong Kong.
HKICPA also called for faster progress on carbon credit trading and accreditation, and 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. Additionally, the institute proposed a licensing regime for valuation professionals to support intellectual property and innovation and technology enterprises.
The Hong Kong government received more than 16,000 public submissions for the city's inaugural five-year plan by the close of its consultation. Secretary for Constitutional and Mainland Affairs Janice Tse Siu-wa described the blueprint as 'a milestone in public administration', which would feature binding and predictive targets, mirroring the design of China's 15th five-year plan.
## Why it matters The five-year plan is a significant milestone in Hong Kong's public administration, and the proposals submitted by HKICPA and other organizations will play a crucial role in shaping the city's economic and social development. The plan's focus on green development, talent, and financial inclusion reflects the city's efforts to align with the National 15th Five-Year Plan and reinforce its professional services sector. The large number of public submissions received by the government indicates a high level of interest and engagement from the community, and the government's analysis of these submissions will be important in informing the final plan.
## What happens next The government will now analyze the public submissions and finalize the five-year plan, which is expected to be delivered next month. The plan will feature binding and predictive targets, and will provide a roadmap for Hong Kong's economic and social development over the next five years. The implementation of the plan will require collaboration and coordination among various stakeholders, including government agencies, businesses, and community organizations.
