“Businesses need certainty to succeed” says CIMA ahead of Chief Executive’s 2023 Policy Address

18 October 2023, 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 2023 Policy Address on 25 October 2023.

The recommendations focus on three key priorities:

• Strengthening the Hong Kong economy to build a stable business environment for organisations to thrive,

• Nurturing talent with the necessary skills to support growth, and

• Building trust to meet evolving stakeholder demands.

Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants said: “The world continues to face tough economic circumstances, with inflation remaining high and economic growth remaining weak. In this context, it is vital that businesses in Hong Kong have some certainty about the environment they will be operating in to help scenario planning and investment decisions. The government should outline their tax and regulatory plans over the next few years and closely work with organisations to develop a viable strategy to enhance long-term resilience.”

Stephen Walsh, FCMA, CGMA, Chair of the Hong Kong SAR Area Committee at AICPA & CIMA, together as the Association of International Certified Professional Accountants, added: “As we look towards bolstering the Hong Kong economy, ensuring that we have the right talent to foster and sustain growth is essential. We need to continue to build the workforce with the skills needed to create a modern, strong, and balanced economy, seize new opportunities and strengthen our position as an international financial centre and talent hub.”

CIMA’s proposal for the upcoming Chief Executive’s Policy Address include:

Strengthening the Hong Kong economy by continuing to develop policies to create a stable business environment, including providing certainty over the tax and regulatory landscape over the next few years, and developing multi-year investment related policies so that business can plan and invest for the future.

Nurturing talent to support growth by introducing initiatives focused on skills and training to support the economy and future growth, including skilled and professional apprenticeships/work placements, encouraging a commitment to lifelong learning, promoting talent retention through training related tax incentives, and focusing on creating a culture of future skills.

Enhancing the recognition of management accounting to put greater focus on business value creation, integrated thinking, and sustainability reporting to support long-term business success, including through the launch of full-time and part-time degree courses to train the next generation of qualified management accountants.

Continuing to build trust to meet evolving stakeholder demands, including by introducing a policy aligned with the global commitment to ESG and enhancement of corporate reporting to help organisations deliver on their ESG goals and boost business growth.

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Media contact
Vivian Fung
Senior Manager, External Relations, North Asia and Asia Pacific
Email: vivian.fung@aicpa-cima.com
Tel: +852 3547 2804