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Association of International Certified Professional Accountants shares its recommendations to promote growth and prosperity in Hong Kong

Focusing on skills and training is essential to support economic recovery and future growth

8 September 2022, Hong Kong – The Association of International Certified Professional Accountants (the Association), the unified voice of AICPA & CIMA, has sent its recommendations to Mr. John Lee in response to the public consultation launched ahead the HKSAR Chief Executive’s 2022 Policy Address on 19 October 2022.

Its submission focuses on policies that will ensure that Hong Kong has the highly skilled, agile, competent and digitally savvy workforces it needs to support economic recovery, enhance long-term growth and drive productivity. 

The Chartered Institute of Management Accountants (CIMA) has a long-standing relationship with the global business community including Hong Kong and Mainland China. Its management education and training are well recognised as a global qualification for top finance and business leaders. 

Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at the Association of International Certified Professional Accountants, representing AICPA & CIMA, said, “In the past few years, many companies accelerated their digital transformation plans and reviewed their business models to not only survive, but adapt and thrive in a volatile business world. Governments across the world must now invest wisely into developing skilled, motivated workforces, which will benefit both businesses and economies for the long-term. Hong Kong is an established business centre, and management accountants act as competent business partners at all levels of management, and across all business sectors.”

He continued “However, we have heard from our members in business that there is a high demand for talent, and many have referenced their growing concern about being able to recruit and retain individuals with skills and experience in leadership, management and finance. This is why we are calling for Government recognition of the importance of management accounting, it’d mark an important step forward in supporting business competitiveness in Hong Kong.”

Jasper Chung, ACMA, CGMA, Chairman of the Hong Kong Special Administrative Region Committee at the Association of International Certified Professional Accountants, representing AICPA & CIMA, said, “The Hong Kong Government should encourage organisations across the public and private sectors to consider a management training qualification as part of their human capital strategy, given that Hong Kong plays a key role an important tripartite role in relation to future foreign investment in Hong Kong and Mainland China, as well as supporting investment outside of China. 

He added “We have seen positive results of such strategies as part of our work in other parts of the world, including in Mainland China over the past ten years. Developing a strong management accounting talent pipeline for Hong Kong, its businesses and public sector should therefore be a key consideration for the new administration as it works to promote growth and prosperity.” 

The Association’s recommendations to the HKSAR Government include: 

  • Promoting the importance of management accounting and providing formal recognition to management accounting qualification in Hong Kong, similar to the formal recognition obtained in seven key cities in Mainland China (Beijing, Shanghai, Guangzhou, Chongqing, Chengdu, Wuhan and Huizhou),
  • Launching of full-time and part-time evening degree courses to help train professionally qualified management accountants,
  • Offering skilled and professional apprenticeships and/or work placements,
  • Encouraging commitment to lifelong learning and supporting policy which focus on long-term talent development,
  • Driving public efficiency via the greater use of performance indicators such as management accounting tools,
  • Promoting talent retention through the tax incentives for companies, and• Developing a culture of upskilling and reskilling, with a focus on management accountancy, STEM, sustainability and digital transformation.