Speech by FS at CPA Australia Executive Forum (English only) (with photos/video)
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Consul General Gareth Williams (Consul-General of Australia to Hong Kong and Macao), Professor Dale Pinto (President and Chair of the Board, CPA Australia), Karina (2025 Divisional President of CPA Australia, Ms Karina Wong), distinguished guests, ladies and gentlemen,
Good afternoon. It is a great pleasure to join you today to celebrate the 70th anniversary of CPA Australia in Hong Kong. CPA Australia is one of the world’s leading accounting bodies and has long been committed to supporting the sustainable development of the profession in the Asia-Pacific region. On this momentous occasion, may I extend my warmest congratulations to you all.
This anniversary forum provides a timely opportunity to reflect on what we are facing, where we stand and how to chart the way forward.
Indeed, the world today is marked by heightened uncertainty and challenges - driven by geopolitical tensions, rising protectionism, and serious humanitarian crises arising from prolonged regional conflicts.
Yet, against this disappointing context, we see hope. There is renewed momentum for regional co-operation, evident in the growth of intra-regional trade and endeavours to expand regional trade agreements such as RCEP (Regional Comprehensive Economic Partnership) and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership). Efforts are also being made to strengthen multilateral organisations such as BRICS and the Shanghai Cooperation Organisation. Notably, these initiatives are not about creating isolated blocs, but about building more resilient, forward-looking partnerships.
At the same time, the global drive to combat climate change and further the sustainability cause remains strong. While some advanced economies have retracted from their climate commitments, the broader international community continues to push forward the green and sustainable agenda.
Then comes artificial intelligence (AI), which is rapidly transforming the global economy. It is reinventing business models, redefining productivity and revolutionising how we work, communicate and live. From automating industrial production to accelerating drug discovery, and from optimising energy use to enhancing education, AI is vividly displaying its vast potential. Its pace of development has far exceeded expectations. While the US is focusing on large-scale models, massive investments and cutting-edge frontier research, Chinese open-source alternatives - such as DeepSeek - are charting a different course, prioritising cost efficiency, inclusiveness and real-world applications.
Ladies and gentlemen, the world is fast changing. So how should Hong Kong respond? How should we position ourselves? And what does the future hold for our accounting professionals?
In my view, these shifts have made Hong Kong more relevant than ever. Amid rising global volatility, international and Mainland investors are rediscovering Hong Kong’s value and unique function. Our financial markets, for example, have become a safe haven for international capital. The Hang Seng index rose by 18 per cent last year, and has increased by another 30 per cent so far in 2025. In the first eight months of this year, we raised US$16 billion through IPOs (initial public offerings) - ranking first globally. Bank deposits have grown nearly 8 per cent, reaching US$2.4 trillion. If you look at the sources of capital behind the rally of our stock market since September last year, around half of them come from Southbound investors from the Mainland, and the other half from international investors, primarily those from the US and Europe. This is evidence of renewed confidence in Hong Kong, reflecting our unique advantages under the “one country, two systems” framework.
As China continues to advance in technology and innovation, and promotes high-level two-way opening up, more and more Mainland enterprises are using Hong Kong as a launch pad for international expansion and supply chain management - leveraging our deep capital markets, world-class professional services, talent and global networks. CATL (Contemporary Amperex Technology Co Limited), the world’s largest IPO of the year so far, is a good example. It uses 90 per cent of the funds raised in Hong Kong to build new plants in Hungary.
Meanwhile, the rise of the Global South also presents tremendous opportunities. Many of these economies need capital for delivering infrastructure and sustainable development. They are also seeking to diversify their markets and even the currencies used in trade and foreign exchange reserve. Hong Kong’s role as a fundraising hub and an offshore Renminbi centre, with a currency pegged to the US dollar, is becoming increasingly important in meeting their needs.
As a regional leader in green finance and green technology, we not only mobilise capital for sustainable projects but also actively contribute to the development of international standards on green classification, reporting and disclosure. These standards provide the basis to guide capital flows toward credible climate initiatives and accelerate the transition to a low-carbon economy.
Looking ahead, Hong Kong is doubling down on innovation and technology. Together with sister cities in the Greater Bay Area, we are building a world-class I&T (innovation and technology) ecosystem. Two weeks ago, the World Intellectual Property Organization released this year’s innovation cluster ranking, and the Shenzhen-Hong Kong-Guangzhou cluster tops the world.
In this connection, Hong Kong is actively attracting strategic enterprises engaged in cutting-edge technologies. So far, we have welcomed over 80 such enterprises, with more than HK$50 billion in planned investments and the creation of 20 000 quality jobs. A new batch of such enterprises will be announced soon, including several world-leading pharmaceutical firms. We are equally committed to attracting talent. From the end of 2022 till August this year, we received some 530 000 applications under various talent admission schemes, with more than 350 000 approvals and 230 000 individuals having arrived in Hong Kong.
These exciting developments present a new era of opportunity for the accounting profession. In a world of an evolving trade landscape and deepening regional integration, there is a growing demand for professionals who can navigate cross-border finance, taxation and regulatory compliance. The green transition requires auditors and advisors to assess ESG (environmental, social and governance) risks, verify sustainability disclosures, and help businesses align with international standards. In the digital economy, accountants are valued for their skills in data analytics, cybersecurity and the valuation of intangible assets.
For that, I trust CPA Australia and its members will continue to play a vital role in shaping the next chapter for Hong Kong and the accounting profession. We look forward to working with you to build an even better business environment, a better Hong Kong, and a better future for all.
Thank you, and once again, congratulations on your 70th anniversary.
Ends/Tuesday, September 16, 2025
Issued at HKT 16:52
Issued at HKT 16:52
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