The Hong Kong Institute of Certified Public Accountants (HKICPA) has urged the Hong Kong government to seize the opportunity of the upcoming Policy Address to continue implementing reforms and maintain Hong Kong's international standing.

The HKICPA's Greater China Division President for 2024, Ye Yunkai, stated that in order to enhance the trading of exchange-traded funds (ETFs), the HKICPA recommends expanding product diversity. Additionally, the Hong Kong government should consider providing more comprehensive information to help the public understand complex concepts such as digital assets.

To establish Hong Kong as a leading region for Web 3 and virtual assets, the HKICPA recommends the government consider integrating the development and regulation of these technologies under a dedicated Web 3 development task force.

Regarding further developing Hong Kong into an international innovation and technology hub, the HKICPA believes the government should consider whether to develop a comprehensive set of regulations governing the safe use of artificial intelligence (AI). These regulations should consider both risk-based and rule-based approaches. The HKICPA also suggests measures in the Policy Address that include supporting SMEs in implementing AI solutions, rapidly upgrading technologies and enhancing SMEs' network flexibility, as well as improving employees' digital skills. (Ming Pao)