The Accounting and Financial Reporting Council (AFRC) has expressed its support for Hong Kong’s First Five-Year Plan and the 2026 Policy Address, which were announced by CEO John Lee on 16 September.
The AFRC said that it backs the First Five-Year Plan for Economic and Social Development, which outlines strategies to align the territory’s economic trajectory “more closely” with national development priorities.
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It highlighted the policy focus on reinforcing Hong Kong’s position as an international financial centre, particularly through the Finance+ initiatives.
The council noted that broadening cross-boundary financing and investment channels will create further commercial avenues for auditing, accounting and assurance practitioners.
Additionally, the ongoing progression of the green finance sector is expected to aid the formation of a structured regulatory framework for sustainability assurance.
AFRC chairman David Sun said: “Hong Kong’s First Five-Year Plan will reinforce Hong Kong’s competitiveness and integration into national development.
“Trusted financial reporting and high-quality audits are fundamental to market confidence and Hong Kong’s standing as a leading international financial centre.
“The AFRC remains committed to safeguarding the public interest, upholding audit quality and fostering a resilient, future-ready accounting profession that supports Hong Kong’s long-term economic development.”
Additionally, the AFRC also welcomed policy measures aimed at expanding the application of AI across the sector.
With AI altering traditional accounting and auditing methods, the regulator stated that these programmes will lift productivity and permit practitioners to dedicate more time to higher-value responsibilities that require professional judgement.
AFRC CEO Janey Lai said: “The 2026 Policy Address and the First Five-Year Plan provide a clear road map for coordinated action.
“The AFRC will support their implementation by advancing the responsible adoption of AI, digital transformation, sustainability and future-ready talent.
“Through close collaboration with the government and other stakeholders, we will strengthen the accounting profession’s contribution to Hong Kong’s development and help it capitalise on opportunities across the Greater Bay Area.”
