The Chartered Institute of Management Accountants (CIMA) has put forward a series of policy suggestions to John KC Lee, chief executive of the Government of the Hong Kong Special Administrative Region.  

These recommendations are designed to bolster Hong Kong’s position as a “premier” financial centre and to stimulate “long-term economic growth”. 

CIMA’s policy framework aims to leverage Hong Kong’s status as an “international gateway”.  

The institute recommends the development of policies that underscore the city’s financial prowess and its role in global markets. 

The institute also called for a strategic approach that looks to the future, attracting businesses and finance professionals from the local, regional, and international spheres.  

To diversify the economy, CIMA proposed an Industrial Strategy that encompasses various sectors, including business, education, technology, and infrastructure. 

To aid businesses in strategic planning and resource allocation, CIMA suggested the creation of a “proportionate and predictable” regulatory environment.  

Addressing the global emphasis on sustainability, CIMA recommended that the Hong Kong Government should take the lead in establishing regulations and enforcement measures to prevent “greenwashing” and uphold “market integrity”, thereby boosting “public trust”.  

This is particularly pertinent as the city adopts the new HKFRS Sustainability Disclosure Standards, which are expected to encourage responsible business practices and contribute to equitable economic growth. 

Additionally, CIMA called for the broadening of the Continuing Education Fund (CEF) to encompass international professional qualifications and credentials, which would be accessible through digital platforms outside Hong Kong. 

To attract and retain international talent, CIMA recommended promoting Hong Kong as a desirable location for living and working, with an emphasis on career advancement, job stability, and a tax environment that supports a high standard of living.  

CIMA chief executive – Management Accounting Andrew Harding said: “Hong Kong stands at a defining moment to reimagine its future as a dynamic, purpose-driven global city. With global markets shifting and technology reshaping every industry, we believe the Government has a unique opportunity to position Hong Kong as a beacon of sustainable growth, digital innovation, and talent excellence.” 

Recently, AICPA and CIMA third quarter Economic Outlook Survey indicated a slight increase in optimism among business leaders in the US, with 34% expressing a positive outlook for the year ahead, up from 27% in the previous quarter.