Greater Bay Area development to create steady demand for accounting professionals, ACCA boss says
- International accounting guild ACCA says its mainland China membership grew by 20 per cent over the last five years to 29,000
- The number of accountants in Hong Kong is expected to grow after remaining flat over the last few years as business picks up in the post-Covid era, a lawmaker says
The demand for accounting professionals in mainland China has been steadily rising over the past few years, and is only expected to increase further with the development of the Greater Bay Area, according to industry experts.
ACCA, an international accounting body, said its membership numbers in mainland China had increased by 20 per cent to 29,000 in the five years to March 2022, representing 12 per cent of its global total of 241,000.
There are another 169,000 prospective members on the mainland in the form of those studying to qualify as accountants.
“We have seen the demand for accountants rising across China to meet business growth goals, especially post-Covid, following the hiring backlog created by the pandemic,” said Helen Brand, the CEO of ACCA, in an interview with the Post during a recent visit to Hong Kong.
She expects the ACCA’s overall membership to hit the 250,000 mark this year as more accountants qualify in China.
“We are very optimistic for the next few years,” she said, adding that businesses have galvanised after the pandemic, creating a demand for professional accountants.
The increased demand is not only in traditional financial reporting and auditing, but also for specialists in ESG (environmental, social and governance) to help companies comply with auditing and investment requirements.
ACCA’s association with Hong Kong goes back to 1950, when it set up a local chapter in the city. One of its most well-known members is Financial Secretary Paul Chan Mo-po. It also has offices in the Greater Bay Area cities of Guangzhou and Shenzhen.
ACCA is one of the 38 accounting bodies that formed an alliance in Hong Kong on May 20 to arrange more exchange activities between members. Some of the other members of the alliance include the Hong Kong Institute of Certified Public Accountants (HKICPA), CPA Australia as well as accounting bodies from the US, UK and Greater Bay Area cities.
06:19
High hopes for China’s Greater Bay Area, but integrating 11 cities will pose challenges
The Greater Bay Area, which comprises Hong Kong, Macau and nine cities in the southern Guangdong province, now has an economy comparable in size to Italy’s, Chan said last Saturday. The combined gross domestic product (GDP) of the region was close to US$2 trillion in 2022, up 25 per cent from US$1.65 trillion in 2019.
Brand agreed the Greater Bay Area will be a growth engine for China’s economy and hence will see a demand for accountants. The ACCA in 2019 set up a regional advisory board for its members to share their experience with government officials on how to further develop the area into a world-class mega-city cluster.
The number of accountants in China increased during the pandemic because the mainland had better control over the outbreak than other markets, said Edmund Wong Chun-sek, who represents the accountancy constituency in Hong Kong’s legislature.
The membership of the HKICPA has remained flat in recent years at around 47,000, as some members have migrated to other countries, said Wong, an accountant and member of the HKICPA.
“However, the number of accountants in Hong Kong is expected to grow further in coming years as a result of the resumption of normal business activities after Covid restrictions were removed in the first quarter,” Wong said.
In March, he urged the Hong Kong government to lobby Beijing to introduce a special examination focusing on accounting-related regulations and tax matters relevant to the Greater Bay Area for accountants from the city.
This, he said, would give Hong Kong professionals a better chance to attain the qualification needed to work there.
“If Hong Kong accountants could have the qualifications to work in the Greater Bay Area, it will encourage more youth to join the Hong Kong accounting industry,” Wong said.
