Greater Bay Area could provide new growth engine for Hong Kong accountants, industry body says

Sector has been hit hard by pandemic, with some firms freezing hiring, asking staff to take pay cuts and scrapping bonuses

Many companies in zone would like to hire city’s accountants because of their international experience and network, says Hong Kong Institute of Certified Public Accountants’ Raymond Cheng

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The Greater Bay Area shares Hong Kong’s culture and language, says Raymond Cheng Chung-ching, the president of Hong Kong Institute of Certified Public Accountants. Photo: AFP

Published: 8:15am, 8 Feb 2021Updated: 8:15am, 8 Feb 2021

The Greater Bay Area development zone can be a growth engine for Hong Kong accountants, according to the newly-elected president of their industry body.

The sector has been hit hard by the economic dislocation caused by the coronavirus pandemic, with some firms freezing hiring, asking staff to take pay cuts and scrapping bonuses. The Hong Kong Institute of Certified Public Accountants, which represents the city’s more than 46,000 accountants, has set up a committee to study how seminars, tours and other projects could help small firms and accountants grow their business in the Greater Bay Area.

“The Greater Bay Area shares Hong Kong’s culture and language. Many companies in the development zone would like to hire accountants from the city because of their international experience and network,” Raymond Cheng Chung-ching, the institute’s president, said.

The city’s accountants could benefit from Beijing’s push to integrate Hong Kong with the other cities in the development zone. On Friday, the city’s bourse operator was given the go-ahead to invest in the newly set up Guangzhou Futures Exchange. The same day, regulators also signed a memorandum of understanding to prepare rules for the soon-to-be launched Wealth Management Connect scheme.

Moreover, China’s top banking regulator vowed last month to open up the zone to Hong Kong companies in general. “We will provide greater market access to firms from Hong Kong to facilitate their development,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told a online forum in Hong Kong.

Raymond Cheng, the Hong Kong Institute of Certified Public Accountants’ newly-elected president. Photo: Handout

Cheng said opportunities in the development zone were important for Hong Kong’s accountants because of the city’s economic crisis, and that they could easily provide non audit services in the Greater Bay Area.

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