Hong Kong’s gross domestic product (GDP) is expected to grow between 2.5 percent and 3.5 percent for the first quarter, maintaining moderate growth for a fifth consecutive quarter, Paul Chan, Hong Kong’s Financial Secretary, said on his blog. More than 800,000 tourists are expected to visit Hong Kong for China’s Labour Day holiday, he said, highlighting that more mega events will be held to boost the city’s economy.

“Investors and other stakeholders need sustainability reports and disclosures that are on par with the high-quality, decision-useful financial reports that accountants already deliver. To be future-fit, accountants must develop the right competencies to meet this need.”

 – Lee White, The International Federation of Accountants (IFAC) Chief Executive Officer. IFAC announced on 24 April its proposed changes to the International Education Standards that embed sustainability across aspiring professional accountants’ training. Key proposals include emphasizing working with experts and in multi-disciplinary teams; introducing key sustainability reporting concepts; referencing relevant sustainability reporting and assurance standards; and creating a new assurance competence area and learning outcomes.

Carlson Tong

The Hong Kong Exchanges and Clearing Limited (HKEX) appointed Carlson Tong as Chairman to succeed Laura Cha, who retires after a six-year term. Tong, an Institute member and former vice president, was chairman of KPMG China and Hong Kong from 2007 to 2011, before serving as chairman of the Securities and Futures Commission from 2012 to 2018.

200

The approximate number of physical virtual asset over-the-counter (OTC) outlets, including ATMs, accordng to the Hong Kong government, which plans to tighten regulations on OTC digital asset trading. In February, the government published its public consultation on legislative proposals, which suggests to include OTC trade under the jurisdiction of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

340,000

The number of small- and medium-sized enterprises (SME) in Hong Kong, according to the government. In April, the Hong Kong Monetary Authority launched a new SME information platform on its website providing information on SME lending services offered by 11 major banks, SME service hotlines and loan products. It comes as many Hongkongers travel to Mainland China, leaving local retailers and restaurants with fewer customers.

US$148 billion

Mainland China is expected to become the world’s largest personal luxury market, with a market size of US$148 billion in 2030, according a PwC report. The Mainland China and Hong Kong Luxury Market report shows that the global personal luxury market is recovering steadily and is expected to reach US$464 billion by 2025, and further increase to US$606 billion in 2030, growing at an average annual rate of 6 percent.

61%

The percentage of accounting and finance professionals who say that ESG is becoming increasingly important to their organization’s business model, according to research by the AICPA & CIMA. However, a gap remains between intent and practice. The Re-defining Finance for a Sustainable World white paper also found that 48 percent of accounting and finance professionals are currently measuring the impact of sustainable initiatives, and 45 percent are currently measuring the performance of these initiatives.