Hong Kong Urged To Continue Reforms To Maintain International Status

According to Odaily, the Australian Society of CPAs has urged the Hong Kong government to continue its reform efforts in the upcoming policy address to maintain the city's international standing. Yip Wan-kai, President of the Greater China Division of the Australian Society of CPAs for 2024, emphasized the need to enhance the diversity of exchange-traded funds (ETFs) to boost trading activities. Additionally, the Hong Kong government should consider providing more comprehensive information to help the public understand complex concepts such as digital assets. To establish Hong Kong as a leading region for Web 3 and virtual assets, the Australian Society of CPAs recommended that the government consider integrating the development and regulation of these technologies into a dedicated Web 3 development task force. In furthering Hong Kong's development as an international innovation and technology hub, the society suggested that the government should contemplate the need for comprehensive regulations to oversee the safe use of artificial intelligence (AI). These regulations should be based on either a risk-based or rule-based approach. The society also proposed that the policy address include measures to support small and medium-sized enterprises (SMEs) in adopting AI solutions, rapidly advancing technology, enhancing network flexibility, and improving employees' digital skills.