Hong Kong Chief Executive John Lee has unveiled the city's inaugural five-year economic development plan alongside the latest Policy Address. In response, EY's Greater China capital markets leader, Lou Qiliang, expressed approval, noting the government has adopted several of the firm's recommendations to channel more government and patient capital toward innovative enterprises, enabling them to leverage Hong Kong's capital markets for sustained expansion.
The move to streamline listing procedures and reduce compliance and administrative overhead, coupled with simplified prospectus disclosure requirements, is seen as a vital step. These enhancements not only bolster the competitiveness of the listing regime but also elevate Hong Kong's appeal to international investors, further cementing its status as a premier hub for cross-border fundraising and investment.
Cheung Bixian, EY's Managing Partner for Hong Kong and Macau, stated the team will continue collaborating with stakeholders to help the city seize opportunities arising from national development and global economic shifts. He noted the Policy Address measures align with EY's proposals, strengthening Hong Kong's international platform through high-value support in regulatory standards, compliance, and risk management, thereby amplifying its institutional and professional services influence.
Combined with initiatives to deepen the Mainland-overseas liaison task force and broaden international trade networks, these efforts will enable Hong Kong to effectively serve as the nation's "super-connector" and "super value-adder" in opening up, supporting businesses in capitalizing on opportunities within the Greater Bay Area and beyond.
Zheng Jieshen, EY's Tax Leader for Hong Kong and Macau, highlighted that the measures reflect a coordinated approach to economic transformation through industrial and tax policy. He drew parallels with EY's own advocacy for designating the Northern Metropolis as a pilot zone for industrial and fiscal innovation, using targeted tax incentives to nurture high-value-added and forward-looking sectors.
Lastly, Guan Wenjun, EY's Greater China Strategy and Transactions Leader, welcomed the government's more organized resource allocation to support strategic and high-quality emerging industries. He specifically referenced the "AI+" initiative, which includes optimizing the Digital Transformation Support Pilot Programme. This aligns with EY's recommendations and is expected to address current pain points for SMEs adopting artificial intelligence, ultimately sharpening their competitive edge.