CPA Australia: Two-thirds of accounting and finance professionals expect Greater Bay Area investment to surge
CPA Australia: Two-thirds of accounting and finance professionals expect Greater Bay Area investment to surge
Jumat, 23 September 2022 | 09:19
(from left to right) Eden Wong, CPA Australia President of the 2022 Greater China Divisional Council and Chair of the Financial Services Committee and Wilson Pang, Divisional Councillor in Greater China and Deputy Chair of the Greater Bay Area Committee at CPA Australia
HONG KONG SAR -
Media OutReach
- 22 September 2022 - Two-thirds of accounting and finance
professionals expect corporate investment in the Guangdong-Hong
Kong-Macao Greater Bay Area to surge in the next five years, a report
from leading global accounting body CPA Australia shows.
CPA Australia's report
Seizing Success and Connectivity in the GBA: Financial Services
found almost half of respondents expected green finance and carbon
trading will play a major part of their business' activities in the area
over the next five years.
CPA Australia surveyed 483 accounting and finance professionals and 17
policymakers, regulators and business leaders across the GBA cities for
the report.
CPA Australia President of the 2022 Greater China Divisional Council and Chair of the Financial Services Committee Eden Wongsaid the GBA was on a strategic mission to break new ground, which will lead to an influx of capital in the region.
"The GBA is one of the world's wealthiest megalopolises, with the
highest concentration of high-net-worth individuals in the world," he
said.
The potential minimum investable assets of wealthy families in
Guangdong, Hong Kong and Macao grew from an estimated US$365 billion in
2017 to US$415 billion in 2021.
"To capture these unprecedented opportunities, many corporates have
strategically planned to increase investments in the GBA in the next
five years," Wong said.
The report identifies six major influences on investments in the GBA over the next five years:
Corporate investment will grow
More active green finance and carbon trading activity
More efforts to improve capital flow openness
Digital payment technology adoption will enhance connectivity
More resources for talent availability
Closer collaboration among authorities
"Regulators have endeavoured to establish an ecosystem in Hong Kong to
guide and support companies towards the path of a low-carbon and
sustainable transition," Wong said.
"They have set a strategic framework and agenda for green and
sustainable finance and published guidance on sustainability-related
disclosures.
"Hong Kong may play a role as a super connector to link China's carbon
trading scheme with the rest of the world and set the GBA on a fast
track to improve the quality and efficiency of green and sustainable
finance. We suggest the authorities across the GBA cities explore the
possibility of establishing a unified carbon trading market to serve
both domestic and international investors."
More than one third of respondents said the openness of capital flow was
a key advantage for businesses operating in the GBA. "Cross-border
capital flow continues to grow and the use of the Renminbi in global
transactions is increasing," Wong said.
Businesses in the GBA are facing a global talent shortage. Respondents
said more resources for talent availability would drive positive
improvements over the next half a decade; seven in 10 called for more
policy support to tackle this issue.
Forty-one per cent of respondents nominated mutual recognition of
professional qualifications as the most critical factor to expand the
talent pool in the GBA.
"Talent availability is an indispensable part of success", Wilson Pang,
Divisional Councillor in Greater China and Deputy Chair of the Greater
Bay Area Committee at CPA Australia said.
Pang said there continued to be multiple accreditations for professional
qualifications across the GBA mainland cities and the Special
Administrative Regions.
"To dismantle this barrier and accelerate the movement of talent,
regulators and professional bodies should explore ways to simplify
accreditation processes and encourage young professionals to accumulate
practice experience by working in other GBA cities," Pang said.
"Policy makers, regulators and investors who contributed to our report
expressed the need to deepen future collaboration to tackle these
issues.
"Recently announced measures in the GBA cooperative zones encompassing
Qianhai, Hengqin and Nansha could encourage further cross-boundary
investments."
According to Pang, "Regulators and corporates across the GBA should make
a concerted effort to buttress the advantages in the region such as the
openness of capital flow and the high quality of financial
infrastructure."