Jack Chan: Working with the Government to “go global” and open up new horizons for professional service industries

Jack Chan, Representative of the Hong Kong Institute of Certified Public Accountants, notes that as Hong Kong is an international financial centre in its own right, many of the territory’s professional qualifications in areas such as accounting and law are internationally recognized in global capital markets. Hong Kong is able to rely on strong support from the Mainland and does not suffer from barriers in terms of language and other areas. Chan points out that over the last five years, around 70% of both Mainland businesses “going global” and foreign investment headed for the Mainland went through Hong Kong, demonstrating the vital importance of Hong Kong.

Chan notes that Hong Kong has served as the gateway to China since the 1990s or even the 1980s, helping to bring foreign investment and overseas Chinese businesses into the country; and since President Xi Jinping proposed the B&R initiative, the pace at which Chinese companies are “going global” has only increased. Chan explains that professionals in Hong Kong play a vital role both in terms of “bringing resources in” and “going global”, and are able to provide a range of services that cater to diverse client needs. He stresses that while Hong Kong is part of the “big picture” in terms of China’s overall development, it must also demonstrate that it has an irreplaceable position and unique advantages. As high-end professional services are Hong Kong’s greatest strength, Chan is convinced that the industry will continue to open up new horizons in the future.