Financial and Monetary Affairs | 87
In the accounting sector, the Hong Kong Institute of Certified Public Accountants. (HKICPA) and the Chinese Institute of Certified Public Accountants have implemented an agreement signed by the Government and the Mainland's Ministry of Finance in August 2004 regarding the exemption of professional examination papers of the two institutes' qualification programmes. Other liberalisation measures are also in force to facilitate Hong Kong accountants and accounting firms in establishing their business presence on the Mainland. For example, under CEPA III, which took effect from January 1, 2006, the validity period of Hong Kong accounting firms' Mainland 'Provisional Licence for the Performance of Audit-related Services' is extended from
one to two years.
Economic Summit on 'China's 11th Five-Year Plan and the Development of Hong Kong
The Economic Summit on 'China's 11th Five-Year Plan and the Development of Hong Kong' was convened in September 2006 to provide a platform for the Government, the industrial and business, professional, labour and academic sectors to discuss how Hong Kong should respond to the challenges and opportunities arising from the 11th Five-Year Plan and to come up with a set of strategic proposals.
Four Focus Groups were set up under the Economic Summit. The Focus Group on Financial Services was formed to discuss the financial development strategy for Hong Kong in response to the 11th Five-Year Plan, with an aim to enhance the status of Hong Kong as an international financial centre. In this connection, three sub- groups have been set up to study (a) further development of Hong Kong's local securities market, (b) further development of Hong Kong's foreign exchange, futures and commodities trading and (c) further development of the insurance and reinsurance industries in Hong Kong and the Mainland, and measures to strengthen Hong Kong's position as an international asset management centre.
The Focus Group on Professional Services, Information & Technology and Tourism. conducted an in-depth examination of the specific issues raised at the Economic Summit, including how Hong Kong should strive to attain a leading position globally in professional services. The Sub-group on Professional Services recommended a number of strategic proposals with respect to the accountancy profession, aiming at maintaining Hong Kong's influence in the international professional arena and enhancing cooperation and exchange between the accountancy professions on the Mainland and in Hong Kong. The Administration and the HKICPA will proactively follow up.
Pan-Pearl River Delta Cooperation
On March 23, the Government organised the Pan-Pearl River Delta (Pan-PRD) Financial Services Forum to enable leaders and entrepreneurs from the Pan-PRD Region to gain a better understanding of Hong Kong's financing and investment services, and encourage them to use Hong Kong as the capital formation and investment platform. More than 600 officials from the Pan-PRD Region and the Central Government agencies, entrepreneurs and key players in the financial services sector came to Hong Kong to attend the forum.