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Financial and Monetary Affairs

The resolution authorities will continue to develop resolution planning and the associated standards for financial institutions in order to improve the resolvability of financial institutions such that, in the event of a financial institution's non-viability, resolution may take place in an orderly manner. This work would support the operation of the resolution regime in Hong Kong, which would in turn contribute to financial stability.

Professional Accountancy

The professional accountancy sector is mainly registered and regulated under the Professional Accountants Ordinance.

Statistics on Certified Public Accountants (CPAs), CPA Firms and Corporate Practices

2018

2019

2020

Total number of CPAs

Number of practising CPAs

Number of practising CPA firms

Number of corporate practices

43,585

44,794

46,562

4,869

4,991

5,093

1,288

1,270

1,282

591

611

647

The issuance of the Hong Kong Financial Reporting Standards by the Hong Kong Institute of Certified Public Accountants, which apply the International Financial Reporting Standards, is beneficial to Hong Kong because international investors and financial analysts are well acquainted with these standards.

Support Measures to Alleviate Impact of COVID-19

The government introduced various measures to mitigate the impact of COVID-19, including:

• The Fintech Anti-epidemic Scheme for Talent Development was launched in July to provide eligible companies a 12-month salary subsidy of $10,000 per month for up to 1,000 full-time positions. By 31 December, some 720 applications had been received, and more than 550 applications had been approved.

• The Financial Industry Recruitment Scheme for Tomorrow aims to create 1,500 full-time jobs for the financial services sector by providing a salary subsidy of up to $10,000 per month for each eligible new full-time position for 12 months. The scheme was launched in September, and all 1,500 positions had been successfully applied for by eligible employers by December.

• Subsidies amounting to $95.12 million under the Anti-epidemic Fund were granted to 763 institutes and 30,166 practitioners in the securities industry and precious metals trading industry.

In February, temporary measures were introduced so that transactions of certain protective insurance products could take place without face-to-face interactions. As at 31 December, some 26,500 policies attracting total annualised premiums of about $360 million had been sold in this way through the use of technology.

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