Unique Role of HK Accountants in China

China has been developing very fast in various aspects these years, and lots of industries in Hong Kong benefit by developing businesses in the mainland. Nowadays, most accounting professionals have to work in the mainland, and opportunities for career developments are huge.

In the ACCA Annual Conference 2010 held in June this year, accounting and finance professionals from Hong Kong and the mainland shared insights on the theme “Accounting & Finance Professionals in China 2020”. A total of 15 experts and leaders from major corporations and academic institutions shared insider views on challenges to be faced by accounting and finance professionals working in the mainland, how professionals should further equip to help expand companies’ businesses, and opportunities arising from the rapid development in the mainland.

Unique Role of HK
Charles Li, Chief Executive, Hong Kong Exchanges & Clearing Limited, commented in the officiating speech that Hong Kong has a unique role in contributing to the success of mainland China. For example, in internationalization of RMB, Hong Kong certainly has an irreplaceable role to play. Hence, the role of accounting professionals in Hong Kong is very important. Li pointed out that the “integrity, intellectual ability and industrial work ethics are principles that accounting practitioners in Hong Kong should embody.”

Professional Attitude
With so much unexpected changes in the global financial market in recent years, working in banking, finance and accounting fields is not an easy job. The market demands a positive and resilient working attitude of accounting professionals, no matter they are to work in Hong Kong or mainland China.

When discussing about the difficulties of accounting and finance professionals working in the mainland, all speakers agree that professional skills and attitude are more important than relationship which is considered essential in working in the mainland. Wang Xiao-bin, Executive Director and Chief Financial Officer, China Resources Power Holdings Co., Ltd, also advised practitioners to add value to their corporations. “Transparency, for example, is an added value. It is also an intangible asset.”

Developments in Mainland
Another speaker, Wilson Cheng, Executive Director, Financial Controller and Company Secretary, Xinao Gas Holdings Limited, commented that the demand for accounting professionals is high nowadays. “Working in mainland China is necessary for most accounting practitioners. If you are not prepared to work there, your career advancement may be limited.” He added that both technical knowledge and communication skills are important, and advised practitioners to learn how to bring their strengths into full play in their career.

Some people speculate that Hong Kong will be marginalized by other cities in mainland China. As Charles Li said that with the unique system – free market, political and economic environment, Hong Kong can explore opportunities to share the future developments in the mainland instead of competing with mainland cities. “In this way, the next ten years will be more important than the last 20 years of success in Hong Kong.” Possessing professional knowledge and adhering to work ethics, accounting practitioners can continue to contribute to the success of banking and finance sector in Hong Kong, as well as the developments in mainland China.

Photo source: ACCA