Keynote Themed “Navigating Tomorrow: Strategic Pathways for Hong Kong's Future Evolution” Four Unique Advantages Leading to Artificial Intelligence Development Opportunities in Hong Kong

HONG KONG SAR - Media OutReach Newswire - 6 July 2024 - Accounting Development Foundation 15th Anniversary Conference was successfully held on 29 June 2024 at the Hong Kong Convention and Exhibition Centre, with 434 attendees marking a landmark event in the Accounting industry. The event themed "Navigating Tomorrow: Strategic Pathways for Hong Kong's Future Evolution", brought together an impressive array of experts from various industries, professions and high achievers for a day of knowledge-sharing and to discuss critical aspects of Hong Kong's trajectory. The conference was inaugurated by The Honourable Paul Chan Mo-po, GBM, GBS, MH, JP, The Financial Secretary of the HKSAR Government and founding Chairman of ADF, who delivered a keynote speech. He highlighted the development opportunities presented by artificial intelligence (AI), noting the role of government in guiding capital and leveraging market resources to create favorable conditions for AI applications across vertical and cross-industry sectors, thereby fostering a vibrant ecosystem. He emphasized that accountants' core functions and values, including professional judgment and ethical conduct, are irreplaceable by AI and rely on human experience, wisdom, conscience, and interpersonal communication. The Unstoppable Rise of AI Development and Hong Kong's Unique Opportunities Mr. Chan remarked, "Over the past two years, large language models have developed rapidly, and generative AI applications have surged explosively, transforming numerous industries. AI development and application worldwide are unstoppable forces. Every technological revolution brings initial pains but ultimately results in productivity gains and quality of life improvements." He asserted that AI development presents opportunities for Hong Kong, given its diverse economic structure and rich industries, enhancing socio-economic resilience against external factors and different economic cycles. Mr. Chan identified four unique advantages for AI development in Hong Kong. Firstly, Hong Kong has strong research capabilities and is home to top universities, scientific research institutions and talents. Secondly, The safe and orderly flow of mainland data to Hong Kong will allow Hong Kong to bring together mainland and international data and attract cutting-edge AI companies to settle there. Thirdly, The AI ​​technology applications provided by Hong Kong can support "cross-regional" scenarios, including scenarios in the Guangdong-Hong Kong-Macao Greater Bay Area and even the entire mainland, as well as international applications. Lastly, Hong Kong has a complete capital chain, from seed funds to support start-ups, to venture capital and the stock market. Honoured guests at the conference included Mr. Wang Songmiao, Secretary-General of Liaison Office of the Central People's Government in the HKSAR, Mr. Li Xuhong, Deputy Director-General of the Department of Administration and Finance of Liaison Office of the Central People's Government in the HKSAR and Prof. Lam Chi Yuen Nelson, JP, Director of Audit of the Government of the HKSAR. They engaged in insightful exchanges with members of the Accounting Development Foundation's board of directors and other guests. The keynote session "Navigating Tomorrow: Strategic pathways for Hong Kong's Future Evolution" featured three eminent speakers: Mrs. Betty Yuen, JP, Chairman of CLP Power Hong Kong Limited and former Chairman of the Hong Kong General Chamber of Commerce, Ms. Janey Lai, CEO and Executive Director of Accounting and Financial Reporting Council and Dr. William Yu, Founder and Chief Executive Officer of World Green Organisation. As an important business hub in the Asia-Pacific region, Hong Kong should increase cooperation with the mainland, the Middle East and other emerging markets to make Hong Kong a center for innovation and technology and drive the development of upstream, midstream and downstream industries. The green economy and climate change trends cannot be ignored and have become the focus of attention around the world. Companies will add sustainable ESG-related content to promote green finance, which requires the industry to work together to respond. The first panel session featured a Legislative Councillor from the accounting functional constituency Hon. Wong Chun Sek, Edmund, and Dr. Jacinto Tong, Vice Chairman and CEO of Gale Well Group Limited discussing several hot topics. Councillor Wong expressed support from the government to build Hong Kong into an international innovation and technology centre. For qualifying companies enjoying a special reduced tax rate will not reduce the government's tax revenue, but will rather promote and increase Hong Kong's overall revenue sources. Dr. Tong pointed out that the...