Government programmes like the Capital Investment Entrant Scheme (CIES) are opening opportunities for accountants to mitigate the negative effects of weak capital market sentiment, noted Cliff Ip Wang-hoi, CPA Australia’s Greater China president. Speaking at a media event, Ip, also a partner at Wings Capital, revealed plans with other family offices to establish a Hong Kong-based fund targeting USD100m, focusing on private credit. This initiative follows the city’s receipt of 339 CIES applications from its March launch to June end. Despite increased scrutiny of major accounting firms in China, Ip observed no trend toward reduced audit fees. Instead, accountants are expanding into advisory roles, leveraging data and AI to assist clients across various sectors, including environmental, social, and governance reporting, crucial for disclosing carbon emissions in supply chains.