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Debjani Ghosh, who leads Anthropic’s operations and policy engagement in India, said the scale of adoption by developers, enterprises and start-ups has placed the country just behind the United States in terms of usage and integration of Claude’s models. She described India as a “strategic growth engine” for the company, citing strong demand from sectors including financial services, healthcare, education and software development.

Anthropic, founded in 2021 by siblings Dario Amodei and Daniela Amodei, has positioned Claude as a competitor to models from OpenAI and Google. The company has attracted substantial backing from Amazon and Google, with Amazon committing up to $4 billion as part of a strategic partnership to integrate Claude into Amazon Web Services infrastructure. The funding has enabled Anthropic to expand globally, with India becoming a focal point due to its developer base and digital economy.

India’s prominence in the AI adoption cycle reflects broader structural factors. The country has one of the world’s largest pools of software engineers, a fast-growing start-up ecosystem, and a government push towards digital public infrastructure. Enterprises across banking and fintech have begun embedding generative AI tools to automate compliance checks, summarise documents and enhance customer interaction. In healthcare, pilot projects are under way to use AI systems for clinical documentation and triage support, while education technology platforms are deploying AI-driven tutoring tools.

Ghosh indicated that India’s market dynamics differ from those of Western economies. Cost sensitivity and the need for scalable deployment across diverse languages and devices have shaped how enterprises experiment with large language models. Claude’s emphasis on constitutional AI — a framework designed to make outputs safer and more aligned with human values — has resonated with corporate clients concerned about regulatory risk and reputational exposure.

Regulatory considerations are central to the AI conversation in India. The Ministry of Electronics and Information Technology has signalled its intent to craft a framework that balances innovation with safeguards against misinformation, bias and misuse. While India has not enacted a standalone AI law, policy discussions have intensified around data governance and algorithmic accountability. Companies operating in the country must also comply with the Digital Personal Data Protection Act, which imposes obligations on data fiduciaries and processors.

Industry analysts note that India’s large English-speaking population has historically accelerated the adoption of global technology platforms. However, the next phase of growth in AI is expected to depend on multilingual capabilities. Claude’s ability to handle multiple languages is seen as an advantage in a country with 22 constitutionally recognised languages and hundreds of dialects. Developers are increasingly testing generative models for vernacular content generation and customer support.

Competition in the Indian market is intensifying. OpenAI’s ChatGPT has built a strong user base, while Google has integrated its Gemini models into productivity tools and cloud services. Domestic start-ups are also entering the field, building foundation models trained on local datasets. Analysts say that enterprise adoption, rather than consumer usage alone, will determine long-term market leadership.

Anthropic’s expansion strategy in India includes partnerships with cloud providers and enterprise software companies. By leveraging Amazon Web Services’ presence in major Indian cities, Claude is being offered as part of broader digital transformation packages. Ghosh emphasised that collaboration with academic institutions and start-up incubators is another priority, with the aim of fostering responsible AI research and skills development.

The rapid uptake of generative AI has also raised concerns. Experts warn of the risks of hallucinations, data leakage and overreliance on automated systems. In financial services, regulators have cautioned against using AI outputs without human oversight. Cybersecurity specialists highlight the potential for AI tools to be misused for phishing or deepfake generation. Anthropic has sought to address such issues by embedding guardrails into its models and conducting external safety evaluations.

China’s Z. ai has propelled its artificial intelligence ambitions into the global spotlight with the launch of GLM-5, a 744-billion-parameter open-source large language model that stands toe-to-toe with leading Western counterparts and underscores Beijing’s drive for technological self-sufficiency. Released on 11 February by the company formerly known as Zhipu AI, GLM-5 combines advanced architecture with broad hardware compatibility and permissive licensing, signalling a shift in the global AI landscape.

The GLM-5 model, built on a mixture-of-experts framework and trained on an expanded dataset of roughly 28.5 trillion tokens, is designed for multifaceted tasks including coding, reasoning and agentic operations. Z. ai reports that the model’s performance on internal benchmarks approaches that of leading proprietary systems such as Anthropic’s Claude Opus 4.5, and on certain tests it outperforms Google’s Gemini 3 Pro. Its permissive MIT licence allows unrestricted commercial use and adaptation, making GLM-5 one of the most accessible frontier AI models available to developers and enterprises worldwide.

A standout feature of GLM-5 is its independence from American semiconductor technology. Trained and deployable on domestic Chinese chips from manufacturers like Huawei Ascend, Moore Threads, Cambricon and Kunlunxin, the model sidesteps reliance on high-end Nvidia GPUs that are constrained under US export controls. Z. ai’s use of the MindSpore AI framework further embeds the model within a Chinese software ecosystem, emphasising self-reliant technological development. This strategy exemplifies a broader push within China’s AI sector to mitigate the impact of external trade restrictions and build robust, locally supported infrastructures.

Market reception underscored the impact of GLM-5’s launch: Z. ai’s shares surged nearly 29 per cent on the Hong Kong Stock Exchange following the announcement, reflecting investor optimism about the company’s competitiveness and growth prospects. Industry analysts note that GLM-5’s arrival comes amid an acceleration of model releases and chip optimisation efforts by several Chinese AI firms, signalling more intense competition on both domestic and international fronts.

Benchmarks published by Z. ai highlight GLM-5’s strengths and limitations. On software engineering evaluations, the model achieved a score of 77.8 per cent on the widely referenced SWE-bench Verified suite, trailing slightly behind Claude Opus 4.5’s 80.9 per cent but outperforming other notable systems in agentic and multitask contexts. The architecture’s efficient handling of long-context sequences—up to 200 000 tokens—positions GLM-5 for applications requiring extensive reasoning over lengthy inputs.

GLM-5’s low cost of deployment also enhances its appeal. Analyses of pricing data suggest inference can cost around US $1 per million tokens, a fraction of the fees charged by some proprietary APIs, potentially lowering barriers for startups and research teams seeking cutting-edge language modelling without prohibitive expenditure. The MIT licence further expands this accessibility by granting broad rights to adapt and deploy the underlying model weights in commercial and research settings.

Despite its technical achievements and open licensing, experts caution against over-interpretation of benchmark results as definitive proof of superiority. Performance under controlled test conditions does not always translate to uniformly strong real-world applications, particularly in generative and reasoning tasks where robustness and safety remain critical hurdles. Some observers also warn that differences between self-reported evaluations and independent assessments could emerge as the model is adopted more widely.

GLM-5’s emergence reflects broader trends within China’s AI ecosystem, where domestic firms and chipmakers are increasingly synchronised in advancing cutting-edge technologies. Industry developments suggest that model and hardware optimisation efforts are happening in near tandem, with architecture adaptations and inference support enabling faster incorporation of new Chinese semiconductor products. These developments sit against a backdrop of regulatory frameworks that increasingly emphasise the alignment of AI systems with government objectives, including content governance and cybersecurity considerations.

• Connecting China and global markets to power growth
• Strengthening Hong Kong as a global trade and wealth hub
• Diversifying the economy and boosting workforce competitiveness
• Raising living standards for a healthier and liveable city

Connecting China with global markets and powering Hong Kong’s future economic engine

CPA Australia emphasises that Hong Kong must reinforce its position as the premier gateway connecting China with global markets. As China’s 15^th Five Year Plan places greater focus on high-quality opening up, Hong Kong is uniquely positioned to help Chinese enterprises expand overseas while attracting foreign direct investment into the Mainland through Hong Kong. Strengthening this gateway function will be critical to driving the city’s next phase of economic growth.

Mr Anthony Lau, Co-Chair of CPA Australia’s Greater China Taxation Committee stated,

“Developing a unified and coherent tax incentive framework for Corporate Treasury Centres (CTC) and regional headquarters (RHQ) would further strengthen Hong Kong’s appeal as a base for multinational operations. In addition, the effectiveness of re-domiciliation has attracted many overseas companies to move their legal domicile to Hong Kong. As there is no clear guidance on whether re-domiciliation will trigger Mainland tax liabilities and tax reporting obligations, we recommend the Hong Kong Government engages with the Mainland tax authorities to clarify that no actual transfer of assets occurs during the process, and therefore no Mainland tax should arise.”

“We also recommend advancing market connectivity measures such as allowing a tax deduction specifically for IPO-related expenses for companies that list on the Main Board of the HKEX, and continuing to enhance existing cross boundary financial mechanisms such as introducing an IPO Connect scheme.”

A streamlined approach would reduce complexity, improve tax certainty and encourage overseas and Mainland enterprises to centralise management, financing and strategic functions in Hong Kong.

CPA Australia also highlights the importance of positioning the Northern Metropolis as a flagship cross‑border innovation zone that will drive Hong Kong’s future growth. Mr Lau said, “To support the infrastructure development, we suggest the Government adopts forward‑looking financing tools that ease pressure on public finances. These may include issuing bonds targeted at with an estimate amount for example USD2 billion at different maturity to international investors, and providing a tax exemption for bond holders on interest income and trading profits derived from bonds issued for Northern Metropolis infrastructure projects, whether issued by the government or the private sector.

“To attract leading innovation and technology enterprises to the zone, we further recommend broadening the scope of qualifying R&D expenditures to include activities outsourced to related parties based and operating in other cities within Greater Bay Area. This reflects the increasingly integrated nature of cross boundary innovation and supply chains.”

Strengthening Hong Kong as a global trade centre and a hub for wealth retention

Hong Kong’s long‑standing role as a free, open and trusted trading and financial gateway remains central to its international relevance.

Ms Karina Wong, Deputy Chair of the Greater China Taxation Committee said, “Hong Kong should build on its unique status as a global trading centre by strengthening the free trade port regime and expanding support for high-value commodity trading, which would help diversify the city’s economic base and enhance market depth. Qualifying commodity items such as silver and rare-earth materials remain outside the current scope, the qualifying list needs to be reviewed regularly, with sufficient legislative flexibility, to ensure timely updates in response to market developments. The Government could also consider whether the scope should extend beyond physical trades and incidental income to cover derivative driven transactions, which form a significant part of global commodities activity.”

A stronger family office ecosystem is central to reinforcing Hong Kong’s role as Asia’s preferred hub for wealth management and succession planning. “We recommend introducing a preferential 8.25 per cent profits tax rate for Single Family Office, Multi Family Offices (MFOs) and fund managers to enhance Hong Kong’s competitiveness relative to other regional wealth management centres.

“Aligning the permissible investment asset classes under the family office tax concession regime with those under the Capital Investment Entrant Scheme (CIES) would also streamline operations, provide greater investment flexibility and further strengthen Hong Kong’s appeal among global wealth owners managing long term capital,” added Ms Wong.

Modernising Hong Kong’s philanthropy framework would encourage a more caring and compassionate community and strengthen the city’s appeal to long-term capital. “The generous donations supporting residents and the reconstruction of Wang Fuk Court show that Hong Kong is a caring city. To encourage greater philanthropic participation, we suggestremoving the current 35 per cent cap on cash donation deductions and allowing a full 100 per cent deduction, while introducing a 300 per cent enhanced deduction for contributions to designated funds, such as the Community Care Fund and Disaster Relief Fund. This would direct more resources toward areas of social need.

“These reforms will strengthen Hong Kong’s ecosystem for trade, wealth management and philanthropy, helping the city attract and retain long term capital and strengthen Hong Kong’s competitive edge,” Ms Wong said.

Diversifying the economy and enhancing workforce competitiveness

As advanced economies accelerate digital transformation and adopt emerging technologies, Hong Kong’s long-term competitiveness will depend on the city’s ability to scale innovation, raise productivity and strengthen the capacity of its workforce and enterprises.

“We propose to relaunch a revamped Technology Voucher Programme to help businesses, in particular SMEs, accelerate digitalisation and adopt artificial intelligence (AI) solutions that enhance efficiency and competitiveness.

“Strengthening R&D related tax incentives is equally important in driving innovation, therefore we propose increasing the cap for the highest rate of the R&D super tax deduction by raising the threshold for the 300 per cent deduction on qualifying R&D expenditure from HK$2 million to HK$4 million.” said Mr Janssen Chan, Co‑Chairperson of CPA Australia’s Greater China Taxation Committee.

SMEs remain the backbone of Hong Kong’s economy, yet many continue to face cost pressures and increasing competition.

“We recommend raising the cap under the two-tier profits tax regime for concessional 8.25 per cent half-rate from HK$2 million to HK$4 million of assessable profits. Extending the SME Financing Guarantee Scheme beyond March 2026 is another move that would ease operating pressures for smaller businesses and encourage reinvestment,” added Mr Chan.

By raising the two-tier profits tax cap, extending financing support and retooling tech programmes for AI adoption, the Government can give SMEs the room to grow and strengthen their long-term resilience.

Raising living standards and building a healthier and more liveable city

Mr Adam Chiu, member of the Greater China Taxation Committee, said the Budget should introduce targeted tax and subsidy measures that deliver practical support to households while encouraging healthier and more productive lifestyles.

“To provide direct relief to taxpayers, we recommend maintaining the 100 per cent salaries tax rebate on the 2025/26 final salaries tax, capped at HK$6,000. This would help offset rising living costs and support disposable income, particularly for middle‑income earners. We also propose introducing a tax deduction of up to HK$60,000 for working families who employ domestic helpers specifically to care for children, elderly family members or persons with special care needs. This would help ease caregiving pressures, support labour‑force participation.” Mr Chiu said.

He added that lifelong learning and skills upgrading are increasingly important in a rapidly evolving economy. “To enable individuals to undertake more advanced or specialised training, including in emerging areas such as AI, we recommend increasing the subsidy ceiling under the Continuing Education Fund to HK$30,000 per eligible applicant, and increasing the cap on the self-education tax deduction to HK$150,000 per year. To promote physical wellbeing, we also propose a tax deduction of up to HK$2,000 for sports‑related expenses.”

“By supporting working families, encouraging lifelong learning and promoting healthier lifestyles, these measures can collectively enhance quality of life and help build a more resilient and inclusive Hong Kong,” Mr Chiu said.

CPA Australia believes these recommendations will strengthen Hong Kong’s ability to engage more effectively with global markets, enhance its competitiveness as an international financial and business hub, and improve quality of life for residents. Taken together, these measures will help ensure Hong Kong is well positioned for a more sustainable, innovation driven and inclusive future.

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About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 176,000 members in over 100 countries and regions, including more than 22,500 members in Greater China. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on issues affecting the accounting profession and the public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au