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During the summit, Chen Qu was invited to attend the “AI Empowers Great Health Closed-door Forum”. Together with many authoritative experts including Academician Zhang Yuanting of the International Academy of Medical and Biological Engineering and Academician Ding Xianping of the Russian Academy of Natural Sciences, as well as representatives from hospitals, biopharmaceutical enterprises, investment institutions and industry associations, she focused on the integration of “industry, academia, research and investment”, and explored the innovative applications and industrial implementation paths of AI in the field of medical and health care.

At the meeting, Chen Qu, Deputy General Manager of Tecsun Science and Technology, delivered a keynote speech titled “AI Reconstructs a New Era of Medical Data”. She pointed out that hospitals are currently facing common pain points such as a proliferation of systems and data silos. Driven by the convergence of policy impetus, technological trends and the demand for reform amid inefficient business operations, Tecsun Science and Technology has built a full-link closed loop covering data collection, governance, service and intelligent application by constructing the “1+3+N” data base and integrating multimodal data lakes, large models and AI capabilities. This helps hospitals improve clinical efficiency, realize intelligent management and scientific research innovation, and promote the efficient achievement of policy goals such as electronic medical record rating and interconnection evaluation.

In the award ceremony, Tecsun Science and Technology was awarded the title of “2025 Artificial Intelligence Innovation Benchmark Enterprise” for its outstanding performance in AI technology research and development, scenario implementation and industrial empowerment. This is not only a recognition of the company’s technological innovation strength, but also a full affirmation of its practical value in promoting the integration of AI and people’s livelihood services by the industry.

This summit focused on cutting-edge trends and industrial implementation, highlighting the key role of scenario innovation in AI development. As a digital service provider for people’s livelihood services, Tecsun Science and Technology will continue to cooperate with AIIA and industry partners, deepen the exploration of “artificial intelligence + people’s livelihood services”, continuously optimize model capabilities, strengthen the implementation of AI scenario applications, and make sustained contributions to the construction of the artificial intelligence industry innovation ecosystem.
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Energy cooperation between India and Bhutan has moved into a sharper operational phase, with both governments signalling alignment on stalled hydropower projects, new transmission corridors and a longer-term framework for electricity trade that underpins Bhutan’s public finances and supports India’s clean-energy transition.

Officials from the two sides held detailed consultations this week focused on accelerating work at the Punatsangchhu hydropower complex and reviving momentum on the long-discussed Sankosh project, while also reviewing cross-border transmission upgrades needed to evacuate power to the Indian grid. The talks came against the backdrop of rising electricity demand in eastern and northern India and Bhutan’s dependence on hydropower exports for fiscal stability.

The centrepiece remains the Punatsangchhu projects on the Punatsangchhu river, split into two plants. Punatsangchhu-I, designed for 1,200 MW, has faced prolonged delays following geological surprises that required major redesign of the dam structure and stabilisation of slopes. Officials familiar with the discussions said construction schedules are now being re-sequenced, with civil works and electro-mechanical installations aligned to a phased commissioning plan rather than a single completion date. Punatsangchhu-II, with a capacity of 1,020 MW, is at a more advanced stage, and planners are focusing on synchronising turbine commissioning with downstream transmission readiness.

Attention has also returned to the Sankosh Hydroelectric Project, a 2,560-MW venture long seen as a potential game-changer for Bhutan’s export capacity. Earlier hesitations over cost, resettlement and environmental impacts had pushed the project into limbo. The latest exchanges indicate a renewed willingness to revisit the detailed project report, reassess financing structures and examine whether a modular execution approach could reduce upfront risks. For Bhutan, Sankosh represents scale and revenue predictability; for India, it offers a large block of firm renewable power that complements solar and wind additions.

Beyond generation, transmission infrastructure featured prominently. Power evacuation from central and western Bhutan requires high-capacity lines linking to India’s eastern grid, where load centres are expanding. Officials reviewed progress on new substations and high-voltage corridors, with an emphasis on synchronising completion timelines to avoid stranded generation. Grid planners also discussed redundancy and resilience, reflecting lessons from weather-related disruptions and the need for stable cross-border flows during peak demand periods.

The partnership rests on an established model in which Indian public sector utilities assist with project execution and financing, while Bhutan retains ownership and earns export revenue. Hydropower accounts for a significant share of Bhutan’s gross domestic product and exports, making timely commissioning critical for debt servicing and social spending. Delays at Punatsangchhu have weighed on fiscal projections, prompting a stronger push for resolution.

For India, the engagement fits into a broader regional energy strategy. Hydropower imports from Bhutan provide dispatchable renewable electricity that balances variable solar output, particularly during evening peaks. Policymakers view this as complementary to domestic clean-energy targets and as a stabilising factor for grid operations. Electricity trade with Bhutan also aligns with New Delhi’s neighbourhood-first approach, where infrastructure and energy ties reinforce diplomatic relations.

Technical experts involved in the discussions highlighted the importance of geotechnical due diligence and adaptive engineering, especially in Himalayan terrain prone to landslides and seismic activity. Updated monitoring systems, revised dam designs and contingency buffers are being incorporated to mitigate risks that previously caused setbacks. Financing terms are also under review to manage cost escalations without overburdening Bhutan’s balance sheet.

Commercial arrangements formed another strand of the talks. Officials examined tariff structures, power purchase agreements and the scope for longer-tenure contracts that provide revenue certainty. There was also discussion on integrating future Bhutanese hydropower into emerging regional electricity markets, which could eventually allow surplus power to be traded beyond bilateral arrangements, subject to regulatory clearances.

Cochin International Airport Ltd has begun the procurement process for hydrogen fuel cell electric buses, positioning the Kochi hub to operate what is being described by officials as the country’s first airport-based fleet powered entirely by hydrogen. The move places ground transport at the airport within a wider transition to low-emission mobility and aligns with Kerala’s push to build a hydrogen ecosystem tied to national climate and energy goals.

The plan covers the purchase and operation of three hydrogen fuel cell buses to handle airside passenger movement, a segment traditionally dominated by diesel vehicles. Airport authorities say the buses will be deployed on routes linking terminals and remote aircraft bays, where stop-start driving and idling make emissions reductions particularly challenging. The project is being executed by Cochin International Airport through its airport operating company, which has already gained global attention for running entirely on solar power.

The initiative forms part of the Kerala Hydrogen Valley programme, a state-led framework intended to aggregate demand, anchor pilot projects and attract private investment into hydrogen production, storage and end-use. State officials describe the airport deployment as a visible demonstration use case that can validate hydrogen technology in public transport settings and reduce perceived risk for other operators. The hydrogen valley concept is designed to link generation from renewable sources with consumers such as mobility providers, ports and industrial users, building scale over time rather than relying on isolated pilots.

At the national level, the project sits under the National Green Hydrogen Mission, which targets the creation of a domestic hydrogen market and seeks to lower the cost of green hydrogen through incentives, demand aggregation and infrastructure support. The mission, backed by the Government of India, prioritises applications where hydrogen can displace fossil fuels in hard-to-abate sectors, including transport, fertilisers and refining. Aviation ground operations have emerged as a promising niche because fleets are centrally managed and refuelling can be controlled within secure perimeters.

Airport officials say the buses under procurement will be fuel cell electric vehicles, generating electricity onboard through a chemical reaction between hydrogen and oxygen, with water vapour as the only tailpipe emission. Compared with battery-electric buses, hydrogen vehicles offer faster refuelling and longer range, features considered important for continuous airport operations. The buses will require dedicated refuelling infrastructure within the airport campus, and plans include on-site safety systems and training for personnel handling hydrogen.

Industry analysts note that hydrogen mobility in the country remains at an early stage, with high vehicle costs and limited refuelling networks acting as constraints. Fuel cell buses can cost several times more than diesel equivalents, and the economics depend heavily on access to competitively priced green hydrogen. Kerala’s approach has been to pair demand-side pilots with efforts to scale renewable-powered hydrogen production, reducing reliance on imported fossil fuels while addressing local air quality concerns.

Kochi airport’s history of renewable adoption has been cited by policymakers as a reason it was selected for the hydrogen bus deployment. The airport became the first fully solar-powered airport in the world and has since expanded its renewable portfolio, including battery storage and electric vehicle charging for landside transport. By extending decarbonisation to airside mobility, the airport is attempting to address a segment that contributes to operational emissions but often receives less public scrutiny than aircraft themselves.

Transport experts caution that the success of the hydrogen buses will depend on operational reliability and lifecycle emissions, not just tailpipe performance. Green hydrogen must be produced using renewable electricity to deliver meaningful climate benefits, and storage and distribution losses need to be minimised. Safety protocols will also be closely watched, given hydrogen’s flammability, although proponents point out that fuel cell vehicles have been operating in several countries under stringent standards.

The Kochi deployment is being monitored by other airports and urban transport authorities exploring alternatives to diesel. Several metropolitan transport agencies have trialled electric buses, while hydrogen has so far been limited to a handful of demonstration projects in public transport. If the airport fleet performs as expected, officials believe it could accelerate adoption in other controlled environments such as ports, logistics hubs and industrial campuses.

The company announced pre-tax profit of VNĐ304 billion (US$12 million) for the final quarter, up 47 per cent year-on-year. For the whole year, pre-tax profit reached VNĐ907 billion, more than doubling 2024’s figure and exceeding the annual plan by 35 per cent.

These results highlight F88’s rapid expansion in serving mass-market customers who remain underserved by traditional banking institutions.

As of December 31, outstanding customer loans totalled VNĐ7.2 trillion, up 57 per cent from the beginning of the year, reflecting rising demand and the company’s growing operational capacity.

Disbursements in the fourth quarter alone reached nearly VNĐ5 trillion, up 40 per cent year-on-year and marking the highest quarterly level since the firm’s establishment. Total disbursements for 2025 rose 37 per cent to VNĐ16.5 trillion.

Revenue growth also accelerated. Fourth-quarter revenue climbed 53 per cent to nearly VNĐ1.21 trillion. Lending activities remained the main driver, contributing VNĐ1.05 trillion, or 86.4 per cent of total revenue, up 51 per cent. Insurance services generated VNĐ149 billion, surging 62 per cent and accounting for 12.2 per cent.

This diversified income structure has helped the company reduce reliance on a single revenue stream, while improving overall resilience.

Alongside expansion, F88 maintained a focus on risk management and portfolio quality. The on-time repayment rate remained stable at around 84 per cent. Net write-offs in the fourth-quarter stood at 3.1 per cent of average outstanding loans, slightly higher than previous quarters due mainly to prolonged storms and flooding through November, which temporarily affected borrowers’ repayment ability in impacted regions.

Operating efficiency improved, with the cost-to-income ratio declining to 45.3 per cent from 48.7 per cent a year earlier.

The combination of stronger scale, tighter risk controls and cost optimisation underpinned the company’s record annual performance.

Customer growth was another key driver. Nearly 76,700 new borrowers were added during the quarter, up 26 per cent year-on-year. New contracts almost doubled to 269,000. The proportion of repeat customers increased significantly, with returning borrowers accounting for 67 per cent of contracts, compared to 58 per cent in the first quarter, indicating rising customer trust and satisfaction.

F88 continued to expand across three main channels: its nationwide transaction office network, partnerships and digital services via the My F88 application. The blend of technology and physical outlets has enabled the company to scale while maintaining control over operations.

By the end of the year, the firm operated 950 transaction stores nationwide, up 82 from the start of the year and exceeding its 2025 target.

Strategic partnerships also strengthened distribution. Cooperation with e-wallet provider MoMo now allows more than 30 million users to directly access F88’s secured lending services through the MoMo app. Meanwhile, collaboration with Military Bank (MB) has enabled F88 to operate a agent banking model at all transaction points, processing over 100,000 transactions for MB customers during the year.

F88 Chairman Phùng Anh Tuấn said the results reflected the company’s consistent strategy of balancing expansion with financial discipline.

“Our fourth-quarter and full-year performance demonstrates our commitment to sustainable growth, customer-centric services and prudent risk management,” Tuấn said.

“In 2026, we will continue selective expansion, improve portfolio quality, develop complementary financial services and deepen strategic partnerships to reinforce our leadership in Việt Nam’s alternative finance sector.”

Beyond its business performance, F88 also gained recognition for corporate governance and workplace standards. The company was named a Best Managed Company by Deloitte Private and ranked among the top 100 best places to work nationwide by Anphabe and the Việt Nam Chamber of Commerce and Industry.
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• 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

Speaking during the engagement, Abdulla bin Touq Al Marri, Minister of Economy of the United Arab Emirates, said air traffic between the UAE and India continues to show strong momentum, with around 1,231 direct flights operating each week between cities in both countries. Those services are spread across multiple carriers and hubs, reflecting the depth of commercial, tourism and people-to-people ties that underpin the aviation relationship.

The scale of connectivity has few parallels globally. The UAE serves as a critical transit and destination market for travellers from India, while Indian cities form the largest single source of international passengers for UAE airports. Industry data indicates that traffic has surpassed pre-pandemic benchmarks on several routes, driven by a rebound in business travel, a sustained flow of expatriate workers, and rising leisure demand in both directions.

Officials discussed measures to ensure that bilateral air services arrangements remain responsive to market realities. Capacity management, slot allocation at congested airports, and coordination on safety and security standards featured prominently. There was also a focus on ensuring that regulatory processes keep pace with airline expansion plans, particularly as carriers introduce new wide-body aircraft and add frequencies to secondary cities.

Bin Touq noted that aviation cooperation has spillover benefits for wider economic engagement, supporting tourism, trade in services and cargo connectivity. Air freight was identified as a growing pillar, with belly-hold capacity on passenger aircraft playing an increasing role in moving high-value and time-sensitive goods, including pharmaceuticals, electronics and perishables.

From the Indian side, officials emphasised the importance of predictable access to UAE hubs for carriers as they scale up international operations. India’s airport expansion programme, which has added new terminals and greenfield airports across several states, is expected to unlock further growth in outbound travel. That expansion has altered traffic patterns, enabling more direct international services from tier-two and tier-three cities, many of which already have links to the UAE.

Airlines operating on the corridor include network carriers and low-cost operators, creating a competitive landscape that has helped keep fares in check while expanding choice. The presence of multiple hubs in the UAE has also diversified routing options, strengthening resilience during peak travel periods and operational disruptions.

Beyond capacity, the talks addressed cooperation on sustainability and workforce development. Both sides acknowledged mounting pressure on the aviation sector to curb emissions and improve fuel efficiency. While sustainable aviation fuel remains limited in supply and expensive, officials discussed the importance of policy alignment, pilot projects and knowledge sharing to accelerate adoption over time.

Training and skills were another area of interest, as airlines and airports face shortages of pilots, engineers and air traffic management professionals. Partnerships between training institutions and recognition of certifications were flagged as practical steps to ease bottlenecks without compromising safety standards.

Technology and digitalisation also featured, with attention on passenger processing, biometric systems and data sharing to improve the travel experience. As passenger volumes rise, authorities are seeking to reduce congestion through smarter border controls and interoperable systems that can be scaled across airports.

The civil aviation dialogue sits within a broader economic partnership that has deepened over the past two years, including trade and investment initiatives across manufacturing, energy and digital services. Aviation remains a visible barometer of that relationship, given its sensitivity to economic cycles and consumer confidence.