HONG KONG, Jan. 15 -- Hong Kong Chief Executive CY Leung's second policy address on Wednesday received constructive suggestions as well as widespread high praise.

Australian Society of Certified Practicing Accountants (CPA Australia) said they are disappointed that Leung's policy address did not mention any measure to support Hong Kong's commercial sector.

CPA Australia said the policy address only focused on poverty alleviation, but did not present any apparent strategies or detailed explanation to support commercial development.

"We hope that the government could make a comprehensive explanation of how to support Hong Kong's position as a financial center, as financial services are the pillar industry of Hong Kong. " it added.

The Hong Kong General Chamber of Commerce (HKGCC) welcomed the policy address, requested more details of the policies, and urged the government to put those concepts into practice as soon as possible.

Leung promised to take labor shortage into consideration. HKGCC thought the government should put forward comprehensive strategies to deal with the problem, especially in construction industry, elderly services, retail industry, and tourism and so on.

Bank of China (Hong Kong) (BOCHK) thought Hong Kong should be always prepared for challenges although it has the world leading competitive strength so far. In recent years, Singapore, UK and Switzerland have gradually reduced the corporate profit tax, while Hong Kong's tax rate has been raised.

BOCHK said in order to cope with the challenges from other economies, Hong Kong should optimize and consolidate the advantages of its tax system.