Hong Kong early childhood education runs in the private sector. In recent years, the government has implemented a number of policies to improve the quality of early childhood education. The Pre-primary Education Voucher Scheme is one of important early childhood education policies in Hong Kong. The Scheme aims to improve the quality of early childhood education, by providing financial assistance to parents and upgrading teachers' qualifications. However, this policy raised widespread awareness and debate amongst the stakeholders. This paper will discuss how the scheme affects different stakeholders and explores its way forward. The essay first provides a brief background of the scheme and Hong Kong's early childhood setting. The latter part of the essay discusses how the scheme affects the various stakeholders, including: policy makers, early childhood education sectors, early childhood educators and parents. Finally, suggestions to improve the scheme are made.[Copyright © The Hong Kong Institute of Education].