Hong Kong needs more enterprises adept at leveraging artificial intelligence, as well as in the financial and professional services sectors, with deeper expertise in AI and innovative technologies, Financial Secretary Paul Chan Mo-po said on Sunday.
Writing in his weekly blog, the financial chief said the special administrative region, as an international financial center, must deeply integrate cutting-edge AI technologies into its services to drive greater progress and stronger growth in the financial industry.
The SAR, he said, is at a critical juncture of technological innovation where the synergistic development of “AI+” and “Finance+” will generate a mutually reinforcing “flywheel effect”– a concept in business theory that describes how incremental, continuous improvements in interconnected processes can build momentum for exponential growth over time.
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Delivering the 2026-27 Budget on Feb 25, Chan said he’ll establish and chair the Committee on AI+ and Industry Development Strategy, bringing together experts, academics and business representatives to formulate strategies for accelerating AI-driven growth across various industries, and promoting industrial transformation and upgrading.
On computing power infrastructure, Hong Kong will continue advancing the development of multiple industrial parks in the Northern Metropolis, accelerate the construction of the Sandy Ridge Data Facility Cluster’s computing power infrastructure project, support research and application in frontier technologies, such as AI and life and health sciences, and provide development space for high-end manufacturing.
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Chan emphasized the aim to attract more high-value-added segments of the innovation and technology industry chain, including research and development, pilot testing, commercialization, and advanced manufacturing, to build a solid presence in Hong Kong, thereby generating greater economic value and fostering high-quality industries.
To cultivate talent, the SAR government proposed allocating HK$50 million ($6.39 million) to support public institutions, technology enterprises and tertiary institutions in organizing AI application learning courses, lectures, or competitions. This initiative seeks to promote widespread AI learning, usage, and proficient application across society, enhancing the city’s overall AI literacy.
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Chan said Hong Kong’s vibrant financial market and active capital ecosystem provide full-cycle financing support — from venture capital and private equity to initial public offerings IPOs, technological innovation and the real economy. In the past year, many leading Chinese mainland technology firms have leveraged Hong Kong to raise international capital and expand overseas.
He added that finance supplies capital for emerging and future industries, while its own technological advancements further scale the real economy. The deep integration of AI with industrial upgrading and finance is expected to spur rising demand for new professional services, including valuation and risk assessment of technological and data assets, along with related accounting, auditing, and certification services.
The finance chief stressed that the Budget’s two key pillars — “AI+” and “Finance+”– will propel Hong Kong’s high-quality development to new heights and strengthen alignment with national development strategies.
