Hong Kong is betting big on innovation, artificial intelligence and redoubling its focus on its international financial centre role as it aligns its economic future with the country’s development goals, the financial secretary has said while unveiling a budget allocating billions of dollars to these sectors.
Paul Chan Mo-po on Wednesday spotlighted the development of the Northern Metropolis megaproject and San Tin Technopole as the cornerstones of Hong Kong’s innovation and technology (I&T) strategy, pledging to spend up to HK$150 billion (US$19.17 billion) to speed up firms setting up shop there, and on other infrastructure projects.
As part of the economic transformation, the city will launch an AI+ strategy to drive industrial reform led by a committee that Chan will chair. The city will also promote AI applications in the banking sector, and AI literacy on all levels of society.
He also floated incentives to fire up offshore yuan and gold trading, all moves to cement the city’s status as global financial centre amid the shaky outlook on the US dollar and a fraught geopolitical environment.
Noting that mainland China was also focused on technology and artificial intelligence (AI), Chan said these sectors brought both opportunities and challenges.
“Yet, Hong Kong has always thrived amid changes and progressed through innovation, demonstrating strong determination and resilience, as well as exceptional agility and adaptability,” he said.
“While transformation is ongoing, our economy has recalibrated its course and is advancing steadily.”
