HK to accelerate development of new productivity forces, says Sun Dong

Secretary for Innovation, Technology and Industry, Sun Dong, announced today (Sept. 20) that Hong Kong would accelerate its efforts to develop new productivity forces, as part of its commitment to fostering high-quality development for both the city and the nation.

He made the remarks while attending the 27th Beijing-Hong Kong Economic Cooperation Symposium and Beijing-Hong Kong Cooperation Promotion Conference.

Sun emphasized that the SAR Government has always prioritized innovation and technology (I&T) development. In late 2022, the government unveiled the Hong Kong Innovation and Technology Development Blueprint, which outlines a comprehensive plan for the city's I&T growth over the next 5 to 10 years.

He noted that an increasing number of Mainland Chinese enterprises, including leading technology companies, are seeking to expand into international markets in recent years. With its unique geographic advantages and highly open market, HK has become a pivotal gateway for Mainland companies to venture onto the global stage.

Under the "one country, two systems" principle, HK enjoys the dual benefits of strong backing from Mainland China and deep international connections, making it the only world-class city that combines Chinese and global advantages, Sun said.

He also pointed out that over the past two years, the HKSAR Government has engaged in discussions with more than 100 key I&T companies that are either considering establishing a presence or expanding their businesses in HK. These firms are expected to bring over HK$52 billion in investments and create more than 15,200 jobs in the city, which demonstrates that HK is indeed a land of opportunity, Sun mentioned.

With robust support from the central government, HK's innovation and technology ecosystem is thriving. HK is firmly committed to building an international I&T hub and accelerating the development of new productivity-driven sectors.

The city will capitalize on its strong foundation in upstream research, accelerate the commercialization of midstream technological achievements, and promote downstream industrial development to enhance collaboration among the Government, industry, academic, research and investment sectors, and drive high-quality economic growth in HK, Sun added.

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