Financial Secretary Paul Chan announced the new budget today (Feb. 26).

He stressed GBA's important strategic role in the national scientific and technological innovation system, saying that among the top 100 science and technology (S&T) clusters in the Global Innovation Index 2024 published by the World Intellectual Property Organization (WIPO), the Shenzhen‑Hong Kong‑Guangzhou cluster ranked second globally for the fifth consecutive year.

"With our country's staunch support, the publication event for the top 100 S&T clusters in the WIPO Global Innovation Index 2025 will be held in Hong Kong later this year, giving full recognition to the global importance of Hong Kong as a GBA's core city in the field of I&T."

Life and Health Technology

Local universities will be supported to set up life and health technology research institutes through the Subsidy Programme for the Setup of Life and Health Technology Research Institute(s), to foster cross‑university/institutional and multi‑disciplinary collaboration, said Chan.

"The Innovation and Technology Commission is inviting institutions to submit proposals."

Additionally, the Hong Kong Science and Technology Parks Corporation (HKSTPC) is investigating the life and health technology industry's demand for manufacturing facilities that comply with Good Manufacturing Practices and have feasible modes of development and operation. This will support the industry in conducting clinical trials of new drugs or healthcare innovations in Hong Kong.

Low-altitude Economy

The term "low-altitude economy" is one of the key development directions for Hong Kong in recent times. The interdepartmental Working Group on Developing Low‑altitude Economy, established at the end of last year, is examining the applications for the first batch of Regulatory Sandbox pilot projects and will announce the results soon.

"Through the pilot projects, we hope to expand and enrich the scope of low‑altitude flying activities, bringing new areas of growth for Hong Kong's economy," Chan noted.

The Government is currently evaluating civil aviation laws to improve the regulatory framework for the long-term growth of the low-altitude economy.

"We plan to introduce proposed amendments to the Small Unmanned Aircraft Order into LegCo in the second quarter of this year," said Chan.

According to him, the Government will also explore the possibility of creating specific legislation for various types of Advanced Air Mobility and actively enhance our collaboration with Mainland authorities on matters concerning the low-altitude economy.

Technology-related Products

The Hong Kong Trade and Development Council (HKTDC) plans to introduce a themed pop-up display area at the flagship retail platform, Hong Kong Design Gallery, as well as at exhibition venues during major events, to highlight high-quality innovative technology products for both local and international buyers and consumers, Chan added.

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Budget 2025-26 | Paul Chan proposes 7% cut in govt recurrent expenditure by 2027/28

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