Today (March 11), Financial Secretary Paul Chan emphasized the role of innovation and technology in driving economic development as outlined in the financial budget. He noted that the future focus will be on the advancement of artificial intelligence (AI) and highlighted the importance of strengthening collaboration in research and development with Shenzhen through the Northern Metropolis.
Speaking at a luncheon organized by Hong Kong Coalition of Professional Services Seminar, Chan stated that future upgrades and transformations in innovation and technology should leverage Hong Kong's strengths. He pointed out that, in addition to the city's research capabilities, institutions like Cyberport and Science Park host numerous supportive enterprises. He also stressed that talent and financial resources are crucial factors for Hong Kong to stand out internationally.
Chan mentioned that for mainland China to advance in AI and penetrate international markets, it needs access to industry data, which is more readily available in Hong Kong. To attract foreign talent, including overseas Chinese experts, he noted that the lifestyle in Hong Kong facilitates easier integration. The government plans to accelerate the development of the Northern Metropolis, which is seen as an optimal location for collaboration with Shenzhen to foster cutting-edge technology and investment opportunities.
Additionally, Chan discussed the supplementary agreement on closer economic and trade relations between mainland China and Hong Kong, which allows Hong Kong businesses investing in Shenzhen and Zhuhai to utilize Hong Kong capital and laws. He expressed the hope that this practice could be extended to the nine cities in the Greater Bay Area, asserting that policy support is more important than resources. Hong Kong also encourages mainland enterprises to use the city as a platform for international expansion and as a venue for dispute resolution, including mediation and arbitration.
Related News:
Budget 2025-26 | Boundary facilities fee for private cars open for discussion: Paul Chan
Budget 2025-26 | Paul Chan: Govt plans to issue bonds to support infrastructure investment
Comment