Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, pointed out yesterday (Oct. 22) at the joint session of the APEC Finance Ministers' Meeting and Structural Reform Ministerial Meeting in Incheon, South Korea, that Artificial Intelligence (AI) and digital transformation are among the most transformative forces at present. The HKSAR Government is committed to integrating AI into education curricula at all levels, expanding professional training programs, and comprehensively enhancing the ability of the labor force to respond to the AI era.
At the same time, the city actively attracts top talents from relevant fields around the world to develop in HK. The government also attaches great importance to the digital transformation of small and medium-sized enterprises, launching a number of funding schemes and support measures to help enterprises apply emerging technologies and enhance their competitiveness.
This year's joint session focuses on how member economies can seize the opportunities brought by AI and digital transformation and address related challenges through policy coordination, regulatory reform, capacity building, and regional cooperation. Paul Chan and Paul Lam Ting-kwok, Secretary for Justice of the HKSAR Government, attended the meeting together.
Paul Lam: Exploring amendments to AI-related laws
Speaking during the session on "How Structural Reform can contribute to Building a Sustainable Tomorrow: Connect, Innovate, Prosper," Lam highlighted the HKSAR Government's commitment to fostering closer connections with different economies and international organizations. This includes assisting the International Organization for Mediation (IOMed) in establishing its headquarters in HK and exploring the establishment of a liaison office for the Secretariat of the International Institute for the Unification of Private Law in the city.
In terms of innovation, the HKSAR Government is referring to the "Model Law on Electronic Transferable Records" initiated by the United Nations Commission on International Trade Law to study amendments to explore legislative amendments that facilitate the digitization of trade documents. It will also review relevant legal frameworks in view of the increasing application of AI.
Paul Chan: Advancing AI and digital transformation in HK
In his speech, Chan shared HK's experience in developing AI and promoting digital transformation. He also put forward suggestions for APEC's initiatives in these areas.
Chan noted that the HKSAR Government has adopted a dual strategy of "developing AI as a core industry" and "empowering industries through AI." Progress is being driven in five key areas: computing power, algorithms, application scenarios, data, and funding support.
He also pointed out that the HKSAR Government has invested more than HK$200 billion in innovation and research. Key initiatives supporting AI development include the establishment of the HK AI Research and Development Institute, which focuses on upstream innovation and cross-industry applications of AI. Additionally, the government launched the AI Supercomputing Center last year, providing computing resources to universities, research institutions, and enterprises through funding schemes.
In terms of regulation and governance, the HKSAR Government is committed to establishing a framework for responsible AI development. This includes issuing a policy declaration on the responsible use of AI in financial markets and publishing the "Ethical Artificial Intelligence Framework" as well as the "HK Generative Artificial Intelligence Technical and Application Guideline," both aligned with international best practices.
In terms of application, the HKSAR Government has established an "AI Efficacy Enhancement Team" internally to optimize workflows through the effective application of AI technology, and is building a "Digital Corporate Identity" platform to improve the efficiency and digital level of public services.
Fostering regional cooperation and bridging digital divide
Looking ahead, Chan pointed out that enhancing the AI literacy of the entire population is crucial. The HKSAR Government remains committed to improving the workforce's ability to adapt to the AI era, attracting world-class talent, and offering funding and support programs to help businesses enhance their competitiveness.
He also proposed three key areas where APEC should strengthen collaboration:
1. Capacity building and knowledge sharing: Promote the sharing of knowledge, experience, and technical support, particularly to help emerging and developing economies bridge the digital divide.
2. Digital governance cooperation: Foster policy dialogues on AI regulatory frameworks, cross-border data flows, and digital trade to create a more cohesive regional approach.
3. Building a regional innovation ecosystem: Support the development of start-ups and cross-border R&D collaborations to create a thriving innovation and technology ecosystem.
Chan expressed his hope to strengthen collaboration with APEC member economies to harness the potential of emerging technologies, bringing tangible benefits to regional populations and fostering sustainable economic growth.
(Source: Wen Wei Po; Journalist: Wen Sen; English Intern Editor: Phoebe; English Editor: Zoey SUN)
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