Government funding cuts will not compromise the efforts of the Chinese University of Hong Kong (CUHK) in pursuing world-leading technological innovations, hire talent and boost student learning experiences, the institution’s president has said.
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But leading molecular geneticist Professor Dennis Lo Yuk-ming also said in a wide-ranging interview that non-urgent projects could be delayed, as the reduction in funds would pose challenges for the university.
In its latest annual budget, the government slashed funding for public universities for the next three years, amounting to HK$2.8 billion (US$360 million) and resulting in an average reduction rate of 4 per cent for each of the tertiary education institutions.
Authorities also said universities would need to dip into their reserves to pay back a combined HK$4 billion.
Earlier this month, the government said CUHK would need to pay the government HK$1 billion – the highest amount among the city’s eight publicly funded universities.
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Lo, who became the ninth president of CUHK in January, said the university understood the government was under financial pressure and that the institution was prepared to face such difficult times alongside authorities.