Published: 7:59pm, 26 Feb 2025Updated: 8:07pm, 26 Feb 2025
Hong Kong is shifting towards a technology-driven economy in line with national strategic goals amid Sino-US geopolitical tensions, with the city’s latest budget blueprint earmarking funds for artificial intelligence development across sectors.
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Financial Secretary Paul Chan Mo-po on Wednesday announced that HK$1 billion (US$128.6 million) was set aside to establish the Hong Kong AI Research and Development (R&D) Institute, supporting R&D across all stages and broadening application possibilities.
“AI is at the core of developing new quality productive forces. We will leverage the ‘one country, two systems’ edge and our internationalised characteristics to develop Hong Kong into an international exchange and cooperation hub for the AI industry,” Chan said.
The finance chief cited targets fleshed out in the third plenary session of the 20th Central Committee of the Communist Party of China, stating the country had to deepen reform comprehensively, advance high-standard opening-up and expedite the formation of a new development landscape.
“To achieve this, we have to stay bold in reform, dare to break new ground and innovate continuously, and unleash the innovative and economic potential through institutional reform,” Chan said, adding the city was at a critical juncture of its development in the face of the changing global landscape and technological transformation.
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“Through technological innovation, we can catalyse new modes and new impetus to accelerate the nurturing of new industries and to transform and upgrade traditional industries.”