HK$50bn Boost For Innovation, Technology

Financial Secretary Paul Chan announced a HK$50 billion boost for innovation and technology in his budget on Wednesday, up from HK$10 billion the year before.

Chan said Hong Kong must optimise its resources by focusing on developing its strongpoints, namely biotechnology, artificial intelligence, a smart city, and fintech.

The secretary said HK$20 billion will be spent on the first phase of the Hong Kong-Shenzhen Innovation and Technology Park at the Lok Ma Chau Loop, for the infrastructure and its initial operations. Chan said he hopes the park will come into operation as soon as possible.

Meanwhile, HK$10 billion will go to the Innovation and Technology Fund, compared to just HK$1.5 billion last year. The fund aims to support applied research and development (R&D) work in Hong Kong. HK$500 million under the fund will be earmarked to run the Technology Talent Scheme which includes funding for institutions to recruit postdoctoral talent.

The government is also reserving HK$10 billion to set up two research clusters, on healthcare technology, and on artificial intelligence and robotics. The aim is to attract the world's top scientific research institutions and technology enterprises to Hong Kong to conduct more R&D projects together with local universities and scientific research institutions.

There's also HK$10 billion in the budget for the Hong Kong Science and Technology Parks Corporation, to reinforce the role of the Science Park as Hong Kong's flagship technology infrastructure.

As for the booming e-sports sector, the secretary said the government will allocate HK$100 million to Cyberport, to make the Cyberport Arcade there a venue for video game competitions.

Another HK$200 million will be granted to Cyberport to support start-ups and promote the development of the digital technology ecosystem.

The government will also relax the eligibility criteria for the Technology Voucher Programme. All local enterprises, irrespective of size or duration of operation, will be able to apply in the future.