Innovation Is The Way Forward, Says Paul Chan

The Financial Secretary, Paul Chan, says expanding and diversifying Hong Kong's economy is critical to its future.

Speaking on RTHK's Letter to Hong Kong, Chan said the key to achieving this would be embracing innovation and technology as the "engine" for growth.

But he said it must do more than boost just GDP and personal wealth - innovation and technology should also serve the community and make Hong Kong a more inclusive society.

He said: "To this end, I have earmarked 1 billion dollars for the Innovation and Technology Fund, for applications in elderly and rehabilitation care.

"To subsidise elderly and rehabilitation service units, to try out and procure technology products, so as to improve the quality of life of service users, as well as reduce the burden and pressure on care staff and carers."

In his budget last month, Chan announced the total amount given to the Innovation and Technology Fund would be HK$10 billion, compared to just $1.5 billion the previous year. Spending on the whole innovation and technology sector would increased from $10 billion to $50 billion.

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