Paul Chan Defends Innovation Spending Plans

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2019-03-02 HKT 11:45

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  The Financial Secretary, Paul Chan, says it's important for Hong Kong to diversify its economy and attract more talent in the area of innovation and technology. File photo: RTHK

The government has rejected critics that it's investing too much in the Greater Bay Area at the expense of the SAR.

The Financial Secretary, Paul Chan, on Saturday rejected suggestions that some HK$40 billion that is earmarked to promote innovation and technology will fall under the heading of Greater Bay Area development.

Critics claim that the government is setting aside too much money for plans that will benefit the Greater Bay Area, such as injecting HK$20-billion into a fund under the University Grants Committee for research, and pumping HK$16 billion into renovating universities' campuses and research facilities.

But speaking on a radio programme, the Secretary says that only two out of some 190 paragraphs in the Budget mention the Greater Bay Area plan.

He says developing innovation and technology is a global trend, and it's important for Hong Kong to diversify its economy and attract more talent in this area.