Hong Kong aims to raise innovation spending to 3% of GDP by about 2030
Hong Kong will strive to raise its expenditure on innovation activities to a level equivalent to 3 per cent of gross domestic product (GDP) by around 2030, nearly double the current rate, according to the city’s first five-year plan. Chief Executive John Lee Ka-chiu unveiled the ambitious goal, together with measures to boost frontier technologies, including aerospace research, on Wednesday.…
Hong Kong aims to double its innovation spending to 3% of GDP by 2030, according to the city's first five-year plan. Chief Executive John Lee Ka-chiu announced the goal alongside measures to promote frontier technologies, such as aerospace research. The government expects to increase R&D spending and applications development by around 10% annually.
To become a regional innovation hub, Lee pledged to develop three major tech parks and five institutes, as well as support existing state key laboratories and InnoHK research clusters. The Innovation, Technology and Industry Bureau will establish a task group on frontier technologies to devise a strategy for artificial intelligence, new energy, new materials, aerospace technology, and quantum technology.
Aerospace technology, identified by Beijing as an emerging pillar, will receive a subsidy program for research related to space missions. The government hopes to attract leading enterprises in fields like life technology, AI, and robotics to boost the economy.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
