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 boost its innovation spending to 3% of GDP by around 2030, nearly double the current rate, as outlined in the city’s first five-year plan. Chief Executive John Lee Ka-chiu announced this ambitious goal along with measures to bolster frontier technologies such as aerospace research. The government expects to increase the ratio of total domestic expenditure on innovation activities to GDP from 1.63% in 2024 to 3% by the target year, anticipating a 10% annual rise in average innovation spending.
The targets cover a range of areas, including R&D, enterprise application development, product design, and pilot testing. To solidify Hong Kong’s role as a regional innovation hub, the government plans to expand three major tech parks and establish five institutes, including the Hong Kong Applied Science and Technology Research Institute and the Hong Kong Artificial Intelligence Research and Development Institute.
The city will also leverage existing state key laboratories and InnoHK research clusters to accelerate innovation. Additionally, the Innovation, Technology and Industry Bureau will set up a task group on frontier technologies to devise a development strategy for key areas like artificial intelligence, new energy, new materials, aerospace, and quantum technology.
With aerospace identified as a burgeoning pillar technology by Beijing, the government will provide HK$300 million in subsidies for research related to national space missions, without limiting the number of projects or the subsidy amount. To translate local research into practical applications, the bureau will assist the Science Park in setting up the Hong Kong Innovation and Technology Application Scenario Promotion Centre, which will connect innovative solutions with relevant public and private sector organizations.
In the medical sector, the International Clinical Trial Academy will train professionals in conducting internationally-standardized clinical trials, while the Hospital Authority will connect innovative medical technologies with public healthcare settings via the HA Technology Convergence Hub.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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