Innovation spending boost by 2030 'aggressive target'
Secretary for Innovation, Technology and Industry Sun Dong said he hopes the government's goal of almost doubling spending on innovation in the coming five years will attract more funds to the city. According to Hong Kong's inaugural five-year blueprint, the SAR will strive to raise domestic expenditure on innovation activities to 3 percent of GDP by 2030 from 1.63 percent in 2024. "This is a…
The Hong Kong government aims to nearly double its spending on innovation over the next five years, as outlined in the city's inaugural five-year plan. According to Sun Dong, Secretary for Innovation, Technology and Industry, the goal is to increase domestic expenditure on innovation activities to 3% of GDP by 2030, up from 1.63% in 2024.
Sun emphasized that this is an ambitious target, with the government hoping to attract more funds to the city. He stated that the target would cover not only basic applied research in universities but also enterprise activities such as product design, software development, and pilot production. Sun expressed hope that more industry investment would go into innovation activities during the coming five years, and that the government will encourage enterprises to establish R&D centers. The government also expects a 10% increase in average annual expenditure in the next five years.
Written by urgent.news from RTHK English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
