The Hong Kong Special Administrative Region (HKSAR) government has unveiled a new budget prioritizing “AI+” and “Finance+” as essential pillars for elevating the city’s high-quality development amid a rapid economic transformation, according to Financial Secretary Paul Chan. In a blog post published on Sunday, Chan announced plans to chair the Committee on AI+ and Industry Development Strategy, which will assemble experts, academics, and business representatives to devise strategies that enhance the development of various industries propelled by artificial intelligence.
Chan emphasized that Hong Kong is advancing the establishment of several industrial parks in the Northern Metropolis, aiming to expedite the construction of computing infrastructure at Sandy Ridge’s data facility cluster. These initiatives are designed to bolster research, development, and application of advanced technologies, including AI and life and health sciences, while facilitating opportunities for high-end manufacturing growth.
On the financial front, Chan noted that the finance sector plays a crucial role in supporting technological innovation and fostering the real economy. He pointed out that innovations in financial services can further stimulate economic expansion and tackle existing challenges. As AI becomes increasingly integrated into industrial upgrades and deepens its convergence with the financial sector, there will be a swiftly growing demand for a variety of new professional services, he stated.
Chan elaborated that Hong Kong must cultivate more enterprises proficient in utilizing AI, along with financial and professional service personnel who are well-versed in AI and innovative technologies. This focus aims to enhance Hong Kong’s status as an international financial hub, enabling the synergy of finance, technological innovation, and industrial advancements to contribute to building a modern industrial system for the country.
Moreover, Chan underscored that leveraging Hong Kong’s strengths in line with local conditions and aligning with national development strategies represents the most viable path for the city’s future growth. By fostering a collaborative environment among various sectors, the HKSAR government aims to position Hong Kong as a leader in industrial and technological innovation.
As the region gears up for these ambitious developments, the broader significance of the “AI+” and “Finance+” initiatives indicates a strategic pivot in Hong Kong’s economic landscape, signaling a commitment to not only adapt but also thrive in an increasingly competitive global environment. The integration of AI into various sectors is expected to drive productivity and, in turn, may redefine the contours of the workforce in Hong Kong, paving the way for a more dynamic and resilient economy.
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