Rapid advancement of emerging sectors and innovation will be the key emphasis in Hong Kong's policy speech.
In a policy address delivered recently, Chief Executive John Lee Ka-chiu outlined his plans for deepening reforms, fostering economic growth, and enhancing livelihoods in Hong Kong. At the heart of Lee's policy is the development of new industries. He plans to promote research and development in New Energy and Artificial Intelligence, support local agriculture through innovation and modernization, and enhance the petrochemical sector with advanced technologies and sustainable practices. Lee's policy also aims to support small and medium-sized enterprises (SMEs) in the development of these new industries. To this end, he announced measures to lower operational costs for SMEs. These include reduced or waived licence fees, an extension of the principal moratorium for SMEs, and extended loan repayment periods. In a bid to drive AI research, development, and industrial application, HK$1 billion (US$128.5 million) has been allocated for the establishment of the Hong Kong Artificial Intelligence Research and Development Institute. This institute is expected to play a key role in strengthening SMEs by providing them with the necessary resources and expertise to thrive in the new digital economy. While the details of other specific deepened reforms, measures to enhance livelihoods, and strategies to help small businesses were not provided in the policy address, it is clear that Lee is committed to creating a conducive environment for businesses and individuals to prosper in Hong Kong.
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