As global technology competition intensifies, Hong Kong is at a critical stage of innovation and technology development. Chief Executive John Lee delivered his first Policy Address on October 19, setting out a range of policies for innovation and technology. technine summarizes six key directions to help businesses understand new opportunities.
Promoting Reindustrialization and Building an I&T Centre
Hong Kong has the foundations to become an international innovation and technology centre. The government aims to strengthen existing technology advantages, attract promising Mainland and overseas enterprises and research outcomes, and support commercialization.
Key measures include the HKD 10 billion Research, Academic and Industry Sectors One-plus Scheme to fund eligible I&T projects, the HKD 5 billion Strategic Tech Fund and workspace support for outstanding overseas I&T talent and enterprises, the appointment of a Commissioner for Industry, a second Advanced Manufacturing Centre in Tai Po INNOPARK, support for smart production lines, faster development of San Tin Technopole and the Northern Metropolis, phased expansion of Science Park and Cyberport, and railway planning for Science Park and Pak Shek Kok Station.
Reforming Talent Schemes to Compete for I&T Talent
To attract top technology talent, the Policy Address introduced targeted measures including optimization of the Technology Talent Admission Scheme, higher subsidies under the Research Talent Hub, accommodation support near Science Park and the Hong Kong-Shenzhen Innovation and Technology Park, expansion of the I&T Internship Programme for STEM students, and stronger STEAM education in primary and secondary schools.
Smart City Development to Improve Quality of Life
Hong Kong’s smart city direction covers environment, economy, mobility, living, people, and government. New measures include reserving space for mobile communication facilities in new buildings to expand 5G networks, publishing a smart transport strategy blueprint, testing autonomous vehicles, fully digitalizing government services, expanding iAM Smart, promoting smart ports and smart logistics, improving traffic data systems, supporting smart kindergartens, adding EV charging facilities, opening government data, encouraging private-sector data sharing, exploring data flow with the Mainland, and launching 100 smart government projects.
Supporting Startups and SMEs
A vibrant I&T ecosystem depends on startups and SMEs. Measures include increasing the cumulative funding ceiling of the BUD Fund, extending and relaxing the SME Export Marketing Fund, extending the principal moratorium scheme, reducing water and sewage charges for non-domestic users, rent and fee concessions for eligible government premises and short-term tenancies, support centres in Guangdong, and additional GoGBA business support stations in Mainland Greater Bay Area cities.
Capturing Fintech Opportunities
Hong Kong remains a leading financial centre. The Policy Address set out measures to strengthen fintech competitiveness, including Commercial Data Interchange, tax and listing rule changes, risk-based capital for insurance, GEM revitalization, Northbound Swap Connect, Southbound Bond Connect enhancements, an international carbon market, e-HKD work, digital RMB cross-border payment testing, fintech proof-of-concept support, and a statutory licensing regime for virtual asset service providers.
Working With the Nation on New I&T Opportunities
Hong Kong’s cooperation with nearby Mainland cities continues to deepen. Measures include preparing the international trademark registration system, strengthening digital copyright protection, developing the Hong Kong-Shenzhen Innovation and Technology Park, piloting cross-boundary I&T policies for materials, capital, data, and talent, attracting I&T enterprises to the park, supporting patent priority examination cooperation, assisting national aerospace talent selection, rebuilding Sha Tau Kok Control Point, developing rail links, and setting up working groups under Guangdong-Hong Kong and Hong Kong-Shenzhen cooperation frameworks.
The Policy Address shows strong attention to Hong Kong’s future I&T direction and introduces funding measures to help startups and SMEs capture new opportunities. If you want to explore available support, contact technine for more information.
Translation supported by AI.