Hong Kong's Financial Secretary Paul Chan Mo-po delivers his annual budget speech at the Legislative Council in Hong Kong, Feb 22, 2023. (ANDY CHONG / CHINA DAILY)
At this critical stage in its development, Hong Kong must spare no efforts in fostering an innovation-led economy to align with the nation’s high-quality development strategy, Financial Secretary Paul Chan Mo-po said in his Sunday blog.
“Through innovation in technologies, systems and models, we should do our utmost to develop a more diversified and in-depth economy, and ensure that the coming advancements will continuously translate into an increase of people’s living standard, giving them a genuine sense of fulfillment and happiness,” Chan said.
Chan made the remarks after the two sessions in Beijing this year highlighted “high-quality development” as the cornerstone of the nation’s economic development.
Financial Secretary Paul Chan Mo-po added that the Hong Kong government meanwhile will strive to accelerate innovation and the application of science and technology to achieve high-value-added development and create new drivers amid fierce international competition
“The country’s economy is moving toward high-quality development, and it is speeding up efforts to achieve self-reliance in science and technology. To better integrate Hong Kong into the overall development of the nation, we must actively align our national development strategies, which will create a broader future for our own,” Chan said.
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The city’s economy confronted a stern test last year. According to advanced estimates by the government, the city’s GDP shrank by 3.5 percent in 2022 amid slowing global demand and a choppy capital market. This was the third time since 2019 that the economy recorded negative growth.
The finance chief added that the Hong Kong government meanwhile will strive to accelerate innovation and the application of science and technology to achieve high-value-added development and create new drivers amid fierce international competition.
Last December, the special administrative region government unveiled its Innovation and Technology Development Blueprint, outlining its most ambitious targets for innovation and technology development, with a raft of initiatives to boost research strengths, woo the brightest minds and scale up the fund pool for tech firms.
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“Whether it is artificial intelligence, biotechnology, or the digital economy, third-generation internet or the development of a global green technology and financial hub, we must not only make steady progress but seize the opportunity to advance development,” Chan said.