Secretary Sun Dong Visits Toronto, Promotes Innovation and Technology Collaboration with Local Institutions

SITI commences visit to Canada

The Secretary for Innovation, Technology and Industry, Professor Sun Dong, began his visit to Toronto, Canada, on November 4 (Toronto time).

In the morning, Professor Sun visited MaRS Discovery District, an innovation hub, and met with its Chief Executive Officer, Mrs Alison Nankivell, to receive a briefing on the hub's successful experience in nurturing an innovation and technology (I&T) ecosystem. Located close to major universities and hospitals in downtown Toronto, MaRS focuses on nourishing deep technology industries including clean technology and life science. As the largest urban innovation centre in North America, MaRS Discovery District supports 1 200 enterprises and renders direct assistance to enterprises in the hub with a view to building communities of innovators and promoting the adoption of new solutions.

Professor Sun then visited the University of Toronto, and toured the Centre for Analytics & Artificial Intelligence Engineering of the Faculty of Applied Science and Engineering of the University. Professor Sun met with the Dean of the Faculty, Professor Christopher Yip, and the Acting Associate Vice-President International Partnerships, Professor David Wolfe, and was briefed on the latest developments and research and development (R&D) achievements of the Centre. The Centre brings together universities and industries to translate the latest advances of artificial intelligence and data analytics into technologies in areas ranging from advanced manufacturing to human health. Its team also delivers ongoing guidance for advanced analytics projects in industry settings. Professor Sun encouraged the University to co-operate with universities in Hong Kong to participate in the InnoHK research clusters to strengthen global R&D collaboration.

In the afternoon, Professor Sun visited a start-up that provides storage and delivery services in North America. The start-up adopts a smart platform that automatically processes orders and updates inventory levels in real time. It also utilises robotic shuttles to manage inventories automatically, thereby reducing the overall cost for logistics and delivery services.

Professor Sun attended a networking dinner organised by the Hong Kong-Canada Business Association (Toronto Chapter) in the evening, and had an exchange with Hong Kong young people studying and working in Toronto to learn more about their study and work lives in Canada. Professor Sun shared with them Hong Kong's efforts to develop as an international I&T centre and build an international hub for high-calibre talent. He noted that it is of paramount importance to enlarge the talent pool for the I&T development in Hong Kong, adding that the city is an ideal destination for young people to develop their careers and that Hong Kong youngsters are encouraged to seize the myriad opportunities there.

Professor Sun will proceed to Ottawa and continue his visit on November 5 (Ottawa time).

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

Remarks by FS at media session (with photo/video)

The Financial Secretary, Mr Paul Chan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Secretary for Commerce and Economic Development, Mr Algernon Yau, together with the Chief Executive Officer of the Securities and Futures Commission, Ms Julia Leung, and the Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue, met the media this evening (April 7). Following are Mr Chan's remarks at the media session:

Reporter: What tools does the Government have to handle the situation of the market and will Hong Kong consider a national team investor equivalent to intervene? Should the markets keep dropping, what is the bottom line for the state of the market before countermeasures will be considered?

Financial Secretary: I think Julia has explained very clearly the situation in the Hong Kong stock market. Basically, the market has been functioning orderly. There are substantial selling but also buying interests. The spread between the two has been very tight, indicating that the buying power remains very strong.

Hong Kong is a free port, and we encourage capital and investors from different parts of the world to take part in our capital market. Over the years, we have been taking a number of measures to enhance the competitiveness and attractiveness of our capital market, no matter whether it is improving the listing regime, lowering the transaction costs, expanding the markets, attracting investors and capital from around the world, or offering new products such as the ETF (exchange-traded fund) listed on the Saudi stock exchange (and investing in the Hong Kong stock market). All in all, we will persistently and consistently push forward initiatives on various fronts. With an expanding market and more participants from different parts of the world, the liquidity and resilience of our market will be enhanced. The resilience of our market has been very strong. We do not think the current volatility in the market warrants the taking of any drastic measures.

(Please also refer to the Chinese portion of the remarks.)

Remarks by FS at media session (with photo/video) Source: HKSAR Government Press Releases