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
Opening remarks by SITI at LegCo Finance Committee special meeting
Following are the opening remarks (English translation) by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the special meeting of the Legislative Council Finance Committee today (April 11):
Chairman, Members,
Technological and industrial innovations are the fundamental pathways for developing new quality productive forces. This year's Budget continues to place focus on accelerating Hong Kong's high-quality development through the promotion of Hong Kong's innovation and technology (I&T) development and announced various new initiatives to lead Hong Kong steadily towards our vision of becoming an international I&T centre. I will give an overview of the relevant key measures along three directions.
(1) To enhance the I&T ecosystem and promote "new industrialisation" in Hong Kong and to enlarge the I&T talent pool to create strong impetus for growth
Artificial intelligence (AI) is at the core of accelerating the development of new quality productive forces, and we are endeavouring to develop AI as a core industry. The Budget has set aside $1 billion for the establishment of the Hong Kong Artificial Intelligence Research and Development Institute, which will spearhead and support Hong Kong’s innovative research & development (R&D) and industrial applications of AI. Furthermore, Cyberport's Artificial Intelligence Supercomputing Centre (AISC) has commenced operation, and with the support of the Government's Artificial Intelligence Subsidy Scheme, several R&D projects related to large language models, large models in new materials and synthetic biology that utilise the AISC's computing power have already started.
On promoting the development of I&T industries, we launched the New Industrialisation Acceleration Scheme and enhanced the New Industrialisation Funding Scheme last year. Also, the Innovation and Technology Industry-Oriented Fund is under preparation, and we plan to seek funding approval from the Legislative Council in the middle of this year. Furthermore, we will launch the Pilot Manufacturing and Production Line Upgrade Support Scheme this year to provide funding of up to $250,000 each on a 1(Government) : 2(Company) matching basis to enterprises operating production lines in Hong Kong to support their formulation of smart production strategies and introduction of advanced technologies into existing production lines. We are also preparing for the launch of the Pilot I&T Accelerator Scheme to further strengthen the support to start-ups.
To promote R&D, we are taking forward the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development, and have established the Hong Kong Space Robotics and Energy Centre under the InnoHK Research Clusters, with the aim of developing a robot which will contribute to the Chang'E-8 mission. The Hong Kong Microelectronics Research and Development Institute is preparing the set-up of two pilot lines at the Microelectronics Centre in Yuen Long this year, striving to put them into operation next year to support product development and trial production. Furthermore, we have invited institutions to submit proposals for the Subsidy Programme for the Setup of Life and Health Technology Research Institute(s), and will also seek funding approval from the Finance Committee of the Legislative Council in the middle of this year for the implementation of the Frontier Technology Research Support Scheme.
As for I&T land, the Government is taking forward the development of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (the Hong Kong Park) at full steam. The Hong Kong Park is developed in two phases from west to east. With the first three buildings in Phase 1 approaching completion, the Park will officially enter into its operational phase later this year. The construction of the other five buildings is in full swing and is expected to be completed progressively from 2027 onwards. As for the remaining sites of Phase 1, we will identify suitable land parcels for invitation of private development proposals this year, with a view to taking forward the development of the Park with enhanced speed and quantity through collaboration between the Government and the market. In addition, $3.7 billion has been earmarked in the Budget to expedite the completion of infrastructure and public facilities of Phase 1 of the Park. At the same time, the Government of the Hong Kong Special Administrative Region will continue to work with relevant Mainland authorities to explore the implementation of innovative policy measures, with a view to promoting the convenient cross-boundary flow of innovation elements.
The San Tin Technopole of the Northern Metropolis will serve as a strategic key for the I&T industry planning and the base for developing new quality productive forces of Hong Kong in the future. The Hong Kong Science and Technology Parks Corporation is conducting a master planning study for the first batch of 20-hectare land. The study is expected to be completed in the third quarter of this year. The Government commenced the re-zoning procedures for a 10-hectare site at Sandy Ridge for use as data centres and related facilities in end-2024, and is actively making preparations for land disposal to fulfil the needs of the industry for digital infrastructure.
(2) To promote digital economy development and develop Hong Kong into a smart city
The Government is committed to providing more efficient public services to citizens through leveraging technology. The "iAM Smart" has over 3.3 million registered users and over 1 100 online services and e-forms provided by the Government and public and private organisations. We are driving the comprehensive upgrade of "iAM Smart" to realise "single portal for online government services" by the end of this year. Meanwhile, The "Digital Corporate Identity" Platform will be rolled out progressively from end-2026, with a view to facilitating digital transformation of corporations and enhancing government departments’ efficiency in processing corporate online applications.
In addition, the Digital Policy Office will continue to co-ordinate all bureaux and departments to use the HKPilot developed by the Hong Kong Generative AI Research and Development Center on a trial basis, and gradually increase the number of participants in the pilot programme. This will help reduce the manpower required of government personnel to handle general document processing tasks, allowing manpower to be deployed to other areas of need.
(3) To proactively integrate into the overall development of the country and consolidate our role as a bridge connecting the Mainland and the world
Hong Kong will continue to deepen I&T co-operation with the Mainland for better integrating into overall national development. Regarding cross-boundary data flow, the "Standard Contract for the Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong)" facilitation measure has been extended to all industries, promoting the safe and orderly cross-boundary flow of personal information within the Guangdong-Hong Kong-Macao Greater Bay Area. In addition, Cyberport has been actively collaborating with the Qianhai Management Authority to facilitate the landing of start-up enterprises at respective parks, and the World Intellectual Property Organization Global Innovation Index 2025 Science and Technology Cluster Launch will be held in Hong Kong later this year.
Conclusion
With our country's staunch support, Hong Kong has been making steady progress towards our vision of developing into an international I&T centre. The Government will continue to deploy resources and join hands with stakeholders to promote the development of a vibrant I&T ecosystem. I would like to express my gratitude to all Members again for their support of I&T development all along. I appeal for the continual support of Members and the public for the work of the Innovation, Technology and Industry Bureau. Thank you, Chairman.
