Promote the Adoption of Innovation and Technology in the Construction Industry
150. I allocated $1 billion in 2018 to set up the Construction Innovation and Technology Fund (CITF) to boost the capacity of the construction industry to adopt new technology. After operating for more than three years, the CITF is delivering results. I now propose to inject another $1.2 billion for its ongoing operation and implementation of enhancement measures launched recently, including expanding the funding scope and increasing the funding ceiling.
151. Besides, I have earmarked $30 million to promote applied R&D as well as the adoption of new materials and innovative construction technologies in public works and the industry in the coming three years, with a view to enhancing the overall productivity and performance of the construction industry.
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