Industry Development

Innovation and Technology

AI Supercomputing Centre: First phase facility to operate in 2024 earliest. Allocate $3 billion to support local universities, R&D institutes and enterprises to leverage its computing power, etc
Establish the Hong Kong Microelectronics Research and Development Institute in 2024 to facilitate research collaboration on third-generation semiconductors
$6 billion for universities to set up life and health technology research institutes
Set up the Greater Bay Area International Clinical Trial Institute in Hetao Shenzhen Hong Kong Science and Technology Innovation Co-operation Zone this year
Launch the New Industrialisation Acceleration Scheme this year and provide enterprises with up to $200 million on a matching basis
Publish a White Paper on the Development of the HSITP in the Loop in 2024
$2 billion to support presence of InnoHK research clusters in the Hetao
$200 million to support incubation and acceleration programmes to Hetao start-ups engaging in life and health technology
$3 billion earmarked to launch a Frontier Technology Research Infrastructure Support Scheme
Provide up to $16 million to each Technology Transfer Office of 8 UGC-funded universities

Issue $70 billion of retail bonds:
- Silver bonds: $50 billion
- Green bonds and infrastructure bonds: $20 billion
Promote introduction of block trading, RMB counters under Southbound Stock Connect, and expansion of the mutual access regime to Real Estate Investment Trusts (REITs)
Host the 10th Anniversary of Mutual Access Forum and stage a series of roadshows in the Mainland
Extend the Grant Scheme for Open-ended Fund Companies and REITs for 3 years
Enhance preferential tax regimes for family office funds, etc.
Continue to build collaborative framework on cross-boundary credit referencing
$100 million to promote sustainable development of financial services

Multinational supply chain management centre:
- Provide consulting services, trade financing and corporate training
- Study the establishment of trade single window to provide one-stop services for enterprises
- Attract Mainland manufacturing enterprises to set up offshore trading management headquarters in Hong Kong
Explore new markets: Consider establishing Economic and Trade Offices in Riyadh, Saudi Arabia and Kuala Lumpur, Malaysia
Organise “Belt and Road Festival” and “Belt and Road Initiative Tax Administration Cooperation Forum” in 2024

Introduce legislative proposal to implement "patent box" tax incentive. Profit tax rate to be reduced to 5%
$45 million to support Hong Kong Productivity Council in establishing and operating WIPO Technology and Innovation Support Centre

Study enhancements to tax concession measures for maritime industry
Offer block registration incentive to shipowners for extensive registration of ships in Hong Kong

Strengthen aviation services with current major routes and routes along the Belt and Road, in support of “Air Silk Road”

Headquarters of the "International Organization for Mediation" to be hosted in Hong Kong
Continue to promote Hong Kong's legal and dispute resolution services in the Mainland, the Middle East and ASEAN member states

Inject $1.4 billion into Film Development Fund
Inject $2.9 billion into CreateSmart Initiative
Organise Hong Kong Fashion Design Week annually from 2024 onwards
Devise key arrangements of Signature Performing Arts Programme Scheme in first half of 2024 to support long running of large-scale programmes
Organise the first Hong Kong Performing Arts Expo

Additional funding of $12 million to prepare for regulatory arrangements for local patent agent services
Legal talent: Work to establish Hong Kong International Legal Talents Training Academy
IT education: Additional funding of $130 million to support "Knowing More About IT" Programme. Providing subsidies of up to $300,000 for each publicly funded primary school in the next 2 academic years
Review the Maritime and Aviation Training Fund to enhance its effectiveness