Innovation and Technology
Artificial Intelligence
36. AI is at the core of developing new quality productive forces. We will leverage the edge of "One Country, Two Systems" and our internationalised characteristic to develop Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, we will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation.
AI as a Core Industry
AI Supercomputing Centre
37. We have been proactively enhancing the strategy and planning on AI development. The first-phase facility of Cyberport's AI Supercomputing Centre has just commenced operation, and the computing power will be ramped up gradually to 3 000 petaFLOPS this year. This is equivalent to the processing capacity of nearly 10 billion images in an hour.
Hong Kong Microelectronics Research and Development Institute
38. Hong Kong Microelectronics Research and Development Institute, established last September, spearheads collaboration among universities, research and development (R&D) centres and the industry on the R&D of third‑generation semiconductor core technology. The Institute leverages the GBA's well‑developed manufacturing industry chain and enormous market, and promotes the "1 to N" transformation of R&D outcomes and industry development. Two pilot lines will be set up at the Microelectronics Centre in Yuen Long this year and start operating next year.
Hong Kong AI Research and Development Institute
39. To spearhead and support Hong Kong's innovative R&D as well as industrial application of AI, I have set aside $1 billion for the establishment of the Hong Kong AI Research and Development Institute. The Digital Policy Office (DPO) will formulate the establishment arrangements of the institute and its specific goals, focusing on facilitating upstream R&D, midstream and downstream transformation of R&D outcomes and expanding application scenarios.
AI Subsidy Scheme
40. Since its launch in October last year, the AI Subsidy Scheme has approved five projects led by local universities, research institutions, etc., to accelerate local R&D work relating to big language models, new materials, large synthetic biology models, etc.
Fostering International Exchanges and Collaboration
41. To bring together top talents in the industry to study the development and application of AI, the Hong Kong Investment Corporation Limited (HKIC) will be hosting the first International Young Scientist Forum on Artificial Intelligence to promote research of AI technology and its development as an industry, including Open Source technology, in particular the design and application of the open‑source chip architecture RISC‑V.
Financial and Tax Support
42. To further assist specialist technology and biotechnology companies, especially those listed in the Mainland, in raising funds and expanding business, the HKEX is actively taking forward the establishment of a dedicated "technology enterprises channel" (TECH) to facilitate the relevant companies in preparing for listing applications. The Securities and Futures Commission (SFC) will also support to enable a smoother application process.
43. Intellectual property (IP) is an important foundation for the development of emerging industries. In addition to obtaining IP rights through local research and development, enterprises will also purchase related rights to use IP. In this connection, we will review the relevant tax deduction arrangements for various expenditures, including the lump sum licensing fees for acquiring the rights to use IP, and related expenses incurred on purchase of IP or the rights to use IP from associates, so as to accelerate the development of IP-intensive industries and promote the development of IP trading in Hong Kong.
Artificial Intelligence Application
International Conference on Embodied AI Robot
44. The HKIC will host the first International Conference on Embodied AI Robot to pool together top‑notch technology enterprises, academic institutions and investors to showcase the latest R&D outcomes and application scenarios, thereby boosting Hong Kong's global influence on technology areas.
Smart Manufacturing
45. We enhanced the New Industrialisation Funding Scheme last year to strengthen support for local manufacturing enterprises to shift to smart manufacturing. The number of new smart production lines supported by the Scheme has exceeded 100, involving industries such as biotechnology, nanofibre materials, new energy, etc. The total investment cost is around $1.3 billion, of which $930 million came from private investment.
46. We also launched the New Industrialisation Acceleration Scheme in September last year to provide matching subsidies to enterprises to build smart production facilities in Hong Kong. The first application for the project has been approved, with a total investment of about $600 million, of which government funding amounts to about $200 million. The project will build smart production facilities in the field of life and health technology.
47. We plan to launch the two-year Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) this year. The Government will provide funding of up to $250,000 each on a one-to-two 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. I have earmarked $100 million for the Scheme, benefitting some 400 enterprises.
Licensing Regime of Low Earth Orbit Satellites
48. Low Earth Orbit satellites are the new trend in global satellite development. The relevant technologies can be widely applicable in various domains such as transport and logistics, smart city, etc. The Commerce and Economic Development Bureau (CEDB) and the Office of the Communications Authority are exploring a set of streamlined procedures for vetting licence applications for operating Low Earth Orbit satellites. Our target is to complete the relevant work this year.
Generative Artificial Intelligence Sandbox
49. The Hong Kong Monetary Authority (HKMA) and Cyberport collaborated last year to launch a new Generative Artificial Intelligence Sandbox to foster innovation in the banking industry and unleash the potential of AI. The HKMA will publish a practice guide by making reference to global development trend and experience in the Sandbox.
Application of an Industry-oriented Approach
50. The Government will draw up a medium- to long‑term development plan for new industrialisation in Hong Kong. Also, we will set up a $10 billion Innovation and Technology Industry‑Oriented Fund to channel more market capital to invest in emerging and future industries of strategic importance. The Government is inviting relevant organisations to submit expressions of interest and is planning to seek funding approval from LegCo in the middle of this year.
51. We are preparing to launch the $180 million I&T Accelerator Pilot Scheme. The Government will provide up to $30 million in funding, on a one‑to‑two matching basis, to each professional start-up service agency, with a view to enriching Hong Kong's start-ups ecosystem through their business network and experience.
52. The Government has established the Hong Kong Space Robotics and Energy Centre under the InnoHK Research Clusters, with the aim of developing a multi‑functional lunar surface operation robot, which will contribute to the Chang'E‑8 mission. Meanwhile, the Government has started preparatory work for the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. Proposals from institutions will soon be invited.
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