Chief Executive Carrie Lam on Wednesday outlined the need to diversify Hong Kong’s economic structure and devote more resources to nurturing innovation and technology industries.
Although the economy is sound, more needs to be done to boost the city’s gross domestic product (GDP) and create more and better jobs, she said in her maiden policy address.
Hong Kong’s economy expanded by 4 percent in the first half, with jobless rate falling to 3.1 percent in the three month to August, a 20-year low.
To develop the territory into a technology hub, Lam outlined several policy initiatives, including boosting the spending on research and development (R&D), enhancing the infrastructure, as well as attracting and nurturing more talents.
The government aims to double local spending on R&D to 1.5 percent of GDP.
Among other proposals, authorities will earmark HK$700 million to help develop Hong Kong into a “smart city”.
The administration will provide assistance in terms of financial support as well as government procurement.
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