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Opening remarks by S for IT at press conference on innovation and technology initiatives in Chief Executive's 2017 Policy Address (with video)
     Following are the opening remarks by the Secretary for Innovation and Technology, Mr Nicholas W Yang, at the press conference on innovation and technology initiatives in the Chief Executive's 2017 Policy Address today (October 12):
     Good afternoon and welcome to our press conference. I would like to outline the key initiatives relating to innovation and technology (I&T) in the 2017 Policy Address before opening the floor to questions.
     In research and development (R&D), we have set a target to increase the resources for R&D in the next five years to $45 billion per year, with a view to doubling the ratio of gross domestic expenditure on R&D from 0.73 per cent to 1.5 per cent. A super tax deduction will be introduced to encourage the private sector to invest more on R&D. The first $2 million eligible R&D expenditure will enjoy a 300 per cent tax deduction while the remainder at 200 per cent. We believe this is the right policy to stimulate private-sector investment and flip the ratio of public versus private sector expenditure on R&D from government-led to private-led.
     In technology talent development, we will invest $3.5 billion to boost the quality and quantity of local technology talents, including a $500 million Technology Talent Scheme and an injection of $3 billion into the Research Endowment Fund.
     In infrastructure development, in addition to the Science Park expansion, Data Technology Hub, Advanced Manufacturing Centre and InnoCell, we are working full steam ahead on the Hong Kong-Shenzhen Innovation and Technology Park located at the Lok Ma Chau Loop, which will be developed into an important innovation and technology hub in the Guangdong-Hong Kong-Macao Bay Area. Moreover, Cyberport will operate some 20 000 square feet of co-working space under the Space Sharing Scheme for Youth. Innovation and technology start-ups can now enjoy rent-subsidised co-working space throughout Hong Kong.
     In smart city development, we will advance the publication of Smart City Blueprint for Hong Kong to within this year. An eID will be provided for all Hong Kong residents as a single digital identity with trusted authentication. A pilot scheme called Multi-functional Smart Lampposts at selected urban locations will be launched. The Smart Lampposts will provide convenient data services and collect various real-time city data to enhance the efficiency and management of our city.
     Within the Government, we will explore adjusting our procurement method by including innovation and technology as a criterion in the process. We will speed up the opening up of government data to support big data analytics. We will review existing legislation and regulations to foster the development of new economy.

     Development of I&T and smart city requires the joint efforts of different policy bureaux. A high-level, cross-bureau Steering Committee on Innovation and Technology to be chaired by the Chief Executive underscores the full commitment of the current-term Government in driving I&T in Hong Kong.

     The I&T related initiatives in this Policy Address show our determination to make a change, to make Hong Kong the gateway in innovation and technology connecting Mainland China and other parts of the world, a place where the global innovative talents congregate and excel together, which can contribute to the development of the Guangdong-Hong Kong-Macao Bay Area into an international I&T centre.

     I would like to thank the legislators, industry practitioners and people of Hong Kong for sharing their views and ideas. This Policy Address can bring momentum to our economy, happiness to our people, and hope for our future. We need your support in order to succeed.

     Thank you very much. 
Ends/Thursday, October 12, 2017
Issued at HKT 20:56
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Press conference on Chief Executive's 2017 Policy Address initiatives