Continued increase in Hong Kong's gross expenditure on research and development in 2019

     According to the report "Hong Kong Innovation Activities Statistics 2019" released today (December 23) by the Census and Statistics Department, the gross domestic expenditure on research and development (GERD) of Hong Kong in 2019 amounted to $26,333 million, representing an increase of 8 per cent compared with the corresponding figure in 2018. The GERD as a ratio to the Gross Domestic Product increased from 0.86 per cent in 2018 to 0.92 per cent in 2019.
     A government spokesman said, "The Government is committed to promoting innovation and technology (I&T) development in Hong Kong. The current-term Government has committed over $100 billion to build and enhance the local I&T ecosystem along the eight major areas set out by the Chief Executive in her 2017 Policy Address. It is encouraging to see that the GERD has recorded an increase of 8 per cent, in spite of the challenges presented in 2019."
     The spokesman said that the Government has made good progress in increasing resources for research and development, supporting technology enterprises, promoting technology application and re-industrialisation, as well as providing technological research infrastructure. Further measures to strengthen I&T development were announced in the 2020 Policy Address, including developing the Shenzhen/Hong Kong Innovation and Technology Co-operation Zone (which comprises the Shenzhen Innovation and Technology Zone and the Hong Kong-Shenzhen Innovation and Technology Park at the Lok Ma Chau Loop) and introducing the Global STEM Professorship Scheme.
     "The Government will continue to improve the local I&T ecosystem. The Steering Committee on Innovation and Technology, established and chaired by the Chief Executive, monitors regularly the implementation of the above measures as well as other initiatives under the Government's eight major areas to develop I&T. We expect the effect of these measures to be realised gradually in subsequent years, contributing to a further increase in the GERD," the spokesman said.

Ends/Wednesday, December 23, 2020
Issued at HKT 17:52