The Financial Secretary, Mr Paul Chan, attended the joint session of the Finance Ministers' Meeting and Structural Reform Ministerial Meeting of the Asia-Pacific Economic Cooperation (APEC) in Incheon, Korea, today (October 22). He will depart for Beijing later today for a visit.

     This year's joint session focused on how APEC member economies can seize the opportunities and address the challenges brought about by AI and digital transformation through policy co-ordination, regulatory reforms, capacity building and regional co-operation. The Secretary for Justice, Mr Paul Lam, SC, also attended the session.

     At the meeting, Mr Chan shared Hong Kong, China's experience in developing AI and advancing digital transformation, and offered suggestions on APEC's work in this regard. He noted that AI and digital transformation are among the most transformative forces of today. Hong Kong, China has adopted a dual strategy of developing AI as a core industry and empowering industries through AI, with efforts focused on five key areas: computing power, algorithms, application scenarios, data and funding support.

     Mr Chan noted that Hong Kong, China has invested over HK$200 billion in innovation and technology, with AI development being a key focus. Major initiatives include the establishment of the Hong Kong AI Research and Development Institute to promote upstream innovation and cross-sectoral applications of AI, as well as the launch of the AI Supercomputing Centre last year to provide computing resources to universities, research institutions and enterprises through funding schemes.

     On regulation and governance, Mr Chan said that Hong Kong is committed to developing a framework for the responsible use of AI. Relevant initiatives include the issuance of the Policy Statement on Responsible Application of Artificial Intelligence in Financial Market, as well as the Ethical Artificial Intelligence Framework and the Hong Kong Generative Artificial Intelligence Technical and Application Guideline, both of which are aligned with international best practices. Internally, the Hong Kong Special Administrative Region Government has set up the AI Efficacy Enhancement Team to streamline workflows through effective application of AI technologies, and is developing a Digital Corporate Identity platform to enhance the effectiveness and efficiency of public services.

     Mr Chan stressed the importance of enhancing AI preparedness among the public to prepare for the future. Hong Kong, China is incorporating AI into all levels of education and expanding professional training programmes to comprehensively strengthen the workforce's capacity for the AI era. At the same time, Hong Kong is actively attracting top global talent in relevant fields. Furthermore, the city places strong emphasis on supporting the digital transformation of small and medium-sized enterprises, rolling out various funding schemes and support measures to help businesses adopt emerging technologies and enhance competitiveness.

     In conclusion, Mr Chan proposed that APEC should strengthen co-operation in three key areas: (1) capacity building, knowledge and experience sharing, and technical support, especially to assist emerging and developing economies in bridging the digital divide; (2) deepening co-operation on digital governance by promoting policy dialogue on AI regulatory frameworks, cross-border data flows and digital trade; and (3) advancing the regional innovation and technology ecosystem to support start-ups and cross-border research and collaboration. He reiterated Hong Kong, China's readiness to strengthen collaboration with fellow member economies to harness emerging technologies for the benefit of people and economic development of the region.

     Mr Chan will depart for Beijing later today, leading a delegation comprising representatives from the Government, academia, public organisations and the business sector to visit the Beijing subsidiary administrative centre and the Xiong'an New Area in the Hebei Province.

Ends/Wednesday, October 22, 2025
Issued at HKT 13:00

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