LCQ1: Projects to support and promote innovation and technology development
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Question:
Over the past decade, the Hong Kong Government has invested more than HK$200 billion through various dedicated funds and funding schemes (projects) to support the development of innovation and technology (I&T), covering areas such as smart city development, enhancing the I&T ecosystem and promoting the development of strategic industries. In this connection, will the Government inform this Council:
(1) given that various policy bureaux have launched projects related to supporting I&T development, whether the Government will conduct a comprehensive review of the effectiveness of such projects;
(2) there are views pointing out that the current funding model has led to the Government's resources being dispersed and duplicated, failing to focus on strategic development directions and create synergy effects; of the mechanism put in place by the Government to ensure that the fund allocation approach of these projects can tie in with the current needs of I&T development in Hong Kong; and
(3) as it is learnt that the authorities in Singapore regularly launch five-year technology development plans to co-ordinate the development directions and fund allocation of various projects, whether the Government will draw reference from the practices of Singapore or other regions to establish a mechanism for co-ordinating the allocation of resources in support of I&T development?
Reply:
President,
Having consulted relevant Government bureaux/departments, the consolidated reply to the Hon Chan Siu-hung's question is as follows:
Innovation and technology (I&T) are drivers for economic growth and the key to enhance competitiveness of industries. The Innovation, Technology and Industry Bureau (ITIB) is responsible for formulating holistic I&T policies and has all along been following the development directions and strategies set out in the Hong Kong Innovation and Technology Development Blueprint promulgated in 2022 in charting Hong Kong towards our vision of an international I&T centre.
The Blueprint suggests that we should focus on the development of I&T industries of strategic importance, as well as enhance the I&T ecosystem and promote interactive development of the upstream, midstream and downstream sectors. In the upstream sector, we endeavour to consolidate and strengthen our universities' robust research and development (R&D) capability, fully leveraging our ability to make pioneering breakthroughs. As for the midstream and downstream sectors, we have launched various initiatives to accelerate promotion of the "1 to N" transformation of R&D outcomes and the industry development. The current-term Government launched three $10 billion-schemes, including the Research, Academic and Industry Sectors One-plus Scheme, which aims to accelerate the transformation and commercialisation of research outcomes, the New Industrialisation Acceleration Scheme, which aims to encourage industries of strategic importance to set up new smart production facilities in Hong Kong, and the I&T Industry-Oriented Fund, which aims to channel more market capital to invest in specified emerging and future industries of strategic importance. The Hong Kong Special Administrative Region (HKSAR) Government possesses a clear and consistent I&T industrial policy to devote resources to support emerging and future industries with growth potentials and those which can create economic values for Hong Kong, taking into account global technology trends and local edges.
In particular, the Innovation and Technology Commission (ITC) under the ITIB, through various funding schemes under the Innovation and Technology Fund (ITF), encourages and assists universities, research institutes and companies in Hong Kong in upgrading their technological level. Funding schemes under the ITF have their respective clear objectives, scopes and modus operandi. The ITC reviews the operation and effectiveness of its funding schemes and will launch special calls for projects from time to time in view of the latest technological development, so as to address ever-changing societal needs.
At the same time, relevant Government bureaux/departments will also introduce initiatives with respect to their policy purviews and needs of their specific industries to complement the country's high-quality economic development through technological empowerment. For example, the Green Tech Fund under the Environment and Ecology Bureau aims to encourage and support projects with greater prospect of realisation and commercialisation of decarbonisation and green technologies that can expedite low-carbon transformation and enhance environmental protection in Hong Kong; the Smart Traffic Fund under the Transport and Logistics Bureau supports enterprises and organisations in conducting research on and applying vehicle-related technologies, with a view to promoting the long-term development of smart mobility in Hong Kong.
With regard to resource allocation, the HKSAR Government will take into account the overall fiscal position as well as policy priorities (including policy initiatives that promote the application of different technologies implemented by various policy bureaux) in mapping out arrangements each year, with a view to precisely directing resources to technology projects with strategic importance and enhancing synergy in interdepartmental collaboration.
In fact, the HKSAR Government's efforts in the past years, rendering support to I&T development, have started to bear fruit. The overall I&T ecosystem in Hong Kong has become increasingly vibrant, with the number of start-ups rising from more than 1 500 in 2015 to more than 5 200 in 2025. Hong Kong Science Park and Cyberport, the two I&T flagships, have collectively nurtured and supported around 20 unicorns to date. Hong Kong has achieved outstanding performance in different I&T-related international rankings. In the World Digital Competitiveness Ranking 2025, Hong Kong ranked fourth globally, up by three places from 2024, and continued to perform well in "Technology", remaining third globally. The Shenzhen-Hong Kong-Guangzhou cluster ranked first in the 2025 Global Innovation Index Ranking of the World's Top 100 Innovation Clusters for the first time. Hong Kong ranked fourth globally and first in Asia in the World Talent Ranking 2025 published by the International Institute for Management Development. Hong Kong is also the only city in the world with five of the world's top 100 universities, showing that Hong Kong possesses universities with excellence in teaching and research and top-notched research talent.
Looking ahead, the HKSAR Government will proactively align with the National 15th Five-Year Plan and draw up a five-year plan for Hong Kong for the first time, with a view to seizing the immense opportunities brought about by the nation's development. The five-year plan will set out the strategies to consolidate and enhance Hong Kong's position as an international I&T centre and the vision and core targets of Hong Kong's I&T development in the upcoming five years, thereby facilitating in full steam Hong Kong's better integration into and service of the overall national development and giving full play to Hong Kong's strengths to serve the country's strategic needs. At the same time, we will continue to keep in view closely the latest I&T development in Hong Kong and will adopt an open mind in drawing reference to experiences in promoting I&T development of different economies across the world in the light of Hong Kong's needs. We will continue to adopt a multi-pronged, comprehensive and all-rounded approach to promote Hong Kong's development into an international I&T centre, thereby making Hong Kong's contributions to our country's endeavours in realising self-reliance on high-standard technology.
Ends/Wednesday, May 6, 2026
Issued at HKT 12:55
Issued at HKT 12:55
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