Key facts
- Hong Kong aims to become an international innovation and technology center.
- The government plans to launch the Innovation and Technology Industry-Oriented Fund this year.
- The fund will have an initial HK$10 billion injection from the HKSAR government.
- The fund is projected to reach at least HK$40 billion with market contributions.
- Key sectors for the fund include life and health technology, AI and robotics.
- Hong Kong aims to raise innovation expenditure to 3% of GDP after 2030.
Hong Kong is accelerating its efforts to become an international innovation and technology center, with a strong focus on artificial intelligence and life sciences, backed by modern finance and closer collaboration with mainland China. This strategic direction is outlined in the city's First Five-Year Plan for Economic and Social Development (2026-2030).
Chief Executive John Lee Ka-chiu announced that Hong Kong will increase its innovation expenditure as a share of gross domestic product, aiming for 3 percent after 2030, up from approximately 1.63 percent in 2024. The Innovation and Technology Industry-Oriented Fund is slated for launch this year, with an initial HK$10 billion injection from the HKSAR government. This fund, which will also seek market contributions at a ratio of 1 to at least 3, is projected to reach a total of at least HK$40 billion. It will cover five thematic sectors, including life and health technology, AI, and robotics.
The development blueprints also propose advancing the "three major innovation and technology parks and five key research and development institutions." Among these institutions are the Artificial Intelligence Research and Development Institute, expected to begin operations this year, and the Life and Health Technology Research Institute, which will focus on "AI + life sciences" and is expected to have its preparatory work largely completed by the end of the year. Lee stated that Hong Kong aims to establish an international innovation and technology center within the Guangdong-Hong Kong-Macao Greater Bay Area by 2030, serving the entire country and connecting globally. This initiative emphasizes enterprises as key players, supported by modern finance to foster integrated technological and industrial innovation.