Hong Kong to embrace tech-driven growth with AI investment: Paul Chan Hong Kong is shifting towards a technology-driven economy in line with national strategic goals amid Sino-US geopolitical tensions, with the city’s latest budget blueprint earmarking funds for artificial intelligence (AI) development across sectors. Financial Secretary Paul Chan Mo-po on Wednesday announced that HK$1 billion (US$128.6 million) had been set aside to establish the Hong Kong AI Research and Development Institute. “AI is at the core of developing new quality productive forces. We will leverage the ‘one country, two systems’ edge and our internationalised characteristics to develop Hong Kong into an international exchange and cooperation hub for the AI industry,” Chan said. The finance chief cited targets fleshed out in the third plenary session of the 20th Central Committee of the Communist Party of China, stating the country had to comprehensively deepen reforms, advance high-standard opening-up and expedite the formation of a new development landscape. “To achieve this, we have to stay bold in reform, dare to break new ground and innovate continuously, and unleash the innovative and economic potential through institutional reform,” Chan said, adding the city was at a critical juncture of its development in the face of the changing global landscape and technological transformation. “Through technological innovation, we can catalyse new modes and new impetus to accelerate the nurturing of new industries and to transform and upgrade traditional industries.” A source said the government aimed to open the institute by the 2026-27 financial year, with the HK$1 billion funding allocated for the first five years of operational expenses including hiring staff. The Hong Kong Investment Corporation (HKIC), a government fund managing HK$62 billion, would debut two conferences focused on AI scientists and robotics to foster applications for cutting-edge technologies, according to Chan. “The HKIC will be hosting the first International Young Scientist Forum on Artificial Intelligence to promote research of AI technology and its development as an industry, including open-source technology, in particular the design and application of the open‑source chip architecture RISC‑V,” he said. China’s strengthened push to use RISC-V, an open-source chip-design architecture, to reduce reliance on foreign technologies is facing new challenges amid scrutiny by the United States. Alibaba Group Holding, which owns the South China Morning Post, Huawei and Tencent Holdings are all developing chips based on RISC-V. To nurture AI talent from a young age, the finance chief also announced that authorities would engage big tech companies to provide AI training for students from primary school to university. HKIC, Science Park, Cyberport and 100 tech companies will be invited to specialise in AI, robotics and green tech to share insights and start-up experiences through school product displays and visits. The Stock Exchange of Hong Kong is also setting up a dedicated technology enterprise channel to help tech and biotech firms prepare for listing applications and expand their business, especially those on the mainland, Chan said. US President Donald Trump signed an “America First Investment Policy” memorandum last week, ordering the use of “all necessary legal instruments” to curb Chinese-affiliated investments in critical sectors in the country. The memorandum also considers new or expanded restrictions on US outbound investment in China in sectors such as semiconductors, AI, biotechnology, hypersonic, aerospace, advanced manufacturing and directed energy. “While the US is a significant part of the world, Hong Kong as a part of China follows national policies such as the Belt and Road Initiative. Many governments are focusing on developing and enhancing emerging markets in Southeast Asia, the Middle East and Central Asia.” The lawmaker also said the government’s shift towards innovation and technology as a predominant economic model, given the decreased land revenues, was a more tangible and appropriate direction. (Source: https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300255/hong-kong-embrace-tech-driven-growth-ai-investment-paul-chan) (ICE HONG KONG)

Fonte notizia: South China Morning Post