Policy Address

  1. set up a $10 billion New Industrialisation Acceleration Scheme – To promote the downstream development of new industrialisation, we will provide financial assistance for enterprises in the fields of life and health technologies, AI and data science, advanced manufacturing, and new energy technologies. These include providing funding support for the set-up of new production facilities on a one (Government) to two (company) matching basis, subject to a funding ceiling of $200 million. We will also explore the feasibility of allowing enterprises under the scheme to employ non-local technical personnel more flexibly, and relaxing the limitation of the number of subsidised research talents that can be employed;

  2. promote cross-boundary data flow – We signed a memorandum of understanding with the Mainland in June to foster secure cross-boundary flow of Mainland data within the GBA. We are liaising with the Guangdong Province to adopt an "early and pilot implementation" approach in the GBA to streamline the compliance arrangements for the flow of personal data from the Mainland to Hong Kong. This will facilitate the provision of cross-boundary financial and medical services within the GBA; and

  3. establish the third InnoHK cluster – The two existing InnoHK research clusters focusing on healthcare technologies and AI have successfully convened top-notch R&D personnel from across the globe. We will initiate preparations next year for the establishment of the third cluster focusing on advanced manufacturing, materials, energy and sustainable development.

Promote 5G Development

62. Commercial 5G services in Hong Kong have already covered more than 90% of the population, and nearly 99% of the core business districts. We will enhance the coverage of 5G networks by expediting the expansion of mobile network infrastructure in rural and remote areas through subsidies, and supplying more spectrum to mobile network operators by auctions, with a view to improving the transmission speed of 5G networks.