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HK Shows Continued Gross Expenditure on R&D

The Hong Kong Innovation Activities Statistics 2021 report was recently released by the Census and Statistics Department. The report showed that the gross domestic expenditure on research and development (GERD) of Hong Kong in 2021 amounted to HK$27,827 million.

This value represents an increase of 5% compared to the corresponding figure in 2020. In addition, the Gross Domestic Product (GDP) at current market prices increased by 7% within the same period. The GERD as a ratio to the GDP was 0.97% in 2021.

A government spokesman stated that innovation and technology (I&T) have always been the HKSAR government’s top priority. Over the years, the government has invested an unprecedented number of resources into developing infrastructure, promoting research and development, nurturing talent, supporting the industry and more, thereby, working to enhance Hong Kong’s I&T ecosystem. The spokesperson added that it is encouraging to see that the GERD has recorded an increase of 5%, despite the challenges of 2021.

The spokesman also said that, as set out in the National 14th Five-Year Plan, the country has continued to strongly support developing the region into an international I&T hub. To enable this, the government released the Hong Kong I&T Development Blueprint in December 2022 which laid out major strategies and recommendations under four broad development directions.

In the 2022 Policy Address, several initiatives were revealed as well. These included earmarking HK$10 billion to launch the Research, Academic and Industry Sectors One-plus Scheme (RAISe+ Scheme) for promoting the commercialisation of universities’ outstanding research and development outcomes for pushing ahead the “from 1 to N” transformation and pressing ahead with the construction of the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop and development of the San Tin Technopole, and more.

The spokesperson concluded that the HKSAR government is working to enhance the I&T ecosystem and regularly monitors its progress. This includes the implementation of the relevant measures to develop I&T; these measures are expected to continue to bear fruits gradually.

About the Hong Kong I&T Development Blueprint

OpenGov Asia recently reported that the Hong Kong Innovation & Technology (I&T) Development Blueprint was recently released. The Blueprint aims to establish a clear development path and formulate systematic strategic planning for I&T development over the next five to 10 years.

Hong Kong’s Secretary for Innovation, Technology & Industry that the Blueprint is a systematic and comprehensive document for Hong Kong’s I&T development put forward by the Government after many years.

The government implement the blueprint through four broad development directions aimed at enhancing the I&T ecosystem and promoting new industrialisation in Hong Kong; growing the I&T talent pool to create a strong impetus for growth; promoting digital economy development and developing Hong Kong into a smart city, and proactively integrating into the overall development of the country as well as consolidating the city’s role as a bridge connecting the Mainland and the world.

Over the next decade or so, the HKSAR Government steer policy, collaborating with stakeholders in the industry, academic and research sectors to leverage Hong Kong’s advantages as an international city. In addition, it will capitalise on the unprecedented I&T opportunities brought about by the national development, implement the major strategies and recommendations as set out in the Development Blueprint, and develop Hong Kong into an international I&T centre.

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