Hong Kong banks on innovative tech for city’s economic recovery

The government’s intervention and support are crucial in the early stage of innovation and tech development, says city financial chief.
By: | January 28, 2021

As Hong Kong battles its fourth wave of COVID-19 infections, the city’s finance chief hopes that the government’s support for innovative technology will help boost the city’s economic recovery.

“Investing in public resources to help companies kick-start could create a favourable space for the innovation and technology industry to develop,” said Financial Secretary Paul Chan in a blog post, reports South China Morning Post. 

The government has been supporting the use of new tech in its battle against the pandemic such as quarantine tracker wristbands, touchless lift panels, and copper-lined reusable masks, he added.

Acknowledging that the pandemic has dealt a heavy blow to Hong Kong’s economy over the past year, Chan hoped that the efforts would gradually yield results and help drive economic recovery. 

“Especially in the early stage of innovation and technology development, the government’s intervention and support are very important,” Chan said. 

To attract talent, Chan noted that the government has allowed 220 overseas tech professionals to work in Hong Kong since the Technology Talent Admission Scheme was launched in 2018, some 30% of which had a doctoral degree. 

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It also launched the Greater Bay Area Youth Employment Scheme to encourage young workers to seize job opportunities in Chinese mainland cities, which will see a monthly allowance of HK$10,000 (US$1,290) awarded to each of the 2,000 graduates employed for up to 18 months.