Responding to the Hong Kong 2023-24 Budget: The Importance of Investing More in Technology

Given the rapid pace of technological advancement and the potential benefits for our economy and society, it is crucial that the Hong Kong Government invest more in technology. The measures announced by Mr Paul Chan (CHAN Mo-po, Paul), the Financial Secretary of HKSAR, outlined in the budget for the development of the digital economy, infrastructure, and Web3 ecosystem are steps in the right direction, but they may not be sufficient to keep up with the pace of global competition.

The measures announced by Mr Paul Chan (CHAN Mo-po, Paul), the Financial Secretary of HKSAR, outlined in the budget for the development of the digital economy, infrastructure, and Web3 ecosystem are steps in the right direction.

Investment in technology can bring significant economic and social benefits, including increased productivity, innovation, and competitiveness. For example, the development of an Artificial Intelligence Supercomputing Centre, the enhancement of the iAM Smart platform, and the support for SMEs in digital transformation can help promote the adoption of new technologies and boost the overall digital economy.

Moreover, the emergence of Web3 and virtual assets presents a new frontier for technological development, with the potential to create new industries and transform traditional ones. The allocation of $50 million to expedite the Web3 ecosystem development and the establishment of a task force to advise on the sustainable development of the virtual asset industry are important steps towards embracing this new era.

However, given the fierce competition in the global technology race, it is crucial that the government invest more in technology to maintain our competitiveness and promote the sustainable development of our economy. The government should consider more extensive measures, such as providing greater support for R&D, promoting talent development in emerging technologies, and fostering a more conducive regulatory environment for the development of new industries. Only by investing more in technology can we win the race and secure a bright future for our economy and society.

Reference: The 2023-24 Budget

https://www.budget.gov.hk/2023/eng/hq.html

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