$5b technology fund not seen as interventionist
The setting up of a $5 billion fund for innovation and technology projects does not mean a change of policy, says a senior official.
The money was intended to provide help to people with technology projects, said Chau Tak-hay, Secretary for Trade and Industry.
'The running of the fund will show that it's not intervention.' The fund was recommended by the Commission on Innovation and Technology chaired by Professor Tien Chang-lin.
Legislators from the trade and industry panel were told the fund would support projects where Hong Kong had an edge or could do well.
According to the Trade and Industry Bureau, the fund should cover four major categories: Innovation and technology support; University-industry collaboration; General support; Technology entrepreneurship promotion.
The projects will be assessed and monitored by a panel comprising businessmen, academics and government officials.
The fund's staff would be recruited on contract.
