Questions and answers about Hong Kong’s new innovation and technology bureau

1. Why does the innovation and technology bureau matter?

Currently, the Commerce and Economic Development Bureau  promotes high-value-added and high-technology activities in Hong Kong, on top of its tasks in tourism, consumer protection and economic development. Advocates  of a new bureau argue that it would be better to establish a dedicated bureau to promote innovation and technology.

They also believe that a new bureau would help improve Hong Kong’s competitiveness. Investment in research and development only accounts for about 0.7 per cent of Hong Kong’s gross domestic product.  This  is far behind South Korea (3.6 per cent), Singapore (2.6 per cent), Taiwan (2.3 per cent) and the mainland (2 per cent).

In the latest World Economic Forum Global Competitiveness report, released in September, Hong Kong was ranked the seventh most competitive economy in the world. But the report singled out innovation as one of Hong Kong’s weakest areas, ranking only 27th in the world.

However, radical pan-democrat lawmakers criticise the government for failing to give a clear road map for boosting innovation and technology after the establishment of the new bureau. They also argue the bureau will only serve to give a ministerial job to former Polytechnic University executive vice-president Nicholas Yang Wei-hsiung,  who is regarded as a supporter of Chief Executive Leung Chun-ying.