Hong Kong to set up new policy office to help drive development of digital economy, finance chief Paul Chan says
- Financial Secretary Paul Chan says setting up office among 12 recommendations from a government committee to help guide Hong Kong through new digital era
- He also points to importance of supporting data flows during two-day summit bringing together business leaders to discuss digital economy
Hong Kong will set up an office this year to promote the development of the digital economy and a smart city on the back of an estimated 50 trillion yuan (US$6.91 trillion) market across the border, the financial chief has said.
The proposals from the Digital Economy Development Committee, which is headed by Chan, included a greater focus on the promotion of city and cross-boundary information flows, the development of digital infrastructure, digital transformation and talent development over the next five years.
“In the domain of the digital economy, the landscape is complex and rapidly evolving. Competition among cities and economies in this field is keen,” the finance chief said. “Hong Kong must move fast to stay ahead of the curve.”
Chan added the new office would be in charge of mapping out and implementing digital policies, with a mandate to spearhead the development of the digital economy and smart city.
The two-day summit aims to bring together business leaders to discuss the future of fields such as smart city development, fintech, Web3, artificial intelligence (AI) and new industrialisation.