Budget 2022-23: Hong Kong to inject more resources into nurturing local talent in fintech and health care, addressing economic imbalance
- Finance chief Paul Chan pledges to create better job opportunities for young people, diversify city’s economy
- Up to HK$400 million each year earmarked for boosting training in medical sector, while HK$43 million set aside for professional development of fintech players
Hong Kong is putting more resources into nurturing local talent in fintech and health care to address the brain drain in these fields and the imbalance in the city’s economic development.
“Amid the adversities, many issues have emerged, such as the imbalance in economic development and inadequate opportunities for young people to give full play to their strengths, as well as the distribution of economic gains, which have scope for improvement,” Chan said.
These issues had implications for the city’s social harmony and stability in the long run, and needed to be resolved step by step with the concerted efforts of the community, Chan said.
He pledged to pave the way for nurturing local talent in the fintech, information technology and health care industries, while all residents aged 18 and above could enjoy higher subsidies for continuing education.
To cope with the shortage of health care workers, Chan said up to HK$400 million (US$51.2 million) each year would be allocated to enhance training for medical professionals starting from the academic year in 2023.
It includes providing subsidies for health care students to enrol in related programmes and adding 500 more undergraduate places for courses that are now partially financed by the government.
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Another HK$10 billion will be earmarked for the completion of works to upgrade and increase health care teaching facilities at universities, which will provide about 900 additional training places.
The clinical practicum training fees that medical institutions paid to the Hospital Authority would be waived, Chan added.
About HK$43 million would be allocated for professional development schemes for fintech players, while programmes on helping those in the finance industry increase awareness of sustainable economy development would also be launched, he revealed.
Subsidies under the Innovation and Technology Fund will also be doubled to HK$440 million to promote research and development and attract local and overseas talent.
The Science Park and Cyberport would continue to provide young people with internship and training opportunities, he added.
Chan also allocated resources to attract youngsters in search of new opportunities.
For instance, about 800 Cantonese opera practitioners would benefit from HK$100 million injected into the industry. About HK$30 million would also be used to support arts technology development, he said.
Another HK$37 million would be used to provide professional training for the conservators of the Leisure and Cultural Services Department and Hong Kong Palace Museum, which would benefit more than 150 people.
For the general public, continuing education subsidies for each resident would be raised from HK$20,000 to HK$25,000, and the upper age limit of 70 would be removed.
The Construction Industry Council would receive HK$1 billion to help attract more young people to enter the building sector.
Hong Kong has been facing a labour shortage in recent times, and it was reported in August 2021 that nearly 90,000 residents had left in the past year. Strict travel restrictions also meant that fewer foreign specialists arrived to set up camp in the city.
Professor Paul Yip Siu-fai, a population health expert at the University of Hong Kong, said apart from allocating funding to local talent and foreign professionals, providing enough infrastructure and support remained important in talent retention and attraction.
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“Of course a government grant is important and it helps. But sometimes it’s not just about the issue of hardware, there could be other considerations such as housing, education and even air quality,” he said. “Personal freedom and freedom of expression could be other considerations as well.”
Professor Francis Chan Ka-leung, dean of the faculty of medicine at Chinese University, said the faculty welcomed Chan’s suggestions and hoped the measures could be implemented as soon as possible.
“We think that the budget has responded to our needs comprehensively,” he said. “The severe Covid-19 outbreak that Hong Kong is currently facing has proved our acute need for health care professionals, a high standard of medical services and research to overcome the city’s foreseeable challenges.”
