Hong Kong’s technology sector is expected to be resilient despite potential sanctions and global headwinds, according to the city’s innovation chief. Sun Tong, the Innovation and Technology Secretary, emphasized the importance of moving forward with the measures outlined in the development blueprint to minimize any impact from external factors.
Hong Kong is regarded as China’s most open and international city, known for its ability to attract talent, capital, and technology. Sun Tong highlighted that the city’s growth is influenced by external changes but ultimately relies on internal policies. While unilateral unfriendly policies from some countries might have an impact, he believes it will be limited.
The government will closely monitor external developments and make timely adjustments. Regardless of how the outside world changes, Hong Kong’s development is primarily dependent on internal factors, Sun Tong added. The city’s development strategy revolves around leveraging its global image, expanding its international network, and making more friends.
Hong Kong’s technology sector has a long history of sourcing technology products worldwide, rather than being restricted to a single region. However, the United States previously announced plans to restrict investments in Chinese companies specializing in semiconductors, microelectronics, quantum information technology, and certain artificial intelligence systems, impacting companies in Hong Kong and Macau. Additionally, regulations have limited access to American semiconductor technology and equipment for certain Chinese technology companies since 2019.
Despite these challenges, Sun Tong emphasized the need to implement the policies outlined in the innovation and technology development blueprint. The blueprint sets ambitious goals for the next 10 years, aiming to double the number of talent, startups, and unicorns in the city, as well as increase economic contribution from manufacturing. Efforts will focus on nurturing startups, attracting major companies to set up operations in Hong Kong, and transforming existing local industries.
One significant driving force for Hong Kong’s innovation and technology development is the Hetao Shenzhen-Hong Kong Science, Technology, and Innovation Cooperation Zone, located on the border between Shenzhen and mainland China. The government plans to release more land to accelerate the development of this zone, with the recent announcement of demolishing the Lok Ma Chau lup community quarantine facility to make room for the construction of five buildings in the technology park’s first phase.
In conclusion, despite potential sanctions and global headwinds, Hong Kong’s technology sector is poised to remain resilient. The city will focus on internal policies, including the implementation of the innovation and technology development blueprint, to drive growth and attract both local and international companies. By leveraging its global image and expanding its international network, Hong Kong aims to continue its reputation as an open and international hub for talent, capital, and technology.
