Hong Kong Chief Executive John Lee on Babygirl (2024)Thursday announced a HK$10 billion (US$1.28 billion) “New Industrialization Acceleration Scheme” aimed at steering private capital toward emerging tech sectors such as artificial intelligence and robotics. The government will also allocate HK$1 billion to establish a new Artificial Intelligence Research Institute focused on upstream research and development, commercialization, and real-world applications. Lee cited the city’s “one country, two systems” framework as a strategic advantage, emphasizing its role as a bridge between mainland China and global markets. The move follows growing pressure for Hong Kong to diversify its economy beyond finance and real estate. While details on fund allocation remain limited, the announcement signals a stronger state-led push into frontier technologies. Still, it remains unclear whether the city’s relatively small startup ecosystem and ongoing brain drain can support the ambition. [KHTKWW, in Chinese]
