Hong Kong’s Fiscal Budget and the Importance of Digitalization

It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that digitalization p…

Hong Kongs Fiscal Budget and the Importance of Digitalization

It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that digitalization plays a key role in achieving high-quality development when he published the 2023-2024 fiscal budget of the Hong Kong Special Administrative Region Government. In order to accelerate the process of promoting Hong Kong’s digital economy, the Digital Economy Development Committee is conducting in-depth research on four major areas, including exploring the digital infrastructure needed to promote the development of the digital economy, convenient and safe cross-border data flow, corporate digital transformation, and human resources allocation. In terms of digital infrastructure, the SAR government will conduct a feasibility study on the establishment of an AI supercomputing center and complete it in 2023/2024.

Hong Kong will study and establish an AI supercomputing center

Interpretation of the news:


The Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, highlighted the significance of digitalization in achieving high-quality development during the recent publication of the 2023-2024 fiscal budget. The Digital Economy Development Committee is currently conducting a thorough study on the critical areas of digital infrastructure, cross-border data flow, corporate digital transformation, and human resource allocation to assist in accelerating Hong Kong’s digital economy development.

The establishment of an Artificial Intelligence (AI) supercomputing center is the most noteworthy aspect of the digital infrastructure component, which the SAR government anticipates finishing in 2023/2024. The feasibility analysis of this endeavor will enable Hong Kong’s technological foundation for the digital economy to be robust.

In addition to digital infrastructure, the committee is exploring the facilitation of convenient and secure cross-border data flow. This step ensures that global data access and sharing is feasible and adequately safe. Aided by the appropriate policies and regulations, Hong Kong businesses and investors can exchange information in a secure and convenient manner. This approach strengthens the city’s ability to compete on the international level and contributes to its future digital evolution.

Corporate digital transformation is equally essential, with companies’ digitization becoming more critical in today’s connected global environment. The government aims to develop plans that will spur or incentivize companies to take the first step, whether it be onboarding digital technologies or adopting industrial innovation, and remain vigilant in monitoring business progress towards digitization.

The last, but not the least focus area, is human resource allocation. It is crucial to develop the necessary skill set through training and education in the digital field, and this is the key to sustaining and staying ahead of the curve in the highly digitalized market of the future.

In conclusion, Hong Kong’s SAR government is explicitly prioritizing the digital economy in its 2023-2024 fiscal budget, and this sets the stage for the development of the tech industry in the region. By prioritizing and structuring the digital infrastructure, facilitating cross-border data flow, promoting corporate digitization, and allocating resources to human capital in the area of technology, Hong Kong will improve its chances of achieving sustainable economic growth and maintaining its competitive edge in the future.

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