Policy Address

IV. Innovation and Technology

54. Innovation and technology are no slogan. They create new impetus for economic and social development. Hong Kong’s application of innovation and technology notably trails the Mainland of China in various aspects. Since the establishment of the Innovation and Technology Bureau (ITB), the atmosphere for innovation and technology development in Hong Kong has been significantly enhanced over the past year, with more top-tier global research and development institutes establishing their presence here. The Massachusetts Institute of Technology set up its first overseas Innovation Node in Hong Kong. The Karolinska Institutet from Sweden, for the first time in its 200-year history, established an overseas research centre in our Science Park. The Guangzhou Institutes of Biomedicine and Health under the Chinese Academy of Sciences also announced it would set up a Guangzhou Hong Kong Stem Cell and Regenerative Medicine Research Centre in our Science Park. The Alibaba Group launched a $1 billion Hong Kong Entrepreneurs Fund. Sequoia Capital initiated the Hong Kong X-Tech Startup Platform to provide funding support for early-stage and angel projects. Two weeks ago, the HKSAR Government and the Shenzhen Municipal Government signed a memorandum of understanding on the development of a Hong Kong/Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop in Hong Kong, with a site area quadruple that of the Science Park.

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