An aerial view of the Victoria Harbor in Hong Kong Special Administrative Region, China Photo: VCG

The Hong Kong Special Administrative Region (HKSAR) will seek further support from the central government for expanding the scale of data coming to the city, which will drive the development of the city's artificial intelligence (AI), big data and healthcare sectors, and enhance the city's appeal for tech firms, Hong Kong Financial Secretary Paul Chan Mo-po said on Thursday.

Speaking at a digital economy forum, Chan said that the move will help accelerate the development of the territory's digital infrastructure, and boost the safe and orderly flow and use of data. 

Meanwhile, the city will accelerate digital transformation, and establish a digital payment system for small and medium-sized enterprises in the catering and retail sectors, according to a press release on HKSAR government's website.

The digitalization competition is fierce and fast-evolving. "If we don't move forward quickly, we will eventually fall behind others," Chan warned.

The HKSAR government set up a Digital Economy Development Committee two years ago, which carried out in-depth and systemic research in four areas including digital infrastructure construction, digital transformation, cross-border data flow, and talent development. The committee will submit suggestions to the HKSAR government and the government could implement them accordingly, according to Chan.

The 14th Five-Year Plan (2021-25) indicates clear support for Hong Kong SAR's development into an international innovation and technology hub. Over recent years, central government agencies have been stepping up efforts to drive the development of Hong Kong's digital economy and proactively integrate Hong Kong into the country's overall development plan.

In June 2023, the Cyberspace Administration of China and the Innovation, Technology and Industry Bureau of the HKSAR government signed a memorandum of understanding to promote cross-boundary data flow in the Guangdong-Hong Kong-Macao Greater Bay Area.

Global Times