Digitalization Crucial for High-Quality Development: Hong Kong Finance Secretary
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…
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
Interpret the above information:
The Finance Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, has emphasized the importance of digitalization in the region’s high-quality development. The statement was published along with the 2023-2024 fiscal budget of the government which highlighted the Digital Economy Development Committee’s research on digital infrastructure, data flow, corporate transformation, and human resource allocation.
In order to promote the development of Hong Kong’s digital economy, the government aims to accelerate the digitalization process in four major areas. The first area is exploring the digital infrastructure needed to support the digital economy. The second area is developing a convenient and safe cross-border data flow channel that will facilitate cross-border trade and commerce. The third area is corporate digital transformation that will help businesses in maximizing digital opportunities and enhancing their competitiveness in the global market. The fourth and final area of study is the allocation of human resources, to ensure that sufficient human resources are available in the digital economy.
The government has plans to establish an AI supercomputing center through a feasibility study that will commence soon, aiming to complete the project in 2023/2024. This project will significantly contribute towards bridging the gap between Hong Kong’s current digital infrastructure and other thriving digital economies like South Korea, Japan, and China. The more Hong Kong’s tech industry is advanced, the more valuable it becomes to investors, driving the creation of well-paid jobs in the region.
Digitalization is crucial for the long-term development of the Hong Kong economy. The COVID-19 pandemic has increased the demand for digital technologies and services. Innovative solutions like e-commerce platforms and remote conferencing have become increasingly important, and consumers have come to expect digitization in their everyday lives. The government’s efforts towards digitalization will attract foreign investment opportunities, enhance business competitiveness and improve local innovation capabilities.
In conclusion, the Hong Kong Special Administrative Region Government has recognized the importance of digitalization in achieving high-quality development. Through research and initiatives like the establishment of an AI supercomputing center, the Hong Kong government has signaled its commitment to accelerate the process of promoting Hong Kong’s digital economy. It is essential to note that digitalization provides countless opportunities to businesses and job-seekers alike, and any investment in digital infrastructure will ultimately benefit the entire economy.
Keyword: Digitalization, Fiscal Policy, Development, Hong Kong Government
The Hong Kong government has this week published its 2023-2024 fiscal budget, announcing plans to accelerate the digitalization of the Hong Kong economy. According to Secretary for Finance, Chen Maobo, digitalisation is the key to high-quality development, and the Digital Economy Development Committee is currently undertaking in-depth research on four areas to attain this. They include digital infrastructure, cross-border data flow, corporate transformation, and human resource allocation. The government also plans to conduct a feasibility study on an AI supercomputing centre, aiming to complete it in 2024.
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