Boost innovation, generate jobs: Key priorities in Hong Kong's upcoming budget, says Paul Chan

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Key Focus Areas for Hong Kong's Next Budget

Hong Kong’s finance chief, Paul Chan Mo-po, has emphasized that the next annual budget will prioritize accelerating innovation and creating more jobs. He highlighted the importance of expanding economic development areas, nurturing and applying innovation and technology, optimizing industrial structure, and injecting momentum into high-quality development.

Public consultation for the next budget is expected to begin soon, with Chan expressing his eagerness to receive specific suggestions from residents. He noted that investor sentiment remains positive, with financial institutions and large e-commerce platforms increasingly leasing or purchasing commercial spaces in the city.

Positive Investor Sentiment and Commercial Investments

Recent investments have demonstrated a strong interest in Hong Kong’s commercial real estate market. For instance, tech giant Alibaba acquired 13 floors at One Causeway Bay for an estimated HK$7 billion (US$899 million) earlier this year, establishing its new Hong Kong headquarters. This move underscores the confidence of major companies in the city's potential.

Another significant transaction involved Hong Kong Exchanges and Clearing (HKEX), which acquired substantial space at One Exchange Square in Central, including the top nine floors and the area near HKEX Connect Hall, in a HK$6.3 billion deal with Hongkong Land.

Embracing the AI+ Era and Technological Innovation

Chan emphasized the critical role of focusing on technology and new industries as Hong Kong enters the "AI+" era. He stressed the need for manufacturers to accelerate transformation to develop "new quality productive forces," which are characterized by better quality and value justifying a premium price.

During his visit to the recently opened 59th Brand and Products Expo at Victoria Park, Chan observed many local exhibitors embracing product innovation and smart technology applications. Vendors were launching creatively flavored snacks and offering new smart home appliances equipped with sensory technology to automatically adjust their working modes.

"These new products and new technologies are beneficial for stimulating consumer desire and boosting sales," he said. Combining such innovation with the advantages of having products labeled as being designed and made in Hong Kong could unlock greater business opportunities.

Economic Growth and Tourism Recovery

The local economy has shown robust growth, with a 3.3% year-on-year increase in the first three quarters. This growth was driven by double-digit growth in merchandise exports, improved local demand, and stabilizing retail and catering markets. Service exports also delivered strong results, largely due to the rebound in tourism.

Official figures indicate that visitor arrivals exceeded 45 million in the first 11 months of this year, surpassing the total for 2024 and representing a 12% year-on-year increase. Non-mainland visitors accounted for more than 23% of the figure.

Chan anticipates that the coming Christmas and New Year holidays, along with various promotional activities, will attract more visitors and further inject impetus into the consumer market and overall economy.

Additional Insights and Developments

Other recent developments include Hong Kong launching a professional services platform for mainland Chinese companies and China’s EV battery giants entering shipbuilding to bolster Beijing’s dominance. Additionally, there have been reports of a China engineer being fired for taking extended loo breaks, highlighting unusual workplace policies.

Hong Kong heavyweights also featured prominently in action-packed international events at Sha Tin, showcasing the city's vibrant sports culture.

These developments reflect the dynamic nature of Hong Kong's economy and its ongoing efforts to adapt and thrive in a rapidly changing global landscape.

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