Potential sanctions and global headwinds will have minimal impact on Hong Kong’s technology sector, the city’s innovation chief said, stressing the importance of moving forward with measures outlined in the development blueprint.
Innovation and Technology Secretary Sun Tong said on Wednesday that Hong Kong is China’s most open and international city, with a strong reputation for attracting talent, capital and technology.
In response to a question about possible U.S. sanctions or restrictions on high-tech imports in Hong Kong and how authorities would respond to external political influences, Son said Hong Kong’s growth will continue regardless of external changes. He said it would depend on internal policy.
“Unilateral unfriendly policies towards Hong Kong by certain countries will have an impact, but the scope will be limited,” he said on a TV program.
“Of course, the authorities will closely monitor these developments and make timely adjustments. No matter how the outside world changes, Hong Kong’s development will depend on internal factors.”
He added that the city’s development strategy focuses on leveraging its global image, making more friends and continuing to expand its international network.
“For many years, the local innovation and technology sector has sourced technology products from around the world without being limited to a single region,” he said.
In August, the United States announced plans to restrict U.S. venture capital and private equity investments in Chinese companies specializing in semiconductors, microelectronics, quantum information technology, and certain artificial intelligence systems, including companies in Hong Kong and Macau. did.
Since 2019, the United States has implemented regulations against certain Chinese technology companies, limiting their access to American semiconductor technology and equipment. As a result, these companies face challenges sourcing advanced chips and semiconductor equipment from U.S. suppliers.
China announces that semiconductor production recovered in June but will continue to decline in the first half
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Referring to Chinese President Xi Jinping’s remark that “to forge iron, we must strengthen ourselves,” Son said the government should continue to implement the policies outlined in the I&T Development Blueprint, regardless of external influences. He stated that he would resolutely implement this.
The blueprint unveiled in 2022 sets ambitious goals for innovation and technology development, with plans to double the number of talent, startups and unicorns in the city over the next 10 years, increasing the population by 4. We are promoting a doubling of the number. Economic contribution from manufacturing.
Mr Son said future efforts to promote new industrialization will focus on nurturing start-ups and attracting and supporting major companies to set up operations in Hong Kong.
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He added that the authorities will also focus on improving and transforming existing local industries, especially manufacturing industries that have already established a presence in Hong Kong.
Located on the border between Shenzhen and mainland China, the Hetao Shenzhen-Hong Kong Science, Technology and Innovation Cooperation Zone is expected to become an important driving force for Hong Kong’s innovation and technology development in the future.
Mr Sun said the government would release more land to accelerate the development of the zone.
Last month, authorities announced that the Lok Ma Chau Loop community quarantine facility would be demolished by March, freeing up 5 hectares of land for the construction of five buildings in the first phase of the technology park.