Hong Kong sees rapid growth in R&D expenditure

HONG KONG, Dec. 21 (Xinhua) -- Hong Kong continued to see rapid growth in research and development (R&D) expenditure as the city steps up investment in innovation and technology (I&T), official data showed Thursday.

According to the census and statistics department of the Hong Kong Special Administrative Region (HKSAR) government, the gross domestic expenditure on R&D of Hong Kong in 2022 amounted to 30.14 billion Hong Kong dollars (about 3.86 billion U.S. dollars), a year-on-year increase of 8 percent. It accounted for 1.07 percent of the city's gross domestic product.

In recent years, the HKSAR government has ramped up investment in developing I&T infrastructure, promoting R&D, attracting and nurturing talent as well as supporting start-ups in a bid to develop itself into a global I&T center.

"I&T is instrumental in societal progress and provides key impetus for Hong Kong's high-quality economic development. The HKSAR government will strive to take forward various policy measures to realize the vision of developing Hong Kong into an international I&T center," an HKSAR government spokesperson said.

A series of measures have been announced in the 2023 Policy Address, including pressing ahead with a new type of industrialization, facilitating the R&D of microelectronics and artificial intelligence development, and fostering synergy between Hong Kong and Shenzhen in developing the I&T sector.