Hong Kong to fast-track new industrialization, aligns with 15th Five-Year plan: official

HONG KONG, March 17 (Xinhua) -- The HKSAR government will accelerate the development of the Northern Metropolis and advance new industrialization in an all-round way, Sun Dong, secretary for innovation, technology and industry of the Hong Kong Special Administrative Region (HKSAR) government, said on Monday.

The move is in line with the national 15th Five-Year Plan, enabling Hong Kong to play a more active role in integrating into the country's modern industrial layout, he added.

Sun made the remarks at the launch ceremony of Henan Oriental Materials' production base in Hong Kong's Yuen Long InnoPark.

Sun said the project, as a flagship initiative for Hong Kong's new industrial development in 2026, fully demonstrates Hong Kong's resolve to support the country's industrial innovation, and reflects steady progress in developing the semiconductor industry and advanced manufacturing.

The project has been approved under the HKSAR government's 10-billion-Hong-Kong-dollar New Industrialization Acceleration Scheme and is expected to receive funding of about 200 million Hong Kong dollars.

As a "little giant" -- small and medium-sized companies recognized for being highly specialized and innovative -- Henan Oriental Materials will contribute its professional know-how and experience in semiconductor equipment, components and materials, Sun said.

Notably, the city's 2026-27 Budget earmarked about 220 million Hong Kong dollars to support the establishment of the first national manufacturing innovation center outside the Chinese mainland, which will focus on semiconductor-related research and development.

This will help strengthen Hong Kong's microelectronics ecosystem and support the country's efforts to achieve original innovation and technological breakthroughs in the semiconductor sector, he added.

Sun later told reporters that in recent years, the Innovation, Technology and Industry Bureau, together with other HKSAR government departments, has attracted, supported and assisted more than 600 enterprises to establish or expand their businesses in Hong Kong, achieving encouraging results. (1 Hong Kong dollar equals 0.13 U.S. dollars)