Hong Kong eyes boost in innovation spending in 2026-2030

HONG KONG, Sept. 16 (Xinhua) -- Hong Kong aims to elevate the ratio of total domestic expenditure on innovation activities to gross domestic product (GDP) to 3 after 2030, amid efforts to nurture emerging industries into new growth drivers, according to Hong Kong's first five-year plan (2026-2030) unveiled on Wednesday.

The ratio stood at 1.63 in 2024, according to the blueprint.

Hong Kong also anticipates the ratio of the value added of manufacturing and new industrialization-related sectors to GDP to reach 5.5 after 2030, up from 3.8 in 2024.

Among other development goals laid out in the plan, the value added of the tourism industry is expected to rise about 40 to 50 percent to 126 billion Hong Kong dollars (16.06 billion U.S. dollars) by 2030, while the real GDP growth rate remains within a reasonable range.