HONG KONG, 26 FEBRUARY 2009 – Measures to create jobs and stimulate economic growth by promoting technology-based, creative and green economies, are the foundation of the 2009 – 2010 Hong Kong Budget announced yesterday.
John Tsang, Hong Kong’s financial secretary, announced a series of measures, including promoting technology-based, creative and green economies.
In the plan to develop a territory-wide health record system, Tsang said the HK government would increase the recurrent subvention for the Hospital Authority, over the next three financial years, by about $870 million a year. This means the annual subvention in 2011-12 will be about $2.6 billion higher than at present.
“I have also earmarked some $840 million for the next three financial years to implement various complementary measures to strengthen primary care services and the support to chronic patients, promote public-private partnership, and develop a territory-wide electronic health record system,” Tsang said.
The financial secretary said Hong Kong would promote the development of new technologies to enhance the competitiveness of the fragrant harbour city “through the provision of infrastructure, manpower training, co-operation with the Mainland and other economies and funding schemes”.
HKSAR – Beijing action plan
“To further co-operation in various areas under the framework of the ‘Shenzhen-Hong Kong Innovation Circle’, the two governments will formulate an action plan for the next three years, on top of the annual joint funding for co-operative research projects of the two places,” Tsang said.
“In co-operation with the Guangdong Provincial Government, the HKSAR Government will continue to explore other areas of technological development to enhance the overall research capacity of the PRD region and facilitate the upgrading and restructuring of Hong Kong enterprises in the region.”
About 500 IT jobs are expected to be created from one HK$63 million non-recurrent funding initiative to conduct a one-year education programme to teach users, especially young students, how to appropriately and safely use the Internet.
Tsang said the HK government Finance Committee had also approved the establishment of an HK$18-billion Research Endowment Fund. It will also progressively provide 800 additional places for postgraduate research programmes in three years starting from the 2009-10 academic year. The aim was to help increase research capacity and competitiveness, and to attract outstanding researchers, educators and more high value-added enterprises to Hong Kong.
Tsang said that Hong Kong would also increase the number of calls for Innovation and Technology Fund (ITF) applications each year and expand the funded technology areas.
Internship program expanded
The criteria for the Internship Programme under the ITF have been relaxed to allow more local talent to participate in such projects. The grant ceiling for each project funded under the Small Entrepreneur Research Assistance Programme has been raised to HK$4 million to enhance the competitiveness of enterprises in product and service research.
“Promoting the use of technology is a long-term task,” Tsang said. “We will continue on the path towards a high value-added and knowledge-based economy.
“During an economic downturn, as well as addressing immediate needs, it is vital that we are far-sighted in encouraging high value-added economic activities that open up new sectors for sustainable economic growth.”
