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BUSINESS8h agoHong Kong aims to raise innovation spending to 3% of GDP by about 2030Hong Kong will strive to raise its expenditure on innovation activities to a level equivalent to 3 per cent of gross domestic product (GDP) by around 2030, nearly double the current rate, according to the city’s first five-year plan. Chief Executive John Lee Ka-chiu unveiled the ambitious goal, together with measures to boost frontier technologies, including aerospace research, on Wednesday. Among the 22 indicators laid out in the plan, the government aims to raise the ratio of total domestic...South China Morning Post
BUSINESS8h agoHong Kong sets 5-year plan to double innovation spending, boost new industriesHong Kong’s leader has unveiled the city’s first five-year blueprint, aligned with China’s national development strategy, setting targets to nearly double innovation spending and raise the share of manufacturing and new industries to 5.5 per cent of the economy. In a historically significant new approach, Chief Executive John Lee Ka-chiu prefaced his annual policy address on Wednesday with a comprehensive set of binding and anticipatory or aspirational longer-term targets for Hong Kong up to the...South China Morning Post
BUSINESS10h agoHong Kong targets film tourism boom and higher-level tennis tournamentsHong Kong will introduce themed tourism routes showcasing the city’s most recognisable filming locations and explore upgrading Victoria Park’s Centre Court to host higher-level tennis tournaments, as authorities seek to significantly increase the sector’s economic contribution under the city’s first five-year development plan. The 2026-30 blueprint aims to raise the tourism industry’s value added from HK$86.2 billion (US$10.9 billion) in 2024 to HK$126 billion by 2030 – an increase of about 40...South China Morning Post
BUSINESS10h agoFirst building in Hong Kong’s university town project to be ready in monthsThe first building in the 1,000-hectare (2,472-acre) university town project in the Northern Metropolis will be completed by the end of this year, Hong Kong’s leader has said, revealing that the flagship tower is called Loop Academy One. Announcing Hong Kong’s first five-year plan on Wednesday, Chief Executive John Lee Ka-chiu also revealed the official names of the three Northern Metropolis developments: San Tin University Town, Hung Shui Kiu University Town and Ta Kwu Ling University Town. The...South China Morning Post
BUSINESS10h agoHong Kong to woo finance and tech firms with new tax breaksHong Kong will introduce various tax incentives for new finance and technology industries to attract businesses and reinforce the city’s role as a leading financial hub, the city leader has announced in his policy address. Tax concessions to draw intellectual property (IP) businesses and selected industries to the city were among the new measures Chief Executive John Lee Ka-chiu announced on Wednesday, while the halving of the profits tax rate for gold traders would be sped up. To speed up the...South China Morning Post
BUSINESS15h agoUS crypto bill stumble sparks call for Hong Kong to seize ‘critical strategic window’The US Senate’s rejection of the Clarity Act – a landmark bill meant to regulate cryptocurrency market structure – has opened a window for Hong Kong to accelerate its digital asset ambitions, industry insiders say, even as the sector remains mired in a slump after a brief rally last month. Beijing’s ban on crypto remains in force in mainland China, but Hong Kong has received approval to develop itself as a digital asset hub, with the stalled push in Washington presenting the city with what...South China Morning Post
BUSINESS18h agoHong Kong rated Asia’s top financial hub for 4th straight year: reportHong Kong has retained its status as Asia’s top financial hub for a fourth consecutive edition of the Global Financial Centres Index (GFCI), even as many of the world’s leading centres saw their scores slip slightly amid rising geopolitical headwinds. The city also ranked third globally in the 40th edition of the twice-yearly report, released on Wednesday amid a remarkably tight race at the top of global finance. Hong Kong scored 756, just one point behind London on 757 and a point ahead of...South China Morning Post
BUSINESS18h agoHong Kong unveils first five-year plan to cement position as global financial hubHong ⁠Kong leader ​John Lee on Wednesday unveiled the city's first five-year plan to boost its global position as a financial hub. The plan serves as a social and economic roadmap detailing the city-state's strategic priorities, including an aim to expand technology ties with mainland China.France 24 [en]