Hong Kong sets 5-year plan to double innovation spending, boost new industries

Hong 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...