Financial Secretary Paul Chan Mo-po has emphasized Hong Kong’s readiness to strengthen collaboration with the Asia-Pacific Economic Cooperation economies to harness emerging technologies for the benefit of people and the economic development of the region.
He also proposed that APEC should strengthen cooperation through capacity building, knowledge and experience sharing, and technical support in order to assist emerging and developing economies in bridging the digital divide.
Chan made the statements on Wednesday while attending a joint session of the APEC Finance Ministers’ Meeting and Structural Reform Ministerial Meeting in Incheon, South Korea. Secretary for Justice Paul Lam Ting-kwok also attended the meeting.
This year’s joint session focused on how APEC member economies can seize the opportunities and address the challenges brought about by artificial intelligence and digital transformation through policy coordination, regulatory reforms, capacity building, and regional cooperation.
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Chan detailed the Hong Kong Special Administrative Region’s experience in developing AI and advancing digital transformation, offering suggestions on APEC’s work in this regard.
The SAR has adopted a dual strategy of developing AI as a core industry and empowering other industries through AI, through efforts focused on computing power, algorithms, application scenarios, data and funding support, he said.
Hong Kong has invested more than HK$200 billion in innovation and technology, with AI development being a key focus, he added.
Talking on major initiatives, he mentioned the establishment of the Hong Kong AI Research and Development Institute, which promotes upstream innovation and cross-sectoral applications of AI, and the launch of the AI Supercomputing Centre, which provides computing resources to universities, research institutions, and enterprises in 2024.
Hong Kong is committed to developing a framework for the responsible use of AI, the finance chief said while speaking about related regulation and governance.
The HKSAR government has set up an “AI Efficacy Enhancement Team” to streamline workflows through the application of AI technologies and is also developing a Digital Corporate Identity platform to enhance the delivery of public services, he added.
Stressing the importance of enhancing preparedness among the public to prepare for the future of AI, Chan said Hong Kong is incorporating AI into all levels of education and expanding professional training programs to strengthen the readiness of the city’s workforce with regard to AI.
Having put in place various funding schemes and support measures to help businesses adopt emerging technologies and enhance their competitiveness, the SAR is striving to attract top global talent in relevant fields and places strong emphasis on supporting the digital transformation of small and medium-sized enterprises, he said.
The financial secretary advocated enhancing policy dialogue on AI regulatory frameworks, cross-border data flows, and digital trade, and bolstering the regional innovation and technology ecosystem to support startups and cross-border research and collaboration.
Speaking at a thematic session during the Structural Reform Ministerial Meeting, Secretary for Justice Paul Lam said Hong Kong stands firm in supporting a rules-based international economic order and is eager to build stronger ties with various economies and international organizations.
On innovation, he iterated that Hong Kong has been facilitating the digitalization of trade documents.
Relevant legislation will be reviewed to support the wider application of artificial intelligence, he added.
