Hong Kong Chief Executive John Lee Ka-chiu met on Sunday with Director of the Cyberspace Administration of China Zhuang Rongwen and witnessed the signing of a memorandum of understanding to promote the high-quality development of the digital economy.

Lee and Zhuang exchanged views on deepening innovation and technology collaboration and jointly witnessed the signing of the Memorandum of Understanding on Co-operation in Innovation and Technology Development between the Innovation, Technology and Industry Bureau and the CAC.

"The Hong Kong Special Administrative Region government will actively align with the National 15th Five-Year Plan, formulate Hong Kong's first five-year plan, striving to develop Hong Kong into an international I&T center and a hub for high-end international talent, and achieving high-quality development,” Lee said.

ALSO READ: HK builds up strength in I&T to foster future growth engine

“The MoU signed today marks a new milestone in the cooperation between the HKSAR government and the CAC in the development of the digital economy, and fully demonstrates the country's high commitment and support to Hong Kong's I&T development,” he added.

Signed by Secretary for Innovation, Technology and Industry Sun Dong and Deputy Director of the CAC Wang Jingtao, the MoU covers key areas, including the promotion of AI, cross-boundary data flow and blockchain.

It aims to deepen the implementation of the National 15th Five-Year Plan, support Hong Kong's development into an international I&T center, promote a new real economy driven by technological innovation, and drive Hong Kong's deeper integration into and contribution to the overall national development.

The two places will also further strengthen cooperation under the MoU and jointly propel new quality productive forces development, deepen cooperation in cybersecurity, and strengthen international exchanges and promotion.

READ MORE: Government, academia, and industry synergy to boost HK I&T startups

Lee said Hong Kong will continue to capitalize on its distinctive advantages of having strong support from the motherland and close connection with the world under the "one country, two systems" principle, deepen collaboration with the CAC to further promote cross-boundary data flow in the Guangdong-Hong Kong-Macao Greater Bay Area and “jointly contribute to building a technologically advanced nation."

Sun said the HKSAR government will accelerate the promotion of I&T development to build Hong Kong into a source of innovation for the country and the world.