Driving Web3 Innovation: Hong Kong’s Commitment Towards Tech-Led Future Unveiled by the Financial Secretary

In a recent blog post, Hong Kong’s Financial Secretary celebrated Father’s Day while also sharing the government’s significant efforts in stimulating innovative technological development. The official highlighted that since the establishment of the Innovation and Technology Bureau (now the Innovation, Technology, and Industrial Bureau) in 2015, nearly HKD 200 billion has been invested to bolster technological innovation.

The “Fourteenth Five-Year Plan” of China has specifically tasked Hong Kong with building an international center for innovative technology. The plan aims to enhance industrial upgrading, diversification, and high-quality development, aligning with China’s objective of achieving high-level technological self-reliance and accelerating modernization.

Under this directive, technology and innovation are no longer just options for Hong Kong but critical prerequisites for its future growth. As part of this strategy, the region is focusing on courting businesses and talent, as indicated in the Chief Executive’s policy address last October. Additionally, the “Hong Kong Innovation and Technology Development Blueprint” released at the end of last year, has set a direction for the sector’s growth.

Earlier this year, the Financial Secretary explicitly pointed out in the budget that Hong Kong should aim for high-quality development goals. To achieve this, it is crucial to actively align with the national development strategy, leverage Hong Kong’s advantages, and make the most of the unique benefits of “one country, two systems” to create a new trajectory for the city’s economic development.

Web3 (WEB3), or Web 3.0, often refers to the next generation of internet services beyond current one, encompassing decentralized platforms, blockchain technologies, and cryptocurrencies. Hong Kong’s investment in innovation and technology will likely include significant efforts in Web3-related technologies, which are regarded as a key to the future digital economy globally.

The Financial Secretary’s emphasis on technology and innovation aligns with the global trend towards WEB3, positioning Hong Kong as a key player in the emerging WEB3 era.