Boost funding for inno-tech future
Financial Secretary Paul Chan Mo-po is scheduled to deliver the 2018-19 Budget on Wednesday. As always, Hong Kong businesses, various media outlets and residents alike have been debating the upcoming annual financial report for weeks on end. With the financial secretary expected to announce that the current fiscal year yielded a record-breaking budget surplus, many people look forward to “goodies” such as cash handouts, tax breaks, healthcare vouchers and even housing subsidies of some sort. Indeed, a balanced budget would never overlook the immediate need to address people’s present livelihood issues. However, equal — if not greater — importance should be attached to Hong Kong society’s long-term needs; for this end, there is no better way to spend public money than invest in the future of Hong Kong — namely develop a knowledgedriven economy thriving on innovation and technology.
The special administrative region government is already committed to making innovation and technology a new growth engine for the local economy. It has introduced policies tailor-made to attract top minds in science and technology from around the world, in addition to creating an excellent environment for inno-tech development. Needless to say, such undertakings all demand continuous funding for years to come, which is why the SAR must keep an eye on the road ahead and make sure every dollar from its public coffers serves its purpose well. Apart from bringing experts from overseas, of course, it is more important to nurture our own talents right here.
Hong Kong already boasts several worldclass universities but can do even better if it wants to. The government should review the existing funding policy and update it if necessary to ensure local institutions of higher learning make the most out of funds they receive every year, with solid results as proof. We must not assume greatness is reflected only in world rankings, because competitions are meant to bring out the competitors’ full potential, beyond winning trophies and medals. As far as the goal of becoming a “smart city” is concerned, Hong Kong needs as many young, curious and brilliant minds as it can raise and find. To do so it must adopt “smart funding” for education aside from promoting innovation and technological development.
Innovation and technological development will go a long way toward diversifying Hong Kong’s economy and therefore create more job opportunities for the younger generation, helping to solve some of Hong Kong’s deep-seated problems. It is also in line with the national development strategy and helps the SAR sharpen its overall competitiveness. As such it is extremely important to let the public know exactly why we must invest in the future as much as we can. After all, it is their future and their money we are talking about.