HKSAR determined to contribute to national AI strategy by building on finance base

The Hong Kong Special Administrative Region (HKSAR) is determined to contribute to China’s artificial intelligence (AI) development, and the city will actively promote AI technology, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said at an economic forum.

China has set a target to become a global center for AI technology and innovation, to which Hong Kong is determined to contribute, including actively taking part in the establishment of an international scientific and innovation center in the Guangdong-Hong KongMacao Greater Bay Area.

Lam commented at the second Hongqiao International Economic Forum in Shanghai on Tuesday, China Economic Weekly reported.

As an international financial center, Hong Kong has a great advantage in applying artificial intelligence technology in the financial sector, according to Lam.

There are 160 licensed banks and over 160 insurance companies in the city – a natural advantage for nurturing fintech, she said.

However, Noel Shih, chairman of the Young Democratic Alliance for the Betterment and Progress of Hong Kong, told the Global Times on Wednesday that the innovation environment in Hong Kong cannot compete with that in its neighbor Shenzhen, South China’s Guangdong Province.

Even though there are many venture capital firms in Hong

Kong, few invest in local technology companies, Shih said, noting that most Hong Kong start-ups’ business scale is small.

“The Hong Kong government offers capital to help startups launch, but AI is a sector that burns money. Therefore, the local companies need more support, including talent,” he said.

Lam said the Hong Kong government has released plans to encourage Hong Kong people and firms to further cooperate with the mainland in technology research and development.

Amid the prolonged social unrest, some have concerns that it might be difficult to young people in Hong Kong focus on research and innovation.

However, Shih said that he isn’t worried because he has seen that many young people in the city are still devoted to research and development.

“What they need is resources to support them in applying their knowledge in technological innovation,” he said.