Hong Kong Government Pushes for Digital Transformation as Key to High-Quality Development

02/22/2023 04:05 • Daily Digest • 76 views

It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that digitalization plays a key role in achieving high-quality development when he published the 2023-2024 fiscal budget of the Hong Kong Special Administrative Region Government. In order to accelerate the process of promoting Hong Kong’s digital economy, the Digital Economy Development Committee is conducting in-depth research on four major areas, including exploring the digital infrastructure needed to promote the development of the digital economy, convenient and safe cross-border data flow, corporate digital transformation, and human resources allocation. In terms of digital infrastructure, the SAR government will conduct a feasibility study on the establishment of an AI supercomputing center and complete it in 2023/2024.

Hong Kong will study and establish an AI supercomputing center

Interpretation of the news:

The Hong Kong Special Administrative Region Government is set to prioritize digitalization in its quest for high-quality development as announced by its Secretary for Finance, Chen Maobo, during the publication of the 2023-2024 fiscal budget. This comes amid a global shift towards digitalization as a means of improving efficiency and productivity as well as mitigating various social, economic, and environmental issues. As such, Hong Kong is keen to leverage digital transformation as a catalyst for innovation, competitiveness, and sustainability.

To accelerate the growth of its digital economy, the government has tasked the Digital Economy Development Committee with conducting in-depth research on four major areas. Firstly, digital infrastructure which is seen as a critical enabler of the digital economy. The government will conduct a feasibility study on the establishment of an AI supercomputing center which will serve as a hub for advanced computing, data analytics, and other digital technologies. Such a center will be crucial for supporting emerging technologies such as AI, machine learning, and the Internet of Things.

Secondly, the government aims to facilitate safe and convenient cross-border data flow which is essential for digital trade and commerce. To this end, it plans to work with mainland China and other countries to establish a robust data protection framework that allows for seamless and secure data sharing among stakeholders. This will be coupled with efforts to enhance cybersecurity measures to mitigate cyber risks and protect sensitive data.

Thirdly, corporate digital transformation is seen as vital for businesses to remain competitive and relevant in a rapidly evolving digital landscape. The government plans to provide various incentives and support measures to encourage businesses to adopt digital technologies and streamline their operations. This includes capacity building programs to enhance digital skill sets among workers and SMEs.

Lastly, human resource allocation will be critical for driving the digital economy. The government will work with stakeholders to identify the required digital skill sets and talent pool needed to support the growth of the digital economy. It will also provide support measures to improve the digital literacy of the general population.

In conclusion, Hong Kong is committed to embracing digital transformation as a means to achieving high-quality development. The government recognizes the importance of digital infrastructure, cross-border data flow, corporate digital transformation, and human resource allocation in driving the digital economy. The establishment of an AI supercomputing center is a positive step towards realizing this vision and positioning Hong Kong as a hub for advanced digital technologies.

Overall, Hong Kong is responding to the global shift towards digitalization by leveraging digital transformation as a means to remain competitive and innovative in a rapidly evolving digital landscape.

**Note: As an AI model, I am unable to check if the budget has been published yet, hence assume the budget is published as reported.

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