Financial Secretary Paul Chan says he will form a committee to co-ordinate I&T development and the re-industrialisation of Hong Kong.
Delivering his 2017-18 Budget today, Mr Chan said, as a result of economic restructuring, the contribution of the manufacturing industry to the economy has declined from 2.7% of GDP in 2006 to 1.2% in 2015.
The Government believes I&T can drive Hong Kong’s re-industrialisation, thereby facilitating the development of a high-end manufacturing industry conducive to economic growth and quality job creation.
Mr Chan said the Government will support the Productivity Council in facilitating industrial upgrading and transformation to move towards high value-added production.
It will invite Cyberport to study the latest technology and product development of e-sports and explore further promotion to help boost the local gaming industry and I&T development.
The tax policy unit to be formed under the Financial Services & the Treasury Bureau will explore enhanced tax deductions for I&T expenditure.
The Government encourages the financial industry to make good use of the Fintech Supervisory Sandbox launched by the Monetary Authority to test their biometric authentication services to speed up the launch of such new services.
It will also explore new payment channels for settling government bills and fees to facilitate the use of public services.
The Monetary Authority is developing a new Faster Payment System to provide a round-the-clock inter-bank real-time payment platform, to enhance banking services. It is set for completion next year.
