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Hong Kong’s government is set to digitalize the local economy and improve connectivity with mainland China, as outlined by Financial Secretary Paul Chan Mo-po at the Digital Economy Summit. With a market worth an estimated 50 trillion yuan (US$6.91 trillion) just across the border, the government wants to ensure that Hong Kong can take advantage of opportunities in the digital economy, particularly within the Greater Bay Area.
To remain competitive, Hong Kong needs to catch up with China’s leadership in digital payments and services. Chan emphasized the potential of high-tech fields like fintech, Web3, and artificial intelligence, and highlighted the importance of building necessary infrastructure to support their development. Initiatives like the Commercial Data Interchange, which has facilitated thousands of loan applications, demonstrate progress in this direction.
The government is exploring opportunities in areas like 5.5G networks, high-performance computers, and secure cross-border information flows. A pilot scheme has been launched to facilitate personal data flow across the Greater Bay Area to improve services for Hong Kong residents. Additionally, the iAM Smart platform is expected to benefit 1.8 million companies by allowing them to make payments and access government services more easily.
While there is great potential for Hong Kong in the digital economy, successful execution of these plans will be crucial for its success in positioning itself as a leading player in the region by leveraging China’s digital economy and embracing new technologies.
