HONG KONG – As Hong Kong prepares to celebrate the 27th anniversary of its return to the motherland, Financial Secretary Paul Chan Mo-po highlighted the priorities of igniting the young generation’s enthusiasm for technology to help the city forge its innovation-driven economy.

Writing in his weekly blog, Chan said it’s essential to promote the special administrative region’s innovative sectors, such as healthcare, artificial intelligence, the digital economy and cross-boundary supply chain management, while consolidating the SAR’s longstanding financial strength.

The finance chief made the remarks after he and a group of secondary school students visited startup enterprises engaged in AI and robotics technology at Hong Kong Science Park - the city’s tech hub in New Territories.

We must strengthen our own advantages and competitiveness while accelerating the development of innovative technologies. By nurturing new industries and empowering various sectors, we can drive structural transformation and industrial upgrading.

Paul Chan Mo-po, Financial Secretary, HKSAR

He said one of the firms specializing in developing surgical robotic arms and operating platforms had developed the technology in collaboration with top surgeons and engineers. The system allows doctors to perform a negligibly number of invasive surgeries with great precision by using a haptic control interface.

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Another startup uses AI and computer vision technology to scan and extract geospatial data, creating 3-dimensional information models. The data collected can be applied in various fields like building construction and canal engineering. Robots are able to perform tasks in hazardous environments, handling unpleasant and repetitive work while reducing risks for workers on construction sites. According to Chan, the company’s products have been adopted by several government departments and local institutions.

The HKSP tour offered the visitors a glimpse of the tech boom, with numerous creative and promising technology startups, as well as passionate talents dedicated to innovative research and development.

Hong Kong’s financial prowess has helped the city raise its global standing in the past 27 years. Its stock market capitalization has exceeded HK$32 trillion ($4.1 trillion) – a 10-fold increase compared with that in 1997, and 11 times the city’s gross domestic product. The SAR also leads Asia in bond issuance and wealth management.

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“We must strengthen our own advantages and competitiveness while accelerating the development of innovative technologies. By nurturing new industries and empowering various sectors, we can drive structural transformation and industrial upgrading,” Chan said.

“It’s important to consolidate our traditional industries and expedite the cultivation of new industries, adapting to the times and local conditions to develop new productive forces that will promote a more diversified and resilient development of our economy,” he added.