Initiatives to diversify the city’s economic development expected to be announced by Financial Secretary Paul Chan in his budget address
The initiatives, expected to be announced on Wednesday, come as Financial Secretary Paul Chan Mo-po faces mounting expectations to make strategic use of the city’s earlier-than-expected operating surplus while investing in long-term growth, with different sectors expecting sweeteners to help ease business pressures and improve livelihoods.
“Strengthening the IP economy will help diversify the city’s economic development, which is one of the themes of the budget speech. It will also encourage innovations and align with national priorities,” a source said.
Mainland China’s 14th five-year plan calls for enhancing Hong Kong’s role as a global hub across eight major sectors, including transforming the city into a leading regional hub for IP trading.
Currently, the IP industry accounts for about 30 per cent of Hong Kong’s gross domestic product and jobs.
According to sources, Chan will announce the establishment of the Intellectual Property Academy, backed by a cash injection of tens of millions of Hong Kong dollars, to train professionals for the city’s expanding IP sector.
