Policy Detail (1)

Strategic initiatives to boost the innovation and technology development:

Smart City Blueprint 2.0

The Smart City Blueprint 2.0 with more than 130 smart initiatives was announced in December 2020 with the aim to benefit people’s daily lives through the effective use of I&T. The Blueprint 2.0 covers six areas, namely Smart Mobility, Smart Living, Smart Environment, Smart People, Smart Government and Smart Economy. To further promote Smart Government and the digital transformation of the whole society, the HKSAR Government also launched the “iAM Smart” platform, offering more than 20 frequently used public services online.

Global STEM Professorship Scheme

Gobal Proffession Scheme 4

A five-year Global STEM Professorship Scheme at a cost of HK$2-billion is launched to strengthen support for the universities to attract world-renowned I&T scholars and their teams to work in Hong Kong, thereby helping to scale new heights on STEM education and research in local universities.

Enhanced Tax Deduction for R&D Expenditures

The objectives of providing enterprises with enhanced tax deduction for qualifying R&D expenditures are to encourage enterprises to conduct research and R&D activities in Hong Kong and nurture local R&D talent. The deduction will be 300% for the first HK$2 million “qualifying R&D expenditures” incurred by the enterprises, and 200% for the remaining amount. There is no cap on the amount of enhanced tax deduction.

Cross-boundary resources and funding

On the Mainland, education institutions, hospitals and branches established by Hong Kong's universities and scientific research institutions, upon meeting specific requirements, would be allowed to lodge applications for exporting human genetic resources to Hong Kong independently under a trial scheme.

In Hong Kong, the policy of cross-boundary remittance of research funding allows Hong Kong universities and research institutions to apply for science and technology funding of the Central Government as well as relevant government agencies at provincial and municipal level on the Mainland, and use the funding in Hong Kong.

Currently, there are two specific funding schemes set out to elevate the level of collaboration on I&T research and development among universities, research institutions and technology enterprises in Hong Kong and Guangdong/Shenzhen. They are the Guangdong-Hong Kong Technology Cooperation Funding Scheme (TCFS), and the Mainland-Hong Kong Joint Funding Scheme (MHKJFS).

For talent, the Funding Scheme for Youth Entrepreneurship in the GBA and the Funding Scheme for Experiential Programmes at Innovation and Entrepreneurial Bases in the GBA are designed to build up a cross-boundary I&T workforce. In addition, the GBA Youth Employment Scheme was launched in 2021 with about 700 employment places designated for the I&T sector, thereby enhancing the career opportunities for Hong Kong’s young people opting to work in the GBA.

Shenzhen/Hong Kong Innovation and Technology Co-operation Zone

An exciting joint venture between Hong Kong and Shenzhen is set to thrill the I&T sector of both sides. This “one zone, two parks” joint development comprises the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) at the Lok Ma Chau Loop and the Shenzhen Innovation and Technology Zone at the north side of Shenzhen River and adjacent to the Loop.

The governments of the two cities are exploring the feasibility of allowing the Hong Kong Science and Technology Parks to lease and manage certain areas of the Innovation and Technology Zone in Futian, Shenzhen, before the completion of the first batch of buildings in HSITP. The joint development, after completion, will offer world-class research facilities, as well as tremendous employment and business opportunities for I&T professionals not only from Hong Kong and the Mainland, but also around the world.

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