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Budget Speech

Innovation and Technology as well as Digital Economy

49. Innovation and technology (I&T) development is a global trend and a reflection of core competitiveness of different economies.  The I&T industry is not only a new economic growth spot, but can also enhance the productivity of other industries. For Hong Kong, whether it is the development of new industries with advantages or the transformation and upgrading of traditional industries, the contribution of I&T is required.  Therefore, we must focus on promoting I&T development.

50. Digitalisation is an inevitable trend as the economy moves towards high-quality development. Through the collection of various data in the economic system, followed by digitalisation, organisation and analysis of these data, we can better understand the operation of the whole economy and the individual segments, and enhance efficiency and promote innovation. For enterprises, digitalisation can help on transformation and empowerment, quality and quantity improvement, and innovation stimulation.  In order to accelerate the progress of digital economy, I will set up a "Digital Economy Development Committee", with members comprising experts and scholars, industry elites, and relevant government officials.

51. Next, I will elaborate on the key points of injecting new fields and elements into Hong Kong's economic development.



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