Nurturing and Strengthening Emerging Industries
Low‑altitude Economy
70. Low‑altitude economy (LAE) is a new engine for smart city development and regional integration. The Government has completed the first‑stage legislative amendment exercise, and will refine the legislation and regulatory framework on civil aviation to lay the foundation for the development of LAE standardisation in the long run, building a competitive LAE ecosystem.
71. Under the first cohort of the Regulatory Sandbox, 32 projects have conducted trials along their designated routes. Some application scenarios of unmanned aircraft such as building management and inspection have already been implemented.
72. Trial projects, such as unmanned aircraft system traffic management system, multiple applications/users shared‑platforms, cross‑boundary routes and passenger‑carrying flying aircraft, will be rolled out in phases from the first half of this year. We are also actively exploring with the Mainland to commence trial flights on cross‑boundary low‑altitude logistics.
Aerospace
73. The Recommendations set out the goal to expedite the development into an aerospace power. The China National Space Administration also proposes facilitating commercial aerospace enterprises to go global in an orderly manner. Hong Kong can help connect the Mainland aerospace industry with the global market, and provide professional services in areas such as R&D, financing, risk management and law. OASES will take the lead to identify aerospace enterprises to develop in Hong Kong.
74. We have already requested the Hong Kong Exchanges and Clearing Limited (HKEX) to review the relevant listing requirements so as to facilitate and attract the listing of aerospace enterprises in Hong Kong.
75. The Hong Kong Space Robotics and Energy Centre, established under InnoHK, takes part in our country's Chang'E‑8 mission. Its multi‑functional lunar surface operation robot has entered the spacecraft prototype testing phase, and there would be ground application of such technology. In addition, the Innovation and Technology Fund (ITF) has allocated over $100 million to support six R&D projects from universities. Recently, the "CUHKSat-1" satellite, developed by the Chinese University of Hong Kong and supported by the ITF, was successfully launched and entered into the planned orbit.
76. Low earth orbit satellites can support the development of high-end industries. We will proactively expand telecommunications infrastructure, streamline the relevant licensing regime and promote future 6G applications.
Autonomous Driving
77. On the premise of ensuring road safety, the Government is accelerating the development of autonomous driving into driverless mode and scaling up its operations, with a view to expediting its transition to commercial operations and encouraging the industry to leverage Hong Kong as a platform to tap into overseas markets. The Airportcity Link autonomous transport system, scheduled for operation this year, will become the first commercially operated project in Hong Kong.
New Materials
78. The R&D of new materials in Hong Kong is progressing towards commercialisation with potential of international ventures. In particular, two local start‑ups will set up production lines at EcoPark, Tuen Mun in the middle of this year to upcycle local recyclables into core materials for electricity‑free cooling products and acoustic metamaterial products respectively.
79. Meanwhile, the Government is expediting the development of the third InnoHK research cluster, focusing on new materials and advanced manufacturing, energy, and sustainable development. R&D centres under this cluster will be established in phases in the first half of this year.
RISC-V
80. RISC‑V is the underlying technology of a new generation of chips. Its open‑source nature has overcome the limitations of the closed nature of traditional technology, thereby spearheading a transformative wave of change in chip design and application on a global scale.
81. The Hong Kong Investment Corporation (HKIC) has been actively promoting R&D and industrialisation of the RISC‑V technology through strategic investments and collaboration with leading enterprises. Initiatives include the establishment of the Hong Kong RISC‑V Alliance, which aims at bringing together industries, academia and the investment sector for cross‑industry co‑operation in the GBA and international collaboration.
Embodied AI
82. The development of AI has transitioned from large language models towards embodied intelligence capable of interacting with the physical world. The technology and application of different carriers (e.g. robotics) will continue to evolve. This will bring fundamental changes to manufacturing processes, business operation and our daily lives.
83. Various I&T parks and HKIC also provide support to embodied AI start-ups. The Government will actively promote the development of an ecosystem for embodied AI and application of related products.
Quantum Technology
84. Quantum technology can propel an exponential leap in computing power, communication security and sensing accuracy. Such technological breakthroughs will lead to more innovative applications. A number of studies are being conducted by the tertiary institutions on various areas, such as developing the AI‑based Quantum Simulation Platform and advancing the convergence of AI and quantum computing, through various platforms including InnoHK. Two state key laboratories relevant to quantum technology have also been established in Hong Kong. The Government will actively promote relevant basic research and industry application.
Innovation and Technology Industry‑Oriented Fund
85. The Government introduced the $10 billion Innovation and Technology Industry Oriented Fund to channel market capital to invest in emerging fields of strategic importance, such as life and health technology, AI and robotics, as well as future industries. The selection of fund managers is underway. We aim at commencing the operation of the Fund within this year.
Enhance Collaboration among the Industry, Academic and Research Sectors
86. The $10 billion RAISe+ Scheme funds research teams from universities on a matching basis to transform and commercialise R&D outcomes. A total of 49 projects were approved, covering fields such as health and medical sciences, new materials and new energy, AI and advanced manufacturing. Relevant products will be launched in the market.
Review Tax Arrangements for R&D Expenditures
87. Close economic integration of Hong Kong with the GBA brings about opportunities for cross‑boundary scientific collaboration, technology transfer and the development of emerging and future industries. The Government will review and enhance tax arrangements for R&D expenditures.
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