Chen Maobo: The national AI development significantly boosts Hong Kong's economy and financial markets.

On August 23, Hong Kong Secretary for Financial Services and the Treasury Paul Chan Mo-po published a blog post stating that the rapid development of AI in the country has significantly boosted Hong Kong's economy and financial market. In the first half of this year, Hong Kong's economic growth has exceeded earlier expectations, partly due to strong global demand for advanced electronics and AI-related products, with Hong Kong's exports recording high double-digit growth for several consecutive quarters. Fundraising for new AI-related stocks in Hong Kong reached nearly HK$100 billion from December last year to May this year, accounting for approximately 55% of the total fundraising for new stocks during the same period. After the latest quarterly review, Hang Seng Index Company has also included several AI-related companies in various indices to appropriately reflect the increasing significance of AI in the economy. Paul Chan Mo-po indicated that while technology is developing rapidly, it is even more critical to enhance the capabilities of the workforce. At the beginning of this year, the Financial Budget allocated HK$50 million to launch a "Universal AI Training" program, driven by this intention. Through Cyberport, Science Park, and the Hong Kong Productivity Council, various activities have been launched to provide diverse AI training for employed individuals, students, and citizens, aiming to hold over 200 activities in the next two years, expected to benefit around 50,000 participants. In addition, the Employee Retraining Board will collaborate with large tech companies to launch AI courses, which are expected to be available to all employed individuals in November. He further stated that frontier technologies and applications are still evolving and will pose challenges to the job market. The Hong Kong government must accelerate its preparations to respond, including enabling young people to acquire new skills early on and providing opportunities for practical work experience. Hong Kong has a large number of small and medium-sized enterprises, which have demonstrated flexibility, adaptability, and an innovative spirit, having weathered past technological changes and economic cycles. During the current phase of technological paradigm shift, the government will fully support them in preparing and responding, allowing them to continue progressing.