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Important news
在线翻译:
szdaily -> Important news
HK TO PRESS AHEAD WITH INNOVATION, TECH DEVELOPMENT
    2017-October-12  08:53    Shenzhen Daily

CHIEF Executive of China’s Hong Kong Special Administrative Region (HKSAR) Lam Cheng Yuet-ngor delivered her policy address in Hong Kong yesterday, saying the SAR government will press ahead with innovation and technology (I&T) development in different areas.

It was Lam’s first policy address since she was sworn in July 1.

Lam said that she will lead a high-level, inter-departmental Steering Committee on I&T to examine and steer measures under the eight areas of I&T development as well as Smart City projects, aiming to take forward innovation and technology development in Hong Kong in an expeditious and efficient manner.

Capitalizing on the advantages of “One Country, Two Systems,” Hong Kong’s geographical location, business environment, legal system, intellectual property, research and development (R&D) capability, financial services, and given the opportunities brought by the national 13th Five-Year Plan and the Guangdong-Hong Kong-Macao Greater Bay Area development, Lam said that Hong Kong has huge potential to become an international innovation and technology hub.

“We have set a goal to double the gross domestic expenditure on R&D as a percentage of the gross domestic product to about HK$45 billion (US$5.77 billion) a year, i.e. from 0.73 percent to 1.5 percent, by the end of the current SAR government’s five-year term of office,” Lam said.

The government will also strive to train and pool together more technology talent and encourage them to pursue a career in innovation and scientific research. A HK$500 million technology talent project will be launched in the coming year as one of the initiatives to provide funding support for enterprises to recruit postdoctoral talent for scientific research and product development.

“The development of the Guangdong-Hong Kong-Macao [Greater] Bay Area and collaboration between Hong Kong and Shenzhen will connect the upstream, midstream and downstream sectors of innovation and technology industries, thereby developing an international innovation and technology hub in the Bay Area,” she said.

In terms of Smart City development, Lam said the SAR government will invest HK$700 million to push ahead with key infrastructure projects.

In order to further enhance the competitiveness of Hong Kong, the government will implement the two-tier profits tax system in 2018. It suggests that the profits tax rate for the first HK$2 million of profits of enterprises will be lowered to 8.25 percent, or half of the standard profits tax rate.

As for housing and livelihood, Lam said the government will strive to shorten the waiting time for public rental housing for the grassroots and low-income families. She also proposed the “Starter Homes” project for middle-class families to reignite the hopes of families with a higher income to own a home in the face of rising private property prices.(Xinhua)

 

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