Paul Chan: Corporate confidence in Hong Kong is gradually being reflected in the real economy

On October 25, Paul Chan Mo-po, Financial Secretary of Hong Kong, said in a blog post that the Office for Attracting Strategic Enterprises has welcomed its seventh batch of 18 strategic enterprises. Together with the previous six batches, a total of 142 strategic enterprises have cumulatively established or expanded their operations in Hong Kong, and are expected to bring about HK$84 billion in investment and create about 27,000 jobs in the coming years. More importantly, the enterprises' investments are gradually materializing. As of the end of September this year, the actual investment of the first six batches of enterprises had reached HK$28.3 billion, and their headcount exceeded 10,300, exceeding the original expected phase targets by 30% and 34% respectively. Corporate confidence in Hong Kong is gradually being reflected in the real economy. Paul Chan Mo-po introduced that among the first six batches of enterprises, about 70% have set up global or regional headquarters in Hong Kong, and nearly 90% have set up R&D centers, bringing not only capital and job opportunities, but also functions such as decision-making, R&D and business coordination. The concentration of these high-value-added segments in Hong Kong is precisely the key to translating corporate investment into Hong Kong's long-term competitiveness. He also said that strengthening industrial alignment also requires providing growth opportunities and space for enterprises at different stages of development. The commercial and industrial floor area used by the first six batches of enterprises has reached 2.83 million square feet, an increase of more than 50% over March last year, reflecting the actual space demand brought about by the landing of investments. The Hong Kong government recently proposed injecting HK$10 billion in initial funding into San Tin Technopole Limited to accelerate site formation and the construction of first-phase industrial facilities, creating development conditions for more research and industrial projects. He continued that beyond industry and investment, the foundation of innovation and technology lies in talent. Cultivating an innovation and technology culture requires continuously promoting science education and fostering an atmosphere in society so that more young people are interested in and have opportunities to understand science and explore technology. Local scientific research has also continued to achieve results on the international stage and in practical applications. The products and technologies of many local technology start-ups, ranging from electric vehicle charging technology and building cooling coatings to artificial reef discs for coral reef restoration and battery energy storage systems for construction sites, have entered multiple overseas markets, reflecting that Hong Kong's scientific research strength and innovative ideas are gradually being transformed into practical benefits and commercial opportunities. Paul Chan Mo-po pointed out that building an international innovation and technology center requires both attracting corporate investment and nurturing local scientific research and talent. Only by enabling enterprises to find teams and giving researchers and the younger generation opportunities to put knowledge into application can innovation and technology become a solid force driving Hong Kong's long-term development.