“In the domain of the digital economy, the landscape is complex and rapidly evolving. Competition among cities and economies in this field is keen,” the finance chief said. “Hong Kong must move fast to stay ahead of the curve.”
The two-day summit aims to bring together business leaders to discuss the future of fields such as smart city development, fintech, Web3, artificial intelligence (AI) and new industrialisation.
The finance chief also discussed plans to encourage public and private sector organisations to share data.
As part of the effort, the Hong Kong Monetary Authority-run Commercial Data Interchange would extend its coverage so more businesses could easily obtain loans by consenting to share data with partnering banks, he said.
The initiative helped to facilitate more than 13,000 loan applications collectively worth about HK$12 billion (US$1.5 billion) at the end of last year, the minister noted.
Chan also discussed Hong Kong’s unique advantages in the data trading sector, given one country, two systems gave it “unfettered access to international data” even as the city made progress in developing a cross-boundary data flow with mainland China.
Hong Kong last June signed a memorandum of understanding with the Cyberspace Administration of China, pledging to jointly promote cross-boundary data flow in the Greater Bay Area.
The bay area refers to Beijing’s initiative to integrate Hong Kong, Macau and nine mainland cities into an economic powerhouse.
In December, Hong Kong authorities launched a pilot scheme to facilitate the flow of personal information across the bay area’s banking, credit referencing and healthcare sectors.
Chan said on Friday that such measures would be extended to other sectors once officials had reviewed the results from the pilot scheme.
“These and other coming endeavours will drive more public and private cross-boundary services, and benefit our businesses and citizens. They will also encourage more research and development activities in AI and life and health technologies, here in Hong Kong,” he said.
“Looking ahead, we see clear potential for international data trading to become a new and thriving industry in the city.”
Hong Kong health authorities, Science Park offer patient data to biotech firms
Hong Kong health authorities, Science Park offer patient data to biotech firms
The finance chief added that the city government had commissioned experts to study how Hong Kong could successfully develop a robust data-trading system.
The pilot scheme aims to break down information barriers and reduce the cost of compliance measures for businesses in the bay area.
Hong Kong’s Innovation, Technology and Industry Bureau said the initiative allowed individuals and organisations to share and access data after signing a standard contract outlining all parties’ responsibilities and obligations to protect personal information.
The scheme does not affect the supervisory and regulatory roles of Hong Kong’s Office of the Privacy Commissioner for Personal Data in ensuring compliance with the city’s privacy laws, it added.
Chan’s speech on Friday also touched on China’s role, describing the country as a leader in the digital economy field.
The scale of the mainland’s digital economies last year was estimated to be more than 50 trillion yuan (US$6.9 trillion), accounting for over 40 per cent of the jurisdiction’s gross domestic product.
Hong Kong finance sector on pace in AI deployment, but concerns persist: survey
Hong Kong finance sector on pace in AI deployment, but concerns persist: survey
“The digital economy has clearly emerged as a new driving force for global economic development,” the finance chief said.
“From digital payments to generative AI, data is rapidly changing how businesses operate and thrive, how cities are managed, and, ultimately, how we work, learn and live.”
Wang Song, vice-minister of the Cyberspace Administration of China, also spoke at the summit, highlighting the importance of making the most out of data as a key step in developing a digital economy.
He said Hong Kong’s policy statement covering facilitating data flow and information security and the mainland’s own regulations had created an important institutional foundation for collaboration between both jurisdictions.
“The Cyberspace Administration of China is looking to work with the [Hong Kong] government to promote more practical cooperation projects to make digitisation part of the industrial supply chain and promote the interconnection of digital economy infrastructures,” he said.
