Carrie Lam plans to diversify HK economy

Hong Kong's Chief Executive Carrie Lam poses with copies of her first policy address as she arrives for a press conference at the Legislative Council in Hong Kong, on Oct 11, 2017.
Hong Kong's Chief Executive Carrie Lam poses with copies of her first policy address as she arrives for a press conference at the Legislative Council in Hong Kong, on Oct 11, 2017. PHOTO: AFP

Hong Kong Chief Executive Carrie Lam, in her maiden policy speech yesterday, said the city faced "grave" challenges and must develop a diversified and high-value economy.

In a wide-ranging speech, she identified innovation and technology and the creative industries as sectors where Hong Kong enjoyed a competitive edge.

She announced that her new government would double spending on research and development, set aside more than HK$10 billion (S$1.7 billion) for university research funding, inject HK$1 billion into the creative industries and invest HK$700 million to turn the financial hub into a smart city.

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A version of this article appeared in the print edition of The Straits Times on October 12, 2017, with the headline 'Carrie Lam plans to diversify HK economy'. Print Edition | Subscribe