Hong Kong wants to give its innovation and technology sector a boost.
Financial Secretary Paul Chan, in his annual Budget speech yesterday, said HK$50 billion (S$8.5 billion) will be set aside to develop the sector he calls an economic driver.
With a Budget surplus of HK$138 billion in the 2017 financial year, Mr Chan said 40 per cent will be spent on relief measures for the people. Income tax will be cut by up to 75 per cent, capped at HK$30,000.
But some analysts noted that not enough was done to help the poor.