$8.5b boost for innovation sector in HK

Financial Secretary Paul Chan, in his annual Budget speech on Feb 28, said HK$50 billion (S$8.5 billion) will be set aside to develop its innovation and technology sector.
Financial Secretary Paul Chan, in his annual Budget speech on Feb 28, said HK$50 billion (S$8.5 billion) will be set aside to develop its innovation and technology sector. PHOTO: REUTERS

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.

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A version of this article appeared in the print edition of The Straits Times on March 01, 2018, with the headline '$8.5b boost for innovation sector in HK'. Print Edition | Subscribe