The 2022-23 Budget - I&T Highlights

There are a number of measures to enhance economic resilience and enrich industrial development in the 2022-23 Budget.  We have summarised measures related to Innovation and Technology Development for your reference.

1️. Set up $5 Billion “Strategic Tech Fund”

• Invest in local and non-local sizeable tech enterprises with growth potential, and which are of strategic value to HK, to attract them to come to or expand in HK, or to develop strategic partnerships with HK tech enterprises

2️. Increase funding for Technology Start‑up Support Scheme for Universities (TSSSU)

• Double the annual funding from 8 million to $16 million for each university
• The additional funding will provide further grants to TSSSU beneficiaries, on a 1:1 matching basis with private investments
• Each start‑up may receive an annual grant of up to $1.5 million for a maximum of 3 years

3️. Further strengthen our Life and Health Scientific Research

• Earmark $10 billion for life and health research
• To support hardware, research talent, clinical trials, and data application
• To enhance our capacity & capability in life and health scientific research, and set up the “InnoLife Healthtech Hub”, so as to develop a better industrial chain

4️. Promote Research and Development

• Double the funding for State Key Labs & HK Branches of Chinese National Engineering Research Centres
• To increase total annual funding to $440 million

5️. Promote Technology Adoption

• Set aside $600M for a comprehensive e‑Govt Audit
• Better use of IT (eg Cloud Computing, Big Data, AI, Blockchain) to promote & enhance digital Govt services

Source: Innovation, Technology and Industry Bureau HK Facebook Page