Financial Secretary Paul Chan speaks about AI innovation

Hong Kong Financial Secretary Paul Chan said the city has multiple existing strengths in developing its AI prowess.

The finance chief also said the government budget deficit will not last for a long time. “ Accelerating Development Through Reform and Innovation” was the theme of Financial Secretary Paul Chan’s recently delivered Budget address.

Chan explained how he balanced the city’s priorities in the budget amid a challenging geopolitical and economic environment. To support the development of AI in the city, Chan has earmarked one billion dollars to establish the Hong Kong Artificial Intelligence Research Institute. Looking ahead, the he also said the city’s challenging public finance situation is transitory and he is confident about the city’s economic future.