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Driving Web3 Innovation: Hong Kong’s Commitment Towards Tech-Led Future Unveiled by the Financial Secretary

June 18, 2023
in Blockchain
Reading Time: 2 mins read
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In a latest weblog publish, Hong Kong’s Monetary Secretary celebrated Father’s Day whereas additionally sharing the federal government’s vital efforts in stimulating progressive technological improvement. The official highlighted that because the institution of the Innovation and Expertise Bureau (now the Innovation, Expertise, and Industrial Bureau) in 2015, almost HKD 200 billion has been invested to bolster technological innovation.

The “Fourteenth 5-12 months Plan” of China has particularly tasked Hong Kong with constructing a world middle for progressive expertise. The plan goals to reinforce industrial upgrading, diversification, and high-quality improvement, aligning with China’s goal of reaching high-level technological self-reliance and accelerating modernization.

Below this directive, expertise and innovation are not simply choices for Hong Kong however essential stipulations for its future progress. As a part of this technique, the area is specializing in courting companies and expertise, as indicated within the Chief Govt’s coverage handle final October. Moreover, the “Hong Kong Innovation and Expertise Growth Blueprint” launched on the finish of final 12 months, has set a path for the sector’s progress.

Earlier this 12 months, the Monetary Secretary explicitly identified within the funds that Hong Kong ought to purpose for high-quality improvement objectives. To realize this, it’s essential to actively align with the nationwide improvement technique, leverage Hong Kong’s benefits, and profit from the distinctive advantages of “one nation, two techniques” to create a brand new trajectory for the town’s financial improvement.

Web3 (WEB3), or Internet 3.0, typically refers back to the subsequent technology of web providers past present one, encompassing decentralized platforms, blockchain applied sciences, and cryptocurrencies. Hong Kong’s funding in innovation and expertise will possible embody vital efforts in Web3-related applied sciences, that are considered a key to the longer term digital economic system globally.

The Monetary Secretary’s emphasis on expertise and innovation aligns with the worldwide pattern in the direction of WEB3, positioning Hong Kong as a key participant within the rising WEB3 period.

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Tags: commitmentDrivingFinancialFutureHongInnovationKongsSecretaryTechLedUnveiledWeb3
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