Hong Kong's Financial Secretary, Paul Chan, highlighted in a recent blog post that the nation's rapid advancements in artificial intelligence are delivering significant benefits to the city's economy and financial markets. The stronger-than-expected economic growth in the first half of this year is partly attributed to robust global demand for advanced electronics and AI-related products, which has fueled high double-digit export growth for several consecutive quarters.

Between December of last year and May of this year, AI-related initial public offerings in Hong Kong raised nearly HK$100 billion, accounting for approximately 55% of total IPO funds during that period. In its latest quarterly review, Hang Seng Indexes has also incorporated several AI-focused companies into various indices to better reflect the growing importance of AI in the economy.

Chan emphasized that while technological advancement is rapid, enhancing the capabilities of the workforce is even more critical. With this in mind, the Budget earlier this year allocated HK$50 million to launch a "City-wide AI Training" initiative. Through Cyberport, the Hong Kong Science and Technology Parks Corporation, and the Hong Kong Productivity Council, various programs have been rolled out to provide diverse AI training for working professionals, students, and the general public.

The initiative aims to host over 200 events over the next two years, benefiting approximately 50,000 participants. Additionally, the Employees Retraining Board is collaborating with major tech companies to introduce AI courses, expected to be available to all working professionals in Hong Kong by November.

Chan noted that frontier technologies and their applications are still evolving and will inevitably bring challenges to the job market. The government must accelerate its response, ensuring young people acquire new skills early and have opportunities to apply them in the workplace. Hong Kong is home to a large number of small and medium-sized enterprises, which have demonstrated resilience, adaptability, and innovation through past technological shifts and economic cycles. During this current paradigm shift in technology, the government is fully committed to supporting them in preparing for and navigating these changes, enabling their continued growth.