Government announces appointments to Committee of the Artificial Intelligence Subsidy Scheme
The Government announced today (August 12) the appointments to the Committee of the Artificial Intelligence Subsidy Scheme.
To promote the development of the local artificial intelligence (AI) ecosystem, the Government has allocated $3 billion for the launch of a three-year AI Subsidy Scheme to support local universities, research institutes, enterprises and more in leveraging the computing power of Cyberport's AI Supercomputing Centre (AISC). The subsidy will also be used to strengthen the cybersecurity and data protection of the AISC, and organise promotional and educational activities to attract Mainland and overseas AI experts, enterprises and research and development projects to come to Hong Kong.
The Committee will advise on the general directions, administration and mode of operation of the AI Subsidy Scheme, and vet eligible applications for the AISC computing power subsidies, including the specific amount, duration and conditions of use.
The Committee is appointed by the Secretary for Innovation, Technology and Industry. It comprises members from the information technology, AI, public administration, industry and commercial sectors. The term of appointment is three years starting from August 15, 2024. The membership of the Committee is as follows:
Chairperson
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Mr Hendrick Sin
Non-official members
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Mr Ricky Chan Wai-chung
Ms Carmen Kan Wai-mun
Mr Victor Lam Wai-kiu
Professor Liu Yun-hui
Dr Wong Chung-kiu
Dr Yang Qiang
Official member
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Commissioner for Digital Policy or his/her representative
Cyberport is establishing the AISC at full speed, with a view to commencing operation of the first-phase facility within this year. Cyberport will announce the details of application for the AI Subsidy Scheme in due course.
Hong Kong's Gross National Income and external primary income flows for the second quarter of 2024
The Census and Statistics Department (C&SD) released today (September 16) the preliminary statistics on Hong Kong's Gross National Income (GNI) and related figures for the second quarter of 2024.
Hong Kong's GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 8.1% in the second quarter of 2024 over a year earlier to $847.5 billion at current market prices. The Gross Domestic Product (GDP), estimated at $757.3 billion at current market prices in the same quarter, recorded a 7.6% increase over a year earlier. The value of GNI was larger than GDP by $90.2 billion in the second quarter of 2024, which was equivalent to 11.9% of GDP in that quarter, mainly attributable to a net inflow of investment income.
After netting out the effect of price changes over the same period, Hong Kong's GNI increased by 6.0% in real terms in the second quarter of 2024 over a year earlier. The corresponding GDP in the same quarter increased by 3.3% in real terms.
Hong Kong's total inflow of primary income, which mainly comprises investment income, estimated at $596.2 billion in the second quarter of 2024 and equivalent to 78.7% of GDP in that quarter, recorded an increase of 1.9% over a year earlier. Meanwhile, total primary income outflow, estimated at $506.0 billion in the second quarter of 2024 and equivalent to 66.8% of GDP in that quarter, also increased by 0.1% over a year earlier.
As for the major components of investment income inflow, direct investment income (DII) decreased by 5.0% from a year earlier, mainly due to the decrease in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded an increase of 6.5% over a year earlier, mainly attributable to the increase in interest income received by resident investors from their holdings of non-resident debt securities.
Regarding the major components of investment income outflow, DII decreased by 3.5% from a year earlier, mainly due to the decrease in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII decreased by 0.1%, mainly attributable to the decrease in interest payout to non-resident investors from their holdings of resident debt securities.
Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong's total primary income inflow in the second quarter of 2024, accounting for 39.3%. This was followed by the British Virgin Islands (BVI), with a share of 16.6%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the second quarter of 2024, accounting for 37.5% and 19.6% respectively.
Further information
GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.
Figures of GNI and primary income flows analysed by income component from the third quarter of 2022 to the second quarter of 2024 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.
Statistics on GDP and GNI from 2022 onwards and primary income flows from 2023 onwards are subject to revision when more data are incorporated.
More detailed statistics are given in the report "Gross National Income and External Primary Income Flows, Second Quarter 2024". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040005&scode=250).
For enquiries about GNI and related statistics, please contact the Balance of Payments Branch (2) of the C&SD (Tel: 3903 7054 or email:gni@censtatd.gov.hk).
Source: AI-generated images
