Domain of economic activities comprising Manufacturing and New Industrialisation-related Industries and corresponding economic performance announced
The Government announced today (April 9) a domain of economic activities that comprises Manufacturing and New Industrialisation-related Industries as devised by the Innovation, Technology and Industry Bureau (ITIB), in collaboration with the Census and Statistics Department (C&SD), and released statistics on the economic performance of relevant activities.
The process of manufacturing and production involves a variety of other economic activities, such as product design, technological development, data services and software development, testing and certification, as well as professional and technical services etc, all of which qualify as important elements in the development of new industrialisation. To facilitate the growth of new businesses, new industries and new modes of production in Hong Kong brought about by the integrated development of innovation and technology (I&T) and emerging industries, and to more effectively drive the development of new industrialisation, having considered the characteristics of economic development in Hong Kong, the ITIB has, in collaboration with the C&SD, formulated a domain of economic activities that comprises Manufacturing and New Industrialisation-related Industries. The C&SD has also defined the corresponding statistical coverage based on the existing framework of the Hong Kong Standard Industrial Classification Version 2.0, with a view to reflecting the economic performance of these new industries of importance more precisely through objective statistical figures. In 2023, the value added of Manufacturing and New Industrialisation-related Industries amounted to $76.8 billion, representing an increase of 7.6 per cent over the previous year, and accounted for around 2.6 per cent of Gross Domestic Product.
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "Hong Kong is in the midst of a key transitional period of its economic model, and the development of I&T and a new real economy has become a broadly accepted consensus in Hong Kong society. Furthering the development of innovation technology and the integrated development of emerging industries are crucial objectives of the country and Hong Kong as of present and in the future, and are altering the economic and industrial composition of Hong Kong. Driving new industrialisation is of paramount importance to Hong Kong's high-quality development. To assist us in formulating various policies with more precision and to effectively guide social resources towards supporting and encouraging the upgrading and transformation of the traditional manufacturing industry, as well as the development of new industrialisation in Hong Kong to realise the developmental targets outlined in the Hong Kong I&T Development Blueprint, we must specifically identify a range of economic activities to be covered, and from time to time conduct reviews along with the ever-changing technological and innovative landscape and the development of emerging industries. At the same time, we need to compile relevant statistics to objectively measure the progress of the development of innovation and new industrialisation."
To realise high-quality economic growth, the Government has, through a multitude of means, furthered the development of manufacturing and new industrialisation-related industries in Hong Kong, such as by launching the Research, Academic and Industry Sectors One-plus Scheme, the New Industrialisation Funding Scheme, and the New Industrialisation Acceleration Scheme. The Government is also preparing to launch the Pilot Manufacturing and Production Line Upgrade Support Scheme, the Innovation and Technology Accelerator Pilot Scheme, the Innovation and Technology Venture Fund Enhanced Scheme, and the Innovation and Technology Industry‑Oriented Fund.
A spokesperson for the C&SD said, "To couple with the work of the Government in driving the development of I&T and new industrialisation-related industries, it is necessary for the society to monitor relevant developments over time through objective and accurate statistical figures. The C&SD has made use of the existing framework of industry classification and further defined the statistical coverage that corresponds to the Manufacturing and New Industrialisation-related Industries, and compiled statistics as appropriate to reflect the economic performance of the relevant industries. We will continue to keep abreast of the latest developments and suitably review the relevant statistical framework from time to time with the ITIB and other stakeholders."
Manufacturing and New Industrialisation-related Industries in Hong Kong encompass manufacturing and economic activities relating to I&T and emerging industries:
Manufacturing: For instance, the manufacturing of food products, pharmaceuticals, medicinal chemicals and botanical products, computer, electronic and optical products, and new energy equipment, etc;
Science, product design and technology development: For instance, industrial and product design, chip design, new drug development, AI model development and application, and technical consulting services, etc;
Data services and software development: Information technology activities such as data and computing centre services, data storage and processing, related cloud services, and software development, etc;
Verification, testing and certification: For instance, functional testing and verification, technical and prototype testing, and compliance certification, etc;
Professional technical services: For instance, system design, integrated delivery and maintenance services, etc; and
Environmental engineering and green business: For instance, sewage treatment, waste recovery, sorting, and disposal, etc.
