"Hong Kong Innovation Activities Statistics" shows continued increase in Hong Kong's gross expenditure on research and development in 2024
According to the report "Hong Kong Innovation Activities Statistics 2024" released today (December 23) by the Census and Statistics Department, the gross domestic expenditure on research and development (GERD) in Hong Kong has been on the rise and reached $35,772 million in 2024, representing an increase of 8.4 per cent compared with the corresponding figure in 2023 ($33,006 million). The GERD as a ratio to the Gross Domestic Product (GDP) has also further increased from 1.11 per cent in 2023 to 1.13 per cent in 2024. In addition, the number of research and development (R&D) personnel showed a steady increase over the years and reached 47,210 in 2024 (compared with 43,403 in 2023).
A government spokesman said, "The country indicates clear support in the National 14th Five-Year Plan and the Recommendations for the 15th Five-Year Plan for Hong Kong to develop into an international innovation and technology (I&T) centre. Promoting I&T development has always been one of the key policy areas of the current-term Government. In recent years, the Government has been focusing on encouraging innovation activities, developing I&T infrastructure, strengthening basic research and promoting commercialisation of R&D outcomes, attracting and nurturing talent, supporting start-ups, etc. Moreover, since taking office, the current-term Government has been actively enhancing the local I&T ecosystem by consolidating our strengths in upstream basic research, accelerating the midstream transformation and realisation of scientific research outcomes, and supporting industry development in the downstream. Various initiatives have achieved good progress. It is encouraging to see that the GERD and the GERD as a ratio of the GDP have recorded satisfactory growth in 2024. With three major I&T parks and five key R&D institutions as the framework, we will continue to propel I&T development at full steam by proactively promoting the synergistic development among upstream, midstream and downstream sectors in Hong Kong.”
The spokesman also stated that a series of measures have been announced in the 2025 Policy Address, including expediting the development of the third InnoHK research cluster as well as that of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (the Hong Kong-Shenzhen Innovation and Technology Park, HSITP), promoting the development of new industrialisation, launching the $10 billion I&T Industry-Oriented Fund, etc., to achieve high-quality economic development through technological empowerment. Since announcing the 2025 Policy Address, the Government has made strides in progressing various measures. For example, the HSITP has officially opened in December. The Government also promulgated the Conceptual Outline of the Development Plan for the Innovation and Technology Industry in the San Tin Technopole in November this year to advance the development of the Loop and San Tin Technopole San Tin area under the new strategic layout plan of "South-North dual engine (finance-I&T)".
"The Government will continue to take forward various policy measures to create favourable conditions for Hong Kong's I&T development, with a view to further promoting the development of I&T and new quality productive forces in Hong Kong, and realising the vision of developing Hong Kong into an international I&T centre," the spokesman added.
Source: AI-found images
