HKSTP pledges full support for Five-Year Plan and Policy Address to steer I&T growth
The Hong Kong Science and Technology Parks Corporation (HKSTP) pledged full support for Hong Kong's first Five-Year Plan and the latest Policy Address. HKSTP Chairman Cordelia Chung noted the Policy Address backs the Five-Year Plan with matching policies for the innovation sector. The plan aims to increase Hong Kong's R&D spending from 1.63 percent of GDP in 2024 to 3 percent after 2030. Manufacturing value-added is targeted to rise from 3.8 percent to 5.5 percent.
Hong Kong's innovation push, backed by HKSTP, focuses on specific technology areas rather than broad-stroke support. The emphasis on microelectronics, with a pilot line at Yuen Long InnoPark and the Microelectronics Centre Expansion (MECX), shows a clear commitment to semiconductor R&D and production. This targeted approach aims to extend business from design to advanced manufacturing, supporting China's lead in power semiconductors.
The "Three Major Innovation and Technology Parks and Five Key Research and Development Institutions" paradigm is the core of this strategy. It provides a framework for integrating research with market application. The plan for joint R&D and research translation with Shenzhen through "high-technology, high value-added" activities will accelerate growth in emerging industries. This strengthens Hong Kong's role within the Greater Bay Area's tech ecosystem.
The thing to watch is the R&D spending ratio. Lifting it from 1.63 percent of GDP in 2024 to 3 percent after 2030 is ambitious. Achieving this growth will require sustained government funding and private sector investment. The success of the Hong Kong Innovation and Technology Application Scenario Promotion Centre in matching new technologies with real-world testing scenarios will be a key indicator.
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