Paul Chan Champions AI Innovation in Hong Kong

In a landmark address at the inaugural AI Global Talents Connect on August 26, Financial Secretary Paul Chan proclaimed Hong Kong's unwavering commitment to artificial intelligence (AI) as a pivotal sector for future growth. The event, co-hosted by the Hong Kong Investment Corporation and the Beijing Academy of Artificial Intelligence, brought together global leaders in AI, including researchers, entrepreneurs, and policymakers.

The Transformative Power of AI

Chan emphasized AI's explosive impact on industries and economies, stressing that its rapid advancements pose both unprecedented opportunities and critical ethical challenges. He highlighted the importance of collaborative efforts in addressing complex concerns such as algorithm bias, job displacement, and responsible AI development. With these pressing issues in mind, he invited a united approach to fostering innovation through cross-border partnerships.

Building an Inclusive AI Community

Chan recognized that to drive meaningful progress, Hong Kong must establish an open and inclusive AI ecosystem. 'Attracting global talent is essential for innovation,' he noted, outlining four key strengths that set Hong Kong apart as an emerging AI hub.

1. Cutting-Edge Technology and Research

With three universities ranking among the world's top 20 in AI and data science, Hong Kong is a breeding ground for top-notch research. Chan announced plans for the Hong Kong Artificial Intelligence Research and Development Institute, set to launch next year, aimed at converting academic research into practical applications spanning industries like healthcare, finance, and education.

2. Unmatched Access to Capital

As Asia’s premier financial hub, Hong Kong offers a vast range of funding options for tech start-ups—from angel investment to private equity and IPOs. This financial ecosystem is designed to support innovative ideas and robust projects, ensuring that the brightest concepts can thrive.

3. Data Accessibility and Security

Under the "one country, two systems" policy, Hong Kong facilitates unrestricted data flow and is poised to introduce safeguards for research data from Mainland China. This unique positioning allows Hong Kong to be a testing ground for AI applications, leveraging both local and international data.

4. A Magnet for Global Talent

With its cosmopolitan culture, excellent quality of life, and world-class education, Hong Kong is an attractive destination for professionals. Chan aims to elevate the city’s profile on the global AI stage, recently proposing a young scientist forum to be powered by collaborative efforts from institutions like the HKIC and BAAI.

The Qingyuan Club's Strategic Entrance

Moreover, Chan announced the establishment of the Hong Kong Qingyuan Club, an initiative designed to foster collaboration among top AI scientists. This move aims to strengthen Hong Kong's ecosystem by encouraging cutting-edge research and engaging in vital global dialogues about AI's future.

A Call to Action

In conclusion, Chan expressed his excitement for the partnerships and ideas that would emerge from the gathering. He urged all participants to collaborate towards a future where AI positively transforms societies, with Hong Kong at the forefront of this revolution.

As the world moves towards an AI-driven era, Hong Kong is positioning itself as a central player in this transformative journey, promising a vibrant and innovative future.