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27th Anniversary of Hong Kong's Return to Motherland: Financial Services and I&T Will Lead Our Way to Future

Tomorrow, 1 July, marks the 27th anniversary of Hong Kong's return to the Motherland and the establishment of the Hong Kong Special Administrative Region (HKSAR). The past 27 years have witnessed Hong Kong's deepening connection with the country. Reflecting on these extraordinary years has promoted us to consider how we can better promote Hong Kong's development and contribute to the future of our country.

At the start of this long weekend, I accompanied several secondary school students to visit a few start-ups engaged in artificial intelligence (AI) and robotics at the Hong Kong Science Park. We met and exchanged views with their founders and senior staff.

On the eve of 1 July, I accompanied several secondary school students to visit the Hong Kong Science Park.

One of the start-ups focuses on surgical robots. Agile and stable surgical robotic arms and operating platforms, jointly developed by a team of top surgeons and talented engineers, allow doctors to perform precise minimally invasive surgeries using touch-sensitive wrist-like instruments.

Another company uses AI and visual technologies to scan the environment and extract geospatial data to create 3D information maps. The data collected can be used for various applications, such as building construction and drainage work. The robots can work under harsh environments, perform obnoxious and repetitive tasks, and thus minimise the danger posed to workers on construction sites. Their products have been adopted by many government departments and local organisations.

Another start-up has developed an AI robotic dog that boasts great flexibility and bounce. It can easily bounce back to a standing position even when knocked over. Combined with real-time data and AI, the robotic dog can perform various functions, including patrolling. The students and I also tried using the touch screen to give commands and completed tasks in co-operation with the robotic dog.

The visit to the three companies, which lasted for just over an hour, left a deep impression on us. I could see the students' eyes gleaming with enthusiasm and curiosity as they explored new technologies. They were delighted with their new discoveries and experiences. Hong Kong is home to many highly innovative and promising technology start-ups, as well as a large pool of talent passionate about technology. They are keen on promoting innovative research and development, serving the public, and enhancing people's quality of life. The students told me that the visit was a novel, unique and eye-opening experience for them, and it really sparked their interest in studying STEM (i.e. science, technology, engineering and mathematics) subjects and even pursuing a career in the innovation and technology (I&T) industry. During the visit, we discovered that a senior staff member of a start-up happened to be an alumnus of the same school as the students'!

Visiting a start-up that specialises in developing surgical robots.

Visiting a start-up that uses AI and vision technology for environment scanning.

Visiting a start-up that develops AI robotic dogs.

"Technology is the prime production force, talent is the prime resource, and innovation is the prime driving force." Young people are our future, especially when I&T is rapidly developing and constantly evolving. Lighting up their aspirations for a promising future and guiding them to understand future trends will help accelerate the development of new quality productive forces and contribute to the high-quality development of both the country and Hong Kong.

Thanks to the staunch support of the country, Hong Kong has been steadily developing since our return to the Motherland. Leveraging the advantages of strong support from the Motherland and close connection with the world under the "one country, two systems" principle, Hong Kong has been playing a unique role and performing distinctive functions that enable us to foster new and continuous development in various fields of our economy.

In 2023, Hong Kong's per capita gross domestic product was among the highest in the world, totalling US$50,500. Serving as a distinctive "double gateway" connecting the Mainland and the rest of the world, Hong Kong is the only place in the world where both the China advantage and the global advantage converge. Hong Kong maintains its international character. Last year, there were some 9 000 local offices, regional offices and regional headquarters in Hong Kong which were set up by companies from outside the city. With the Safeguarding National Security Ordinance officially coming into effect in March this year, Hong Kong has further fortified its defence of national security. It has brought about a more stable society and business environment.

Hong Kong has continued to reinforce and enhance its status as an international financial centre. Take the securities market for example. The market capitalisation of the Hong Kong stock market currently exceeds HK$32 trillion, which is 10 times that of the market capitalisation in 1997 at the time of our return to the Motherland; and 11 times our current GDP. For bonds issued internationally by Asia-based entities, Hong Kong leads the region, ranking first for 16 consecutive years. In wealth management, we managed over HK$30 trillion of assets, and about 2 700 single-family offices operate in Hong Kong. With the growing wealth of the population in the Guangdong–Hong Kong–Macao Greater Bay Area and Southeast Asia, Hong Kong's wealth management industry is set to scale new heights.

Over the years, with our country's continuous deepening of reform and opening-up, love and support for Hong Kong, as well as our inherent strengths and hard work, our city has gradually developed into an international financial, trade and shipping centre. In the face of a changing global landscape and constantly emerging challenges, we must reinforce our strengths and enhance our competitiveness. At the same time, we need to accelerate the development of I&T, nurture new industries and empower various trades and industries so as to expedite structural transformation and the upgrading of industries. We shall not only strengthen the traditional industries where we enjoy a competitive edge, but also fast-track the nurturing of new industries. We will work to foster a more diversified and resilient economy by developing new quality productive forces having regard to prevailing circumstances and local conditions. Artificial intelligence, life and health sciences, green finance and green technology, digital economy, and multinational supply chain management are the areas to which we should devote great efforts in the future. Ultimately, it is all about making life better for our residents offering more diversified development opportunities for our young people.

Tomorrow marks the 27th anniversary of Hong Kong's return to the Motherland. Let us all take part in the celebration of this memorable day.

Taking the perspective of looking at today from the future, we will get a better idea of our direction and positioning, and of how to better equip ourselves to march towards our goals.

To celebrate the 27th anniversary of Hong Kong's return to the Motherland, the HKSAR Government will join hands with many organisations and the business sector to launch a wide array of activities and promotional offers. Free rides and concessionary fares on certain routes will be provided by various transport operators. A number of recreational facilities and exhibitions at museums under the Leisure and Cultural Services Department will be open to the public for free. There will be promotional offers at tourist attractions, and special discounts provided by restaurants and shops. All members of the public are welcome to take part in the celebration and have fun on this meaningful and memorable occasion!

June 30, 2024