The Economic Future of Hong Kong (speech) Innovation and technology are widely recognized as powerful drivers of economic growth in the 21st Century.Nowadays, people attach much importance to innovations for no matter schoolwork or even in daily lives. Innovation is the spearhead to a Hong Kong of world-class and knowledge-based economy.
To make Hong Kong the center of Innovation and Technology, Hong Kong should try to maintain its international competitiveness. How could we do this? Hong Kong can introduce more efficient ways of performing activities like cost reduction or creating greater buyer value. Innovation includes both improved technology and better methods of doing things. Innovation is broadly used in all kinds of activities. For example you can improve your products' quality, design new ways to package your goods, make new systems to improve the economic situation in Hong Kong.
To achieve the above, the advance in technology is very important too. The success of United States and Japan is an example. Apart from technology, the government introduced some projects in order to achieve "Hong Kong as the center of Innovation and Technology". The government has formulated the “Digital 21 -Information Technology Strategy” also named the "cyberport" to encourage IT development. It is a programme to promote the wider use of Information Technology in the community in order for Hong Kong to compete with other countries. It is also planned to set up an Applied Science and Technology Research Institute and an Innovation and Technology Fund with 5 billion dollars in it.
They idea is very good but a lot of money have to be used in this project.The industrial developers do not have to buy electronic materials from other countries and so capital will flow less out of Hong Kong. If for commercial use, Hong Kong can export the materials. Apart from earning money, the programme can keep Hong Kong co..