On September 17, John Lee, the Chief Executive of the Hong Kong Special Administrative Region, announced in the latest policy address that the government is set to boost the development of the AI and data science sectors. The government's previously unveiled HK$3 billion 'Frontier Technology Research Support Scheme' is now open for applications. This initiative aims to assist local institutions in drawing international research experts in areas like AI and to advance fundamental research in cutting-edge technologies.

In addition, the government has allocated HK$1 billion to strategize the establishment of the 'Hong Kong Artificial Intelligence Research and Development Institute' in 2026. The institute's mission is to streamline upstream AI R&D efforts, facilitate midstream and downstream technology transfer (i.e., the commercialization of research outcomes), and broaden the scope of AI applications.

Furthermore, the Hong Kong Investment Corporation Limited, a long-term investment institution wholly owned by the government, has already invested in numerous AI ventures spanning sectors such as AI large language models, cloud computing, and AI-driven drug research and development. The corporation plans to further ramp up its investments in the AI industry down the road.