A view of Hong Kong File Photo: VCG

The number of sci-tech enterprises funded by the government of the Hong Kong Special Administrative Region (HKSAR) that plan to expand in the HKSAR has increased from more than 200 last year to more than 500 this year, an official from the HKSAR said on Sunday.

"These enterprises encompass both local firms and those attracted from outside the HKSAR," Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR, said on Sunday during Hong Kong's radio program Beautiful Sunday.

Sun pointed out that Hong Kong's innovation and technology development has essentially started "from scratch," and advancing new industrialization requires a "tailored, timely" approach - aligning with national development trends. 

"This not only helps enterprises from the Chinese mainland expand overseas but also enables Hong Kong-manufactured products to reach international markets," said Sun.

Sun emphasized that with Hong Kong's limited land and high labor costs, developing advanced manufacturing incurs significant expenses. It is essential to attract industries truly suited to Hong Kong, such as "pilot industries" - those addressing critical technologies just before mass production. These align with Hong Kong's strengths while generating substantial revenue.

Sun noted that when introducing enterprises, strict requirements will be imposed on the enterprises' output value, their contribution to Hong Kong's economy, and the provision of job opportunities for local residents.

The secretary also noted that the HKSAR Chief Executive's 2025 Policy Address released on Wednesday prioritized industry development as a key focus. 

A dedicated chapter on industries was included in the address, which aimed at reshaping the overall direction of Hong Kong's development, John Lee Ka-chiu, Chief Executive of the HKSAR, said on Wednesday during a press conference on the address, according to the official website of the HKSAR government.

Hong Kong Chief Executive John Lee Ka-chiu presents his fourth Policy Address to press on September 16, 2025. Photo: VCG

"Promoting industries involves two key approaches: one is attracting them, and the other is nurturing and cultivating our own. We're pursuing both in a diversified manner - focusing on what succeeds - and we're taking this industrial policy very seriously. In terms of industrial policy, introducing high-value emerging sectors will provide the greatest boost to Hong Kong's economic development," said Lee.

Analysts pointed out that scientific and technological innovation are highly integrated with industrial innovation. Therefore, Hong Kong also emphasizes maintaining its ability in basic research - the upstream of innovation, while further strengthening the development of downstream industries, to achieve coordinated development.

In recent years, Hong Kong has spared no effort in promoting the upgrading and development of industries, especially high-tech ones.

For example, the HKSAR has set up the Innovation and Technology Fund, aiming to assist local companies to upgrade their technological level and introduce innovative ideas to their businesses through 18 funding programs. 

Moreover, with a commitment of more than HK$100 billion ($12.9 billion), the HKSAR government has stepped up funding support for innovation and technology (I&T) development by developing I&T infrastructure, promoting research and development, pooling talent, supporting enterprises and promoting re-industrialization.