Hong Kong proposes four innovative policies to promote economic development in the Web3 era.

Hong Kong proposes four policies for economic development in the Web3 era.

Hong Kong is an international financial center with a highly developed service industry and innovative capabilities. In order to cope with the changes and challenges of the global economy, Hong Kong has proposed four innovation policies aimed at promoting economic development and transformation in the Web3 era. The Web3 era refers to the new generation of the internet based on blockchain, decentralization, and smart contracts, which will change people’s lifestyles and business models. This article will analyze the content, goals, and effects of Hong Kong’s four innovation policies, as well as how they help Hong Kong gain advantages and competitiveness in the Web3 era.

The four innovation policies in Hong Kong are:

Establishing a Blockchain Center

The Hong Kong government will invest HKD 1 billion to collaborate with the private sector in establishing a blockchain center in Hong Kong, which will serve as a platform for the research, application, and promotion of blockchain technology. The blockchain center will provide services such as training, consulting, incubation, and showcasing to support blockchain entrepreneurs and enterprises and promote the application of blockchain technology in finance, logistics, healthcare, education, and other fields. The goal of the blockchain center is to build a blockchain ecosystem, enhance Hong Kong’s position and influence in the blockchain field, and attract international blockchain talents and investors.

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Promoting the Development of Digital Currency

The Hong Kong Monetary Authority (HKMA) will collaborate with the Digital Currency Research Institute of the People’s Bank of China to explore the feasibility and mechanisms of using digital renminbi (DCEP) in Hong Kong. At the same time, HKMA will also cooperate with central banks of other countries and regions to conduct pilot projects on cross-border payments and settlements, utilizing digital currency to improve payment efficiency and security. In addition, HKMA will establish regulatory frameworks and standards for digital currency to protect the interests and privacy of consumers and prevent money laundering, terrorist financing, and other risks. The goal of promoting the development of digital currency is to enhance Hong Kong’s function and position as an international financial center and adapt to the financial transformation in the Web3 era.

Building a Smart City

The Hong Kong government will continue to implement the “Smart City Blueprint 2.0” with the concept of “people-oriented,” utilizing technologies such as big data, Internet of Things (IoT), and artificial intelligence to enhance the quality and efficiency of city management and services. The “Smart City Blueprint 2.0” covers six major areas: smart mobility, smart living, smart environment, smart people, smart government, and smart economy. Some key projects include establishing full coverage of 5G network across Hong Kong, promoting electronic identity cards (eID), developing virtual banks and virtual insurance, establishing a public data space (PDS), promoting electric vehicles and related infrastructure, and implementing an electronic health record sharing system (eHRSS). The goal of building a smart city is to improve the quality of life and happiness of Hong Kong citizens and enhance Hong Kong’s sustainable development capabilities.

Cultivating Innovative Talent

The Hong Kong government will increase investment in education and scientific research to cultivate innovative talents that meet the demands of the Web3 era. Specific measures include: increasing STEM (Science, Technology, Engineering, and Mathematics) education in primary and secondary schools; providing more scholarships and loans to support students studying overseas or on the mainland; expanding the scale and functionality of technology parks and innovation hubs to provide more resources and opportunities for researchers and entrepreneurs; strengthening cooperation with the mainland and international communities to facilitate the exchange and transformation of knowledge and technology. The goal of cultivating innovative talent is to provide human capital and intellectual support for Hong Kong’s economic development and social progress.

Summary

Hong Kong’s four innovation policies aim to adapt to the trends and demands of the Web3 era, enhance Hong Kong’s capabilities and level in areas such as blockchain, digital currency, smart cities, and innovative talent, thereby promoting economic development and transformation, and strengthening Hong Kong’s competitiveness and resilience. These policies also reflect the Hong Kong government’s foresight and determination, as well as the innovative spirit and openness of Hong Kong society. It is believed that in the Web3 era, Hong Kong will continue to leverage its unique advantages and contribute to its own and the country’s development.

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