Chen Maobo: Hong Kong needs forward-looking deployment to seize opportunities in the midst of accelerating digital transformation.

Hong Kong Financial Secretary Paul Chan Mo-po said in his speech at the Summit on Promoting the Development of New Productivity in the Digital Economy that as an international financial center, Hong Kong is actively developing into an international innovation and technology center. In the midst of accelerated digital transformation, it is necessary to make forward-looking deployments, seize current opportunities, and help Hong Kong occupy a more favorable position in the global digital economy. Three years ago, the Hong Kong Special Administrative Region government announced the establishment of the Committee on Digital Economy Development, focusing on promoting data flow, expanding digital infrastructure, accelerating digital transformation, and nurturing talent. Paul Chan Mo-po pointed out that digitization is a trend and important driving force for global economic development. The new economic form centered on digital industrialization and industrial digitization drives high-tech, high efficiency, and high quality characteristics of new productivity. It is the key essence to promote economic development towards high quality. With the rapid development of technologies such as artificial intelligence, big data, and cloud computing, digitization can help companies improve efficiency, reduce costs, enhance productivity, and competitiveness. Paul Chan Mo-po mentioned that since the Hong Kong Monetary Authority introduced the Commercial Data Interchange, there have been over 42,000 applications as of the end of last year, with total loan approvals exceeding 35 billion Hong Kong dollars. In terms of cross-border data flow, in December last year, together with the State Cyberspace Administration of China, they jointly released standard contracts for the cross-border flow of personal information, promoting and streamlining the cross-border flow of personal information from cities in the Greater Bay Area to Hong Kong, which also benefits Hong Kong and Shenzhen in the Heituo Innovation Cooperation Zone by expanding data security cross-border flow, playing an important role in scientific research development, attracting international artificial intelligence, biotechnology, and other enterprises to settle in Hong Kong. During the same event, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference and Chairman of the Greater Bay Area International Information Technology Association Leung Chun-ying pointed out in his speech that countries are strengthening legislation and regulation, as well as building global standards for data flow. As an international financial, trade, and shipping center, Hong Kong has unique advantages such as an internationally aligned financial system, rule of law, and other superior business environment, which provide ideal conditions for the establishment of the International Data Industry Alliance initiated at this summit.