In 2024, Hong Kong's total expenditure on local research and development reached 357.72 billion Hong Kong dollars, an 8% increase compared to the previous year.

On November 23, according to statistics released by the Hong Kong government's Census and Statistics Department, Hong Kong's total expenditure on local research and development (R&D) reached HK$35.772 billion in 2024, up 8% from the corresponding figure in 2023 (HK$33.006 billion). The ratio of Hong Kong's total expenditure on local R&D to GDP in 2024 was 1.13%. Analysis by type of institutions conducting research and development (R&D) activities in 2024 shows that expenditure on R&D activities by industrial organizations, higher education institutions, and government institutions amounted to HK$13.906 billion, HK$20.054 billion, and HK$1.812 billion, respectively. R&D activities refer to creative and systematic work aimed at advancing knowledge to invent new and improved products, processes, or applications, as well as improving existing products, processes, or applications.