The Hong Kong University of Science and Technology (HKUST) welcomes the array of measures introduced by Financial Secretary Mr. Paul CHAN to advance HK's innovation and technology (I&T) development in his Budget announcement today (February 26). Meanwhile, the University understands the government's decision to adjust funding and related financial arrangements for local publicly-funded universities over the next three years (2025-2028) amid the current economic circumstances. The University will work closely with the government to navigate these challenging times by strategically reprioritizing resources, boosting revenue streams, and implementing cost-saving measures, while remaining steadfast to uphold its teaching and research capabilities amidst intense global competition.
HKUST President Prof. Nancy IP said, "HKUST recognizes the economic challenges that society faces. As a publicly-funded university, we are committed to supporting the government's fiscal strategy. Guided by principles of fiscal prudence, we will work to increase revenue and reduce expenses while maintaining the quality of our teaching and research capabilities. By fostering cross-regional and cross-institutional research collaborations, we aim to secure additional research funding both within and beyond Hong Kong and enhance revenue from knowledge transfer activities. To support the Government's vision for high-quality economic development for Hong Kong, HKUST will sustain its competitiveness in education and innovation by continuously attracting global top talents and advancing strategic research areas, thereby contributing to the growth of Hong Kong and the nation."
HKUST welcomes the government's endeavor to develop core industries including AI, life and health technology and low-altitude economy. Apart from establishing infrastructures such as the new Hong Kong AI Research and Development Institute and the AI Supercomputing Centre, initiatives like the I&T Industry-Oriented Fund, a Generative AI Sandbox, the development of open-Source technology, the "technology enterprises channel" (TECH) to assist tech companies with listing applications, and tax deduction for intellectual property-related expenditure, are all crucial for enhancing Hong Kong's I&T ecosystem. Furthermore, the government's plans for the industrial and spatial development of the Northern Metropolis, along with the acceleration of projects like the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, the San Tin Technopole, and the Data Facility Cluster at Sandy Ridge, will inject new impetus into Hong Kong's I&T development.
The government's emphasis on AI, life and health technology, and the low-altitude economy aligns perfectly with HKUST's strategic priorities. Notably, The Hong Kong Generative AI R&D Center (HKGAI), a joint-university collaborative venture under InnoHK led by HKUST, has recently launched Hong Kong's first AI foundation model "HKGAI V1", marking a significant milestone in local AI development. Additionally, the newly established Hong Kong Space Robotics and Energy Center, also under InnoHK and driven by HKUST, aims to contribute to the national Chang'e-8 mission by developing a multifunctional lunar surface operation robot equipped with mobile wireless charging capabilities.
HKUST is encouraged by the government's commitment to put aside resources to support universities in the development of the new medical school on a matching basis. Prof. Ip said, "HKUST is actively preparing a comprehensive proposal for establishing the third medical school in Hong Kong. It includes a diversified funding plan, along with viable financial management, to ensure the long-term and sustainable development of the medical school."
Prof. Ip is also pleased to learn about the government's plans to establish a "Real-World Study and Application Centre" to expedite approval for registration of new drugs in Hong Kong, the Mainland and overseas. The government's vision of establishing a regional healthcare talent pool through promoting professional and clinical exchanges between local healthcare personnel and those in the Greater Bay Area (GBA), aligns closely with HKUST's development goals. In the past year alone, the University has signed cooperation agreements with over 20 leading medical schools, hospitals, and enterprises both nationally and globally. This includes a joint talent development program with Beijing Tiantan Hospital of Capital Medical University and Peking Union Medical College Hospital, providing research training and exchange opportunities for clinical doctors specializing in brain health.
On talent nurturing and development of education industry, HKUST appreciates the government to make every effort to trawl for talents, such as inviting top and leading talents to develop their careers in Hong Kong. The government has also launched new round of Research Matching Grant Scheme, stepped up the promotion of "Study in Hong Kong" brand and increased the quota of the Hong Kong PhD Fellowship Scheme. These measures will undoubtedly help the University to attract talents, further reinforcing Hong Kong's status as an international hub for high-calibre talent.
About The Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology (HKUST) (https://hkust.edu.hk/) is a world-class university that excels in driving innovative education, research excellence, and impactful knowledge transfer. With a holistic and interdisciplinary pedagogy approach, HKUST was ranked 3rd in the Times Higher Education's Young University Rankings 2024, 19th Worldwide and No.1 in Hong Kong in Times Higher Education's impact Rankings. Twelve of HKUST's subjects were ranked among the world's top 50 in the QS World University Rankings by Subject 2024, with "Data Science and Artificial Intelligence" being ranked first in Hong Kong and 10th in the world. Our graduates are highly competitive, consistently ranking among the world's top 30 most sought-after employees. In terms of research and entrepreneurship, over 80% of our work was rated "Internationally excellent" or "world leading" in the latest Research Assessment Exercise 2020 of Hong Kong's University Grants Committee. As of November 2024, HKUST members have founded over 1,800 active start-ups, including 10 Unicorns and 16 exits (IPO or M&A).
