‘Huge funds’ for tech hub, incentives for aerospace sector in Hong Kong budget: sources

Hong Kong’s finance chief will earmark substantial funds for a new innovation hub near the border with mainland China and include incentives to attract more aerospace players to the city in his budget, government sources have said.Highlighting innovation as a key theme of Financial Secretary Paul Chan Mo-po’s budget speech to be delivered on Wednesday, the insiders told the China-morning-post" class="entity-link entity-organization" data-entity-id="12558" data-entity-type="organization">South China Morning Post that the blueprint would provide significant impetus to the new San Tin Technopole.The revelations followed an earlier report by the SCMP that Chan would also boost the IP economy by training talent and offering patent evaluation for qualified tech enterprises, amid public concerns over how he would spend a surplus that had arrived sooner than expected after years of operating account deficits.Policy analysts are also monitoring how financial authorities would address national priorities listed in the country’s 15th five-year plan.“The amount of money assigned to push the innovation developments in the Northern Metropolis is huge, which will boost research and development and attract companies,” one source said.Another insider noted: “The measures being rolled out will take the implementation of the innovation hub forward.”