Paul Chan says city needs to make better use of status as financial hub to attract tech sector dollars, while vowing to spur domestic spending.

Hong Kong will press on with Northern Metropolis project and push for development of AI, finance chief Paul Chan pledges at Post budget forum.

HONG Kong Financial Secretary Paul Chan said the economy will grow modestly this year, as he looks to shrink the city’s deficit while countering headwinds from a slowing Chinese economy and rising trade tensions with the US.

Hong Kong homebuyers flocked to secure new flats at two projects over the weekend, indicating improving sentiment on the city's battered property market following a reduction in stamp duties and a buoyant stock market.

Hong Kong will cut thousands of civil service jobs and boost spending in artificial intelligence as it seeks to tackle an increasing deficit.

Stablecoin transactions are now a fifth of all cryptocurrency transactions, and they make it easier to transact in US dollar-backed assets The growing strength of stablecoins as a bridge between Web3 and traditional finance could give an edge to markets like Hong Kong,

Hong Kong said on Wednesday that it is setting aside $127.67 million to create an artificial intelligence research institute that will conduct research and development.

BEIJING: As artificial intelligence rapidly transforms the global economic landscape, Hong Kong must and is ready to harness technological innovation to fuel its growth, Financial Secretary Paul Chan Mo-po said in the Sunday blog.

Hong Kong aims to cut spending by slashing 10,000 civil service jobs in an effort to rein in a rising deficit, and plans a big AI push as it navigates headwinds from global economic uncertainty, geopolitical tensions and a weak property market.

The Asian financial hub will reduce salaries tax and businesses’ profit tax by 100%, subject to a ceiling of 1,500 Hong Kong dollars, said Hong Kong Financial Secretary Paul Chan.

Hong Kong’s technology enterprises are set to benefit from the city’s annual budget as the government plans to roll out investments in artificial intelligence research.