Hong Kong’s John Lee urges businesses to proactively adopt new technologies

While Lee said authorities had a leading role to play in developing the economy, engaging the private sector was equally essential in adopting innovation and driving growth.

“Much of the feedback I heard today asked for the government’s help in developing policies and allocating more resources, but my bigger takeaway is that an all-rounded participation is needed,” he said.

In response to multiple speakers who suggested the adoption of artificial intelligence (AI) across the marketing, legal, housing and healthcare sectors, Lee said procurement had to be done by the market.

“For technology to really be adopted into operations, companies need to do the procurement. The government can play a leading role but it will have to depend on industry players,” he said.

He pointed out that many suggestions for improving tourism across Hong Kong’s 18 districts required the participation of local organisations and industry players.

“The government will build the platform, but for initiatives to really take off, it requires the participation of all residents.”

In view of the US potentially cutting its key interest rate from its current 23-year high in September, Lee expressed optimism that the move would help Hong Kong’s economy and sustain its growth.

He said the economy had shown more than 3 per cent growth in the latest quarter and that the upward trend would remain positive.

“No matter what, I think an interest cut will help us as investors and businesses will be more confident,” he told a press briefing after the meeting.

“Many investors are hoping for more certainty before they invest, although they have the capital.”

Hong Kong’s economy expanded by 3.3 per cent in the second quarter against a year ago on the back of strong exports, slightly exceeding growth recorded in the first three months of 2024.

Lee said that despite positive growth, certain industries had been struggling to survive during the transition period, leading to business closures.

“Of course, during this period, the market will see a renewal. Some shops will open, some shops will close,” he said.

He said the government would do its best to help the hardest-hit industries.

The two-hour televised town hall event was attended by residents from various backgrounds who were invited by authorities.

Other issues covered at the event include better mental health support for caretakers and students, and more resources for care homes for the elderly, ethnic minorities and people with special needs.