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Hong Kong government earmarks $128 million for new AI research institute and aims to cut public spending

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Summary
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79% Informative

Hong Kong's government earmarked 1 billion Hong Kong dollars ( $128.67 million ) for the establishment of a new artificial intelligence research institute.

It expects its economy to grow at an average rate of 2.9% a year in real terms from 2026 to 2029 .

The government also aims to cut public recurrent expenditure by 7% from now till 2027/28 to tackle its rising deficit.

Tech stocks rallied on the back of the announcement, with the Hang Seng Tech Index gaining as much as 4.49% .

VR Score

91

Informative language

96

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65

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formal

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English

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45

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short-lived

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