Hong Kongâs Paul Chan cuts spending in budget, plots AI path to future growth
Hong Kongâs finance chief has unveiled a belt-tightening budget seeking to tap new sources of revenue and ease a HK$87.2 billion (US$11.2 billion) deficit, starting with a pay freeze for all public servants, a downsizing of the civil service by 10,000 positions and a cut in education spending.Citing the benefits of the âone country, two systemsâ governing principle amid Chinaâs rising prowess in technological innovation, Financial Secretary Paul Chan Mo-po on Wednesday also pledged to transform the city into an international exchange and cooperation hub for artificial intelligence (AI), making it a new key economic driver.The government would spend HK$1 billion to establish the Hong Kong AI Research and Development Institute, among other technology-related initiatives worth billions, he sa...