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Hong Kong will continue to invest billions in the biotechnology industry as it works to enhance institutional capacity with HK$10 billion earmarked for life and health technology, Paul Chan Mo-po, Financial Secretary, said in his budget address today.  The investment in the innovation and technology sector comes amid the Greater Bay Area development. The establishment of the InnoLife Healthtech Hub in the Hong Kong Shenzhen Innovation and Technology Park, announced in the 2021 policy address, will bring the research strengths and resources of laboratories to create greater synergy, Secretary for Innovation and Technology Alfred Sit Wing-hang said in October last year. Biotechnology plays a significant role globally as it will dominate important economic activities in the 21th century and firms or countries that control key biotechnology will be able to rule the market and the economic development, according to scholars. “With more than 16 laboratories and the eight relevant State Key Laboratories, we can pool together top‑notch research teams from all over the world and focus our efforts on R&D work as well as global research collaboration in the field of life and health sciences,” Chan said. There are more than 250 biotechnology‑related companies in Hong Kong, with the majority of them operating in pharmaceuticals, traditional Chinese medicinal, healthcare products or medical devices and diagnostics, according to the Hong Kong Trade Development Council. In the 2018-19 Budget Address, biotechnology was recognized as one of four priority sectors, which Chan had earmarked an additional $50 billion for developing innovation and technology in Hong Kong. “Continuous promotion of Innovation and Technology development is an important strategy to foster a more vibrant and diversified economy.  The 14th Five‑Year Plan supports Hong Kong's development into an international I&T hub,” said Chan.  The current-term government has invested more than $130 billion in I&T development, which …

The Financial Secretary has earmarked an additional $2.38 billion in this year’s budget to provide an extra half-month payment of Comprehensive Social Security Assistance (CSSA), Old Age Allowance, Old Age Living Allowance, and Disability Allowance, to Hong Kong’s most needy. But Sze Lai-shan, deputy director of the Society for Community Organisation said more needs to be done,  “There are very few measures for the elderly, but mainly giving money to the middle class. The budget should be allocated more to the grassroots like the elderly and the weak,”said Sze. “The government should spend more money on the healthcare services for the elderly as many of them are staying at home and no one can take care of them.”  As of Jan. 31 last year, nearly 37,000 elderly were waiting for a subsidised place in Care and Attention homes and Nursing Homes, according to the Social Welfare Department.  The budget sets aside an additional HK$19 billion to be spent on strengthening services for the elderly, the disabled and children. Part of the sum will go towards building eight new contract homes for residential elderly care service in the Kwu Tung North New Development area and Fanling, providing an estimated additional 800 places. On top of four existing neighbourhood elderly centres offering basic elderly support, one more will be constructed in Area 54 in Tuen Mun.  To help well off elderly people, the government will issue at least HK$35 billion worth of silver bonds in the coming year. That’s an increase of HK$10 billion from last year. Only people aged 60 years and above can invest in silver bonds and it will give them a fixed income on a half-yearly basis. A fixed rate of 3.5% per annum is given to silver bonds due 2023 and 2024, according to the key features …