Hong Kong budget to target IP economy boost with new academy, patent evaluation support - SCMP
TL;DR
Hong Kong's 2026-27 budget will boost the IP economy by establishing an Intellectual Property Academy and providing patent evaluation support for tech firms, aligning with national strategies to enhance innovation and competitiveness.
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Hong Kong budget to target IP economy boost with new academy, patent evaluation support - SCMP
Hong Kong Budget to Target IP Economy Boost with New Academy, Patent Evaluation Support
Hong Kong’s Financial Secretary, Paul Chan Mo-po, is set to announce measures in the 2026-27 budget aimed at strengthening the city’s intellectual property (IP) economy, focusing on talent development and patent evaluation support for tech firms. The initiatives, expected to align with national priorities, include the establishment of the Intellectual Property Academy, backed by tens of millions of Hong Kong dollars in funding.
The academy will train professionals to meet growing demand in Hong Kong’s IP sector, which currently contributes approximately 30% of the city’s GDP and employment. The budget measures also seek to assist local technology companies in assessing the commercial value of their patents, addressing a key challenge in innovation-driven growth. These steps are part of broader efforts to position Hong Kong as a regional hub for IP trading, as outlined in mainland China's 14th Five-Year Plan.
The budget announcement reflects the government's response to Beijing's 15th Five-Year Plan recommendations, which emphasize technological self-reliance and innovation. Financial Secretary Chan faces pressure to address bottlenecks in Hong Kong's tech ecosystem, including talent attraction and startup support, to enhance the city's competitiveness in the Greater Bay Area. While the government highlights plans to support mainland Chinese tech firms in expanding globally, observers stress the need to first resolve local challenges, such as a "not well signposted" startup environment according to analysis.
By prioritizing IP development, Hong Kong aims to diversify its economy beyond traditional sectors while aligning with national strategies. The success of these initiatives will depend on effective implementation and addressing structural barriers to innovation.
