HONG KONG, April 12 (Xinhua) -- The Internet Economy Summit 2017 was wrapped up in Hong Kong on Wednesday. The three-day summit consisted four forums covering FinTech, big data, smart city and E-commerce.
Organized by the Hong Kong government, the Internet Economy Summit provided a platform for renowned information and communications technology experts and leaders of innovative technology enterprises across the world to interact and share insights.
Hong Kong Chief Executive Leung Chun-ying attended the summit and delivered the keynote speech. He said, the Internet economy is expected to grow at 8 percent annually for developed economies, and 16 percent for developing ones.
So this year's Internet Economy Summit is very much welcomed. It underlines Hong Kong's commitment to technology and innovation.
Leung said, in order to advance Hong Kong's internet economy, the Hong Kong government would launch 2 billion Hong Kong dollars (about 258 million U.S. dollars) Innovation and Technology Venture Fund and 500 million Hong Kong dollars (about 64.34 million U.S. dollars) Innovation and Technology Fund for Better Living in mid-year.
The Hong Kong government will also consider offering enhanced tax deductions for I&T expenditure, encourage overseas I&T enterprises to set up business here, invest more in university R&D, develop a Smart City blueprint, and promote the use of data analytics and technology solutions in business.
Leung also said a new trans-Pacific cable between Hong Kong and Los Angeles would be completed next year. This cable would come with enough capacity for Hong Kong to run 80 million simultaneous high-definition video calls with Los Angeles.
"I would say that puts us in a good position to become Asia's data hub. As a matter of fact, many global data center providers already, or have plans to, set up cloud computing facilities here," he said.
Deputy Director of Cyberspace Administration of China Zhuang Rongwen said Hong Kong is part of China and at the same time an international city with a separate social and economic system. Hong Kong can serve as a "super-connector" linking the Chinese mainland and the rest of the world.
To gain more fruitful results, Zhuang suggested that the Chinese mainland and Hong Kong to enhance collaboration in big data and cloud computing and seize the opportunities in "Internet+".
Hong Kong's Secretary for Innovation and Technology Nicholas Yang said Hong Kong is well positioned to embrace innovation and technology to make the city smarter, more efficient and more comfortable.
Hong Kong have achieved a great deal in innovation that would make other cities envious. Hong Kong's world-class ICT infrastructure and well-established and robust legal framework facilitate the free flows of talent, capital and knowledge.
Apart from government officials, the summit also drew together experts and leaders from firms in the East and the West including Ant Financial Services Group,Tencent, Cogobuy Group & IngDan, TNG Wallet and etc.