CRI听力:Hong Kong to Foster IT Industry with New Bureau Established

After three years of filibustering at the Legislative Council, the Innovation and Technology Bureau was finally established in Hong Kong on Friday.

It's going to be responsible for formulating policies connected to the IT sector.

Nicholas Yang has been approved by the State Council as the new chief of the Bureau.

"Hong Kong has to catch up in the IT sector. We have a lot of work to do. People in Hong Kong are smart, and we are not afraid of failing. I am ready to assist Hong Kong to take its slice of the cake in global innovation and technological development, making us a real 'super connector'. "

Due to the infighting among Hong Kong lawmakers over the past few years over how to fund the new bureau, many IT companies have opted to take their business across the border to Shenzhen.

Around 35-percent of Shenzhen's overall GDP is now made through the IT sector.

Hong Kong Chief Executive CY Leung says the long-awaited creation of the Innovation and Technology Bureau should help Hong Kong become more competitive with Shenzhen, but admits its not going to happen overnight.

"I really hope we could have taken the first step three years ago, but it's better late than never. It takes years to foster a new industry sector such as innovation and technology, and setbacks should be expected along the way. So even though we have the Bureau and the Secretary now, short-term success is not guaranteed."

Professor Tony Chan, President of the Hong Kong University of Science and Technology, says the new bureau is should help both Hong Kong's economy, and his institution as well.

"It sends out the message that Hong Kong has potential in technology and innovation. If not, why would big companies and multinational companies invest here? I hope the Bureau can create a good environment, so that students are willing to study courses at HKUST connected to IT development. It should also make it easier for those graduates to get a job. It is a win-win situation. "

CY Leung first proposed the idea of a new Innovation and Technology Bureau when he first came to office in 2012.

A motion to set up the Bureau was passed in October of last year, but the budgeting for it wasn't approved in time.

The process was restarted earlier this year, with approval for the new bureau once-again coming in June.

However, another battle over its funding wasn't solved until earlier this month.

In the end, Legco has approved 37-million HK dollars a year on staffing, as well as $30 million HK dollars on operational funding.

This is around 9-million US dollars in total.

For CRI, this is Li Jing in Hong Kong.