Lawrence Cheung also said corporations should not rush into adopting AI but instead plan for its strategic use over the longer term.
The impact of AI on the workforce came under further scrutiny after Standard Chartered announced it would slash thousands of jobs and HSBC’s chief executive said generative AI would both destroy and create jobs in the financial sector.
Speaking at a Productivity Council event showcasing AI business solutions, Cheung said AI is unlikely to significantly lower employment in Hong Kong in the immediate term.
He cited similar fears in the past when people claimed the internet would kill jobs.
“I do not see a cliff in terms of the unemployment problem because I think for corporations to use AI in a big manner, it will be a slow process because it’s not only in changing people’s habit in using AI, we are also talking about changing the business process, and it will take a while.”
Cheung added that employees will be retrained and learn new skills over time. “The impact will be there, but it’s not in terms of losing a lot of jobs, but there would be a change in the job nature, a change in the way they do things.”
He said particularly for banks and professional firms, it’s important to strike a balance between achieving operational efficiency now and meeting their future needs.
“If you are reducing the intake of new interns or new trainees, then in 10 years’ time there will be a significant lack of experienced people, and people need to be built up, it cannot just be developed overnight.”
Cheung said businesses need to have a long-term strategic approach towards the use of AI, rather than simply “diving” into it.
“AI is developing so quickly, there are a lot of things that are still changing very rapidly… (and) in terms of how humans react with AI, that is very much unknown.
“In some areas like in the West, some people are really turned off by AI in terms of AI providing services. So we do not know how that would pan out.”
As for employees, he called on them to take a proactive approach in learning AI skills, and even advise their companies on related issues.
