The Government today announced a domain of economic activities that comprises manufacturing and new industrialisation-related industries as devised by the Innovation, Technology & Industry Bureau (ITIB), in collaboration with the Census & Statistics Department (C&SD), and released statistics on the economic performance of relevant activities.
The process of manufacturing and production involves a variety of other economic activities, such as product design, technological development, data services and software development, testing and certification, as well as professional and technical services etc, all of which qualify as important elements in the development of new industrialisation.
Besides formulating the domain, the C&SD has also defined the corresponding statistical coverage based on the existing framework of the Hong Kong Standard Industrial Classification Version 2.0, with a view to reflecting the economic performance of these new industries of importance more precisely through objective statistical figures.
In 2023, the value added of Manufacturing & New Industrialisation-related Industries amounted to $76.8 billion, representing an increase of 7.6% over the previous year, and accounted for around 2.6% of Gross Domestic Product.
Secretary for Innovation, Technology & Industry Prof Sun Dong said Hong Kong is in the midst of a key transitional period of its economic model, and the development of innovation technology and the integrated development of emerging industries are crucial objectives of the country and Hong Kong.
He said: “To assist us in formulating various policies with more precision and to effectively guide social resources towards supporting and encouraging the upgrading and transformation of the traditional manufacturing industry, as well as the development of new industrialisation in Hong Kong to realise the developmental targets outlined in the Hong Kong Innovation & Technology Development Blueprint, we must specifically identify a range of economic activities to be covered, and from time to time conduct reviews along with the ever-changing technological and innovative landscape and the development of emerging industries.
“At the same time, we need to compile relevant statistics to objectively measure the progress of the development of innovation and new industrialisation.”
The C&SD said that it will continue to keep abreast of the latest developments and suitably review the relevant statistical framework from time to time with the ITIB and other stakeholders.
Click here for the domain.
