Hong Kong will introduce mechanisms for cross-boundary flow of data from the Chinese mainland to Hong Kong for research and development purposes, under clear safeguards and robust data-security protocols, the city’s finance chief said on Tuesday.

“This will enable Hong Kong to serve as a unique convergence point of mainland and international data, and a testing field for different applications. These are valuable assets in the age of AI,” Paul Chan Mo-po said while delivering a speech at the AI Global Talents Connect forum in the city.

The inaugural forum, hosted by the Hong Kong Investment Corporation Limited (HKIC) and the Beijing Academy of Artificial Intelligence (BAAI), brought together some of the world's most brilliant minds in artificial intelligence – researchers, innovators, entrepreneurs, and thought leaders.

Hong Kong wants to raise its visibility and global standing in artificial intelligence in order to ensure an abundant influx of AI talent, said Chan, adding: “That's why, in this year's Budget, I proposed the organization of a young scientist forum on AI.”

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The city’s international and cosmopolitan culture, high quality of living, simple and low tax regime, and world-class education system make it an attractive destination for global talent, he said.

Pointing out that rapid AI progress has transformative promise across every sector, he said more breakthroughs will emerge from open dialogue, knowledge exchange, and cross-border collaboration among scientists, innovators, engineers, entrepreneurs, and businesses.

Building an open, collaborative, and inclusive community for AI is vital, he said, adding that it is not only key to advancing science and technology, but also essential to attracting and retaining global talent.

“Here in Hong Kong, we are fully committed to that vision. We have prioritized AI as a core industry for future development, a key enabler to upgrading our traditional industries and sectors.”

Highlighting the city’s strengths in this regard, the financial secretary said that three of Hong Kong's universities rank among the global top 20 in AI and data science and that these institutions are producing cutting-edge research and nurturing next-generation talent.

The city has also been making significant, long-term investments in industry research and development, which includes the Hong Kong Artificial Intelligence Research & Development Institute, he added.

As Asia's premier international financial center, Hong Kong provides tech startups and companies at various stages with a full spectrum of funding options, from angel and venture capital to private equity, patient capital, and initial public offerings, said Chan.

“By connecting global capital with promising and mature projects, we will create a dynamic environment where great concepts and ideas can scale and thrive.”

Underpinned by openness and cross-disciplinary collaboration, the AI Global Talents Connect forum will catalyze intellectual exchanges, spark new ideas, and foster more partnerships in the AI space, he said.

Pointing out that the Qingyuan Club, one of the BAAI's most important interdisciplinary initiatives, is being brought to Hong Kong with the support of the HKIC, Chan said the establishment of the Hong Kong Qingyuan Club marks another step forward in the city’s ambition to become a global AI hub.

He expressed his hope that the club will contribute to Hong Kong's AI ecosystem in three key areas: pioneering frontier technologies, contributing to global exchanges on AI, and nurturing talent.

Speaking at the forum, HKIC Chief Executive Officer Clara Chan Ka-chai said the “real value of AI” is to bring new inspirations on matters that society cares about, and help solve long-standing pain points to make the world better.

She highlighted the fast-growing sector’s tremendous market potential, saying that her company has invested in “a broad spectrum of AI companies such as AI large language models, embodied AI, cloud computing, and AI drug discovery”.

The special administrative region government-owned patient capital institution has so far invested in over 120 innovation and technology projects, with two enterprises already listed and more than 10 others seeking to make a debut in the city’s equity market.

Hong Kong has become an ideal gateway for attracting global AI talents and facilitating AI investment and development, thanks to its advantages such as free flow of data, multi-cultural environment, and supportive policy framework, said the HKIC CEO. As a “super connector” and a “super value-adder”, the city is well-positioned to take a leading role in bolstering the industry, she added.

BAAI Chairman Huang Tiejun said the partnership, with talents at its core, combines BAAI’s technological strengths with Hong Kong's position as an international hub, which will help the SAR to become a leader in the age of intelligence.