Hong Kong forum praises move to encourage adoption of tech, highlights opportunities for Asia

China’s strategic move to encourage the adoption of artificial intelligence is helping the country take the lead as the world pours trillions into AI investment and technological innovation, experts told a forum in the Hong Kong Special Administrative Region.

“It is noticeable that China’s government is really promoting the adoption of AI by companies and government bodies. I think this is a very smart strategy,” said Tom Standage, deputy editor of The Economist, delivering opening remarks at the 6th annual “Technology for Change Asia” conference in the HKSAR on March 11.

Noting that AI technology could become a commodity, Standage said what really matters is its adoption, not who invented it first.

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While there have been massive investments in AI worldwide, Standage said, just as with previous technologies such as railways, electricity, and the internet, AI will experience financial ups and downs and job concerns before it is widely adopted.

Organized by Economist Impact — a part of The Economist Group — the two-day event brought together over 700 industry and government leaders from across Asia to discover solutions to help businesses during an era of rapid technological shift.

“Asia is rocking,” said Amitabh Sarkar, vice-president and head of Asia-Pacific of India’s Tata Communications.

Citing a report by United States venture capital firm Andreessen Horowitz, Sarkar said Hong Kong ranks third in AI adoption per capita, only behind Singapore and the United Arab Emirates.

“If you look at the data, in Hong Kong, 75 percent of financial institutions are piloting Gen AI use cases,” said Sarkar.

Hong Kong has put a great emphasis on AI governance, with several guidelines formulated to promote innovation, said Brian Sun, assistant commissioner of data applications at the Digital Policy Office under Hong Kong’s Innovation, Technology and Industry Bureau.

The goal is to build an overarching framework in a broad direction while meeting the needs of each sector, said Sun.

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Thomas Tsang, deputy director of the Intellectual Property Department of the HKSAR government, said it is necessary to address IP protection with the rapid development of AI.

For example, Tsang said copyrighted works may be used to train AI, but many people may not be clearly aware of the relevant rules.

This raises copyright concerns, he said, noting that it is important to balance innovation with IP protection.

Charles Ross, head of policy and insights for Asia-Pacific at Economist Impact, told China Daily that he believes Hong Kong’s favorable policies and framework will encourage investment in AI in the Asian financial center.

“I think it is more about the allocation of funds and giving the funds to the right people at the right time and building that ecosystem of entrepreneurship with the AI innovation,” said Ross.

He added that it is important for Hong Kong to sustain a local talent pool to achieve AI growth.

Contact the writer at kelly@chinadailyapac.com