Li said while authorities will play a leading role in economic development, the private sector also needs to adopt technology to innovate.
“Many of the comments I heard today were calls for government support in formulating policies and allocating more resources, but my deeper understanding is that we need participation from all sides,” he said.
In response to several speakers suggesting that artificial intelligence (AI) should be applied in the fields of marketing, law, housing and healthcare, Lee said procurement needs to be done by the market.
“Companies will need to do the procurement to actually put the technology into production,” he said. “Governments can play a leading role, but they will have to rely on industry players.”
Mr Lee said the I&T sector is a key driver of Hong Kong's development and its growth is part of a never-ending, continuous race.
“The government will provide the necessary funding and support, but there also needs to be participation from industry and the general public to foster innovation and use of technology,” he said.
On tourism, Lee noted that proposals to increase visitor numbers to Hong Kong's 18 districts require the involvement of organisations, industry players and the general public.
“The government will create a platform but we need the participation of all residents for the initiative to really take off,” he said.
Regarding the possibility that the Fed will cut interest rates from their highest level in 23 years in September, Lee said he was optimistic that the move would help Hong Kong's economy and sustain growth.
The city's economy grew by more than 3 percent in the most recent quarter, a trend that's likely to continue, he added.
“No matter what, I think lowering interest rates will help us because it will increase investor and business confidence,” he said after the meeting.
“Many investors, despite having the capital, want more certainty before investing.”
Chief executive John Lee (second from left) said some industries were struggling to survive during the economic transition. Photo: Mei Tse
Meanwhile, Financial Secretary Paul Chan said in a blog on Sunday that the city's export performance would maintain its growth momentum, with exports in the first half of 2024 recording a 12.2% increase from a year earlier, the highest since 2022.
However, he expressed caution about the impact of a potential interest rate cut on domestic investment sentiment, citing factors such as the timing and scale of the cut and its impact on easing pressure on asset markets.
Hong Kong's economy expanded 3.3 percent in the second quarter from a year earlier, slightly beating the first-quarter record, helped by strong exports.
Speaking at a town hall event, Lee said the “transition period” before the expected rate cuts would see a subtle recovery in the economy.
“Of course, the market will be reactivated during this period. Some shops will open, some will close,” he said, adding that the government would do all it could to support the hardest-hit industries.
The two-hour televised event was attended by a cross-section of government guests, including Chan, his number two, Chan Kuk-kei and senior government officials, including Attorney-General Lam Ting-kuo.
Other issues raised included improving mental health support for carers and students, and increasing resources for care homes for older people, ethnic minorities and people with special needs.
Pointing out the trend for nanoflats and noting that the current average living space per person is in the range of 70 to 100 square feet, an audience member asked Lee whether the government would impose rules on a minimum living space per person in public housing to “improve public happiness”.
Mayor Lee told reporters after the event that measures targeting the city's condominiums will be announced in his State of the State address, reiterating his desire to give further work to the task force looking into the issue and to consider the comments officials receive. Mayor John Lee highlighted improving lives as a key focus of the consultation process. Photo: Seung Yong
Kowloon City district councillor Rizwan Ullah urged Li to consider adopting mainland China's teaching methods in teaching Chinese to ethnic minority students, and said Sunday's event was a “good opportunity” to hear society's views, adding that authorities were “actively listening” to residents' opinions.
Responding to Ullah and others who spoke during the meeting, the mayor did not directly address the district councillor's ideas but said the government has always exchanged views with mainland China in various areas and would continue to do so in the future.
“I don't think you can expect very detailed answers with action plans at such meetings or forums,” Ullah said. “There has been recognition that the issue of ethnic minorities will also be addressed… This is already a very good sign.”
Sham Shui Po district councillor Chan Wai Ming, who made the proposal to Lee, also said he did not expect Lee to respond to every point raised by attendees and that the meeting was an opportunity to hear opinions.
“I think looking at the arrangements for the consultation session and PM Lee's response, you can see that he is really listening intently to the details of each area and considering what he can include in his policy speech,” he said.
