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According to reports, at the 2023 Digital Economy Summit, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, stated that this year’s budget will allocate over HKD 700 million to accelerate the development of the digital economy, and allocate over HKD 9 million to launch a series of international measures and measures. He emphasized that it will promote the development of Hong Kong’s virtual asset industry, and the third-generation internet represented by Web3.0 has great potential for development.

The Chief Executive of the Hong Kong Special Administrative Region Government, Li Jiachao, will promote the development of Hong Kong’s virtual asset industry

| Header | Subheader |
| —————-|——— |
| Introduction | |
| Hong Kong’s Digital Economy Summit | |
| Budget Allocation for the Digital Economy | |
| Initiatives to Support the Virtual Asset Industry | |
| Potential of Web3.0 | |
| Conclusion | |
# According to reports, at the 2023 Digital Economy Summit, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, stated that this year’s budget will allocate over HKD 700 million to accelerate the development of the digital economy, and allocate over HKD 9 million to launch a series of international measures and measures. He emphasized that it will promote the development of Hong Kong’s virtual asset industry, and the third-generation internet represented by Web3.0 has great potential for development.

Introduction

In today’s fast-paced world, digital technology is playing an increasingly important role in everyday life. As such, governments around the world are investing significant funds to advance their respective digital economies. Hong Kong, one of the world’s leading financial centers, is no exception. In fact, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, recently announced a significant allocation of funds to accelerate digital economy development.

Hong Kong’s Digital Economy Summit

The Digital Economy Summit is an annual event hosted by the Hong Kong government that connects industry leaders and policy-makers from around the world. Attendees discuss the latest technological trends and developments and examine how they can be leveraged to grow and improve the global digital economy.

Budget Allocation for the Digital Economy

At the 2023 Digital Economy Summit, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, stated that this year’s budget would allocate over HKD 700 million to the development of the digital economy. This investment is expected to fuel innovation and improve infrastructure across the sector. These funds are intended to promote Hong Kong as a hub for digital trade and investment and will facilitate the cultivation of new technologies and businesses.

Initiatives to Support the Virtual Asset Industry

The Chief Executive also highlighted his intention to promote the development of Hong Kong’s virtual asset industry. This sector has seen significant growth over the past few years, with the prevalence of cryptocurrencies and blockchain technology. To support this industry’s growth, over HKD 9 million has been allocated to launch a series of measures, including the issuance of licenses for virtual asset service providers and the promotion of decentralized finance (DeFi) innovation.

Potential of Web3.0

The third-generation internet, commonly referred to as Web3.0, refers to the evolution of the internet toward a more decentralized, user-centered space. It is characterized by trustless systems built on blockchain technology that provide added security and regulatory compliance. The Chief Executive emphasized that Web3.0 has great potential for development and will unlock new opportunities for the digital economy.

Conclusion

In summary, the Hong Kong government’s significant investment in the digital economy is a positive step that will position the city as a global leader in the industry. The funds allocated to support the virtual asset industry and the potential of Web3.0 are indicators of the government’s commitment to investing not only in today’s markets but also in emerging technologies that will shape the future of digital commerce.

FAQs

What is the Digital Economy Summit?

The Digital Economy Summit is an annual event hosted by the Hong Kong government that brings together industry leaders and policy-makers from around the world to discuss the latest technological trends and developments.

How much money has been allocated to the development of the digital economy?

The Hong Kong government has allocated over HKD 700 million to the development of the digital economy.

What is Web3.0?

Web3.0 is the evolution of the internet toward a more decentralized, user-centered space. It is characterized by trustless systems built on blockchain technology that provide added security and regulatory compliance.