Hong Kong will cut thousands of civil service jobs and boost spending in artificial intelligence as it seeks to tackle an increasing deficit.

Hong Kong said on Wednesday that it is setting aside $127.67 million to create an artificial intelligence research institute that will conduct research and development.

BEIJING: As artificial intelligence rapidly transforms the global economic landscape, Hong Kong must and is ready to harness technological innovation to fuel its growth, Financial Secretary Paul Chan Mo-po said in the Sunday blog.

Hong Kong will soon announce guidelines on the development and application of artificial intelligence (AI), the city’s innovation chief has said.

Hong Kong’s technology enterprises are set to benefit from the city’s annual budget as the government plans to roll out investments in artificial intelligence research.

A slew of Chinese companies are eyeing initial public offerings (IPOs) in Hong Kong, riding on the stock market impetus provided by artificial intelligence (AI) start-up DeepSeek. AICT, a Beijing-based AI solutions provider,

Hong Kong stocks surged Wednesday as the region announced plans to cut thousands of civil service jobs and boost its spending in artificial intelligence. The Hang Seng Index jumped 3.3% Wednesday, while the Hang Seng Tech Index soared 4.

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