Hong Kong plans to raise half of the HK$440 million needed for a national innovation centre in Yuen Long from the private sector. This center is intended to be the first national manufacturing innovation site outside mainland China.

Hong Kong authorities will seek half of the HK$440 million (US$56.2 million) investment for a planned national innovation centre in Yuen Long from the private sector, while setting performance benchmarks that an analyst has called ambitious. The target was announced after Financial Secretary Paul Chan Mo-po revealed the plan in his latest budget in February, which earmarked funds to establish the first national manufacturing innovation centre outside mainland China as part of efforts to...