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.

Hong Kong will cut public spending and restore fiscal balance by mid-2027 after a string of huge deficits, the city's finance chief said Wednesday as he unveiled growth plans including an artificial intelligence institute.

From axing 10,000 government jobs to raising the airport departure tax , here is a look at Financial Secretary Paul Chan’s plan to balance Hong Kong’s books.

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

The government has outlined a ‘cumulative reduction’ of government recurrent expenditure by 7% from now until 2027-2028.

Hong Kong aims to cut spending by slashing 10,000 civil service jobs in an effort to rein in a rising deficit, and plans a big AI push as it navigates headwinds from global economic uncertainty, geopolitical tensions and a weak property market.