Budget Speech by the Financial Secretary (6)

On 25 February 2026, the Hong Kong government is set to develop the International Legal Service Building, which will house the Hong Kong International Legal Talents Training Academy and international legal and dispute resolution services institutions. The Department of Justice ("DoJ") will commence preparatory works this year and continue attracting international legal and dispute resolution services. The International Institute for the Unification of Private Law ("UNIDROIT") plans to establish its Asia-Pacific Liaison Office in Hong Kong.

The government will bolster the regulatory framework for the mediation profession, advancing a legislative exercise this year. The Pilot Scheme on Sports Dispute Resolution has been introduced to enhance Hong Kong's standing as an international centre for sports dispute resolution. The Hong Kong Professional Services GoGlobal Platform was officially launched late last year.

Hong Kong aims to fortify its position as a regional intellectual property ("IP") trading hub. The government will refine its associated tax regime and institutional framework, develop talents, and leverage strengths in professional services to foster economic growth through IP trading and financing. The government is consulting on tax deduction arrangements for capital expenditure incurred for purchasing IP or rights to use IP, with an amendment bill slated for this year.

The IP Financing Sandbox, launched at the end of last year with participation from three major Hong Kong banks and their clients, is being closely monitored by the Commerce and Economic Development Bureau, Intellectual Property Department, and the Hong Kong Monetary Authority ("HKMA"). The government has earmarked $28 million to support the Hong Kong Technology and Innovation Support Centre in providing patent evaluation based on Guobiao ("GB") standards.

The Intellectual Property Department ("IPD") will expand its patent examiner team, particularly for original grant patent applications in major technology fields, to enhance its in-house examination capacity. The government is planning to establish the Intellectual Property Academy with a two-year pilot program, providing on-the-job training aligned with the Qualifications Framework, with $52 million allocated for the project.

With a strong IP protection regime, Hong Kong can offer extensive support to Mainland enterprises. The IPD will collaborate with Mainland authorities to organize Hong Kong IP professionals' participation in Mainland business matching programs. Hong Kong ranks first in Asia and fourth globally in the World Talent Ranking 2025, with the government committed to nurturing local talents and attracting global talents to develop an international education hub.

The STEM Internship Scheme offers nearly 20,000 internship opportunities, while the Research Talent Hub has approved over 15,000 applications. The Hong Kong Academy of Finance and the GBA Fintech Two-way Internship Scheme for Post-secondary Students have proven successful in their initiatives. The government will extend the Programme to Enhance Talent Training for the Insurance Sector by three years.

The Hong Kong International Legal Talents Training Academy has provided professional practical training for over 2,000 participants. The Hong Kong International Aviation Academy will introduce a new Master of Science in Aviation Management programme in partnership with the Chinese University of Hong Kong. The government will continue nurturing construction professionals, with $65 million allocated for additional training places.

The various talent admission schemes have attracted over 270,000 talented individuals from around the world, including over 100,000 global elites through the Top Talent Pass Scheme. Hong Kong Talent Engage will continue efforts to attract talents from the Mainland and overseas, expanding its network. InnoHK has collaborated with more than 30 top universities for scientific research collaborations.

Hong Kong stands as a major international education hub, with five of the world's top 100 universities and ranked second globally in terms of education competitiveness. The government has allocated resources to support the Hong Kong University of Science and Technology ("HKUST") in developing its third medical school, admitting its first cohort in 2028/29. Land for the new medical school's permanent campus and integrated teaching and research hospital has been reserved.

For the development of the New Territories University Town, three sites in the Hung Shui Kiu/Ha Tsuen New Development Area will be considered for campus development applications. The government will earmark $10 billion for loans to support campus development. The Education Bureau established the Task Force on Study in Hong Kong to attract top-notch students globally, featuring key events such as the Asia-Pacific Association for International Education Conference and Exhibition ("APAIE 2026") and the international symposium hosted by the Alliance of Universities of Applied Sciences.