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's government has earmarked 1 billion Hong Kong dollars ($128.67 million) for the establishment of a new artificial intelligence research institute. It expects its economy to grow at an average rate of 2.

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

Hong Kong's finance chief unveiled a "belt-tightening" budget on Wednesday that aimed to end the city's string of record-high deficits by 2028 while seeking growth in areas such as artificial intelligence.

Hong Kong is set to reduce public recurrent expenditure by 7% by 2027/28 to curb a rising deficit while making a major push into artificial intelligence (AI) to counter global economic uncertainty, geopolitical tensions,