Hong Kong's finance chief has defended the government's plan to utilize the Exchange Fund, which ensures currency stability, to finance the Northern Metropolis technology hub project, framing the move as an 'investment'.

Hong Kong authorities will seek an additional HK$20 billion for the development of San Tin Technopole and a science and technology park, which are part of the Northern Metropolis infrastructure plan.

Hong Kong lawmakers have expressed strong approval for the annual budget address, particularly highlighting the focus on promoting artificial intelligence (AI) and allocating funds for the Northern Metropolis projects.

Hong Kong's finance chief, Paul Chan, has earmarked HK$30 billion (US$3.8 billion) in the latest budget to accelerate the Northern Metropolis megaproject through government partnerships with developers and tech enterprises.