Hong Kong is expected to set a target of doubling research and development (R&D) spending in its first five-year plan, as the city seeks to strengthen its position as an international innovation hub.

Innovation chief Sun Dong said the goal would align Hong Kong with the national average of 2.7 percent of GDP, with greater private-sector investment expected to play a key role.

The city has introduced a broader measure of innovation spending to better capture business-led activities such as software development, product design and pilot testing. Under the measure, the latest figure shows total domestic expenditure on innovation activities climbing to HK$51.7 billion.

Government-backed initiatives have channelled billions of Hong Kong dollars into areas including artificial intelligence, robotics, healthcare technology and smart devices, while supporting the commercialisation of university research.

The five-year plan is expected to set strategic directions and key performance indicators for the sector, while encouraging businesses to increase their own R&D investment.