The University of Hong Kong’s financial reserves exceeded HK$40 billion, while President Zhang Xiang noted that a significant portion is an endowment designated to support professors in their research and teaching.
Zhang also stated that HKU will take on the social responsibility to collectively face the challenge of the SAR government’s fiscal deficit, but hopes the cuts will be modest so “we can survive.”
Speaking at the media spring luncheon on Friday, he highlighted the challenge of educating students in innovative ways in light of the “artificial intelligence tsunami.”
He stated that a new School of Computing and Data Science was established last July to address this AI wave and a mandatory AI course will be required for all incoming undergraduates starting this year to support talent across the campus.
He also noted that a proposal will be submitted to the government in the first quarter of this year to establish an HKU International Campus in the Northern Metropolis, aiming to collaborate with various international universities to transform the school and Hong Kong into an International Education and Talent Hub.
Regarding potential cost-cutting amid the fiscal deficit, Zhang stated that it is reasonable for a country or region to encounter such problems, noting they will “all together face this challenge.” However, he urged that any cuts should not be excessive.
In terms of the over HK$40 billion financial reserve, he underscored the need to honor donor promises by not “touching the base,” allowing only the use of 3 percent to 5 percent of the interest to support research and students.
“This over 100 years reserve, a lot of them already earmarked for use and some of them are endowment for professorship which we cannot touch the base,” he explained.
Cheng Wong
