I said last week that quantum technologies can transform numerous industries, advance human society, and tackle some of the world's toughest challenges.

For example, quantum computing promises exponential acceleration of potential solutions to the complex problems of climate change, energy crisis and food security by modeling intricate interactions at the quantum level and crunching massive amounts of data that classical computers have not and may never solve.

Quantum sensing enables the detection of distant objects or targets with unprecedented precision such as submarines or hidden structures by measuring gravitational waves or magnetic fields.

It senses that which no one can see.

Quantum key distribution enables secure communications by distributing cryptographic keys using quantum properties.

It ensures that any eavesdropping attempts are detectable, making it ideal for secure data transmission and privacy protection.

But the deployment of quantum computing, sensing and communications is expensive.

Quantum science and technology currently attracts around US$40 billion (HK$312 billion) in research and innovation funding from the worldwide public sector, according to the Quantum Economy Blueprint published by the World Economic Forum in January 2024.

The Blueprint reports also found that only 24 nations had some form of national initiative or strategy to support quantum technology development by the end of 2023.

While a global ecosystem effort is needed to successfully develop and deploy quantum technologies, the current state of efforts is concentrated in certain countries.

Governments, especially those in Japan, the United Kingdom, the United States, and China, have formulated research policies and poured monies to turn quantum science into enabling technologies that will, in turn, boost economic activities.

In Japan, the government is providing 4.2 billion yen (HK$206 million) to support a quantum computing collective led by the University of Tokyo.

The UK government has set an ambitious national quantum strategy with a goal of achieving a quantum-enabled economy by 2035.

To this end, 2.5 billion (HK$24.67 billion) has been earmarked for the development of quantum technologies over 10 years from 2024.

The United States has been investing significantly in quantum information science research and development through the National Quantum Initiative Act.

China's investment in quantum technology is also significant, with an estimated US$25 billion in government investment from the mid-1980s through 2022.

China is ahead both in quantum communications and computing in terms of the gold standard of publishing.

Quantum technology has become a strategic enabler for many nations, primarily because it has the potential to disrupt various sectors, including cybersecurity, material sciences, drug discoveries and finance.

For example, Quantinuun, a company formed in 2021 by Honeywell and Cambridge Quantum, has upgraded its processor of qubits for accelerating fault tolerant quantum computing for commercial customers like JPMorgan Chase.

The growing global quantum divide between countries with established quantum technology programs and those without will lead to significant imbalances in core areas such as health care, finance, manufacturing and more.

Collaboration is the key to developing quantum technologies quickly and responsibly.

Governments and private organizations worldwide are working together to develop quantum technologies, recognizing the importance of international collaboration and investment in research and development.

However, governments need to also look at building a quantum-literate workforce and using quantum technologies to strengthen national and economic security.

As quantum computing continues to advance, global efforts and investments in the field are expected to grow.

The race to achieve quantum advantage will likely shape the future of technology and international collaboration.

Dr Jolly Wong is a policy fellow at the Centre for Science and Policy, University of Cambridge

University of Science and Technology of China professor Lu Chaoyang breaks down the possibilities of quantum computing at the Fourth World Internet Conference in Wuzhen, Zhejiang. Left: Japan's first quantum computer at the University of Tokyo. xinhu

Advanced economies leading in race for quantum economy