To promote the development of innovation and technology, an Innovation and Technology Commission (ITC) was set up within the Commerce and Industry Bureau on July 1, with the mission to spearhead Hong Kong's drive to become a world-class, knowledge-based economy. The commission formulates and implements policies and measures to promote innovation and technology; supports applied research, technology transfer and application; promotes technological entrepreneurship; facilitates the provision of technology infrastructure and development of human resources; and promotes internationally accepted standards and conformity assessment services to underpin technological development and international trade. The commission works closely with its partners in the Government, industry, business, tertiary education institutions and industrial support organisations.