The Polytechnic University of Hong Kong (PolyU) is willing to stand with the government amid potential funding cuts, the institution's council head said on Wednesday.

Education officials earlier said the University Grants Committee will adjust funding for the territory’s eight universities due to a significant government deficit.

Lam Tai-fai, chairman of PolyU’s council, told a media gathering that such cuts would definitely affect the university, and the institution is looking at ways to reduce expenditure.

That said, he stressed the university will continue to push ahead with its development plans and recruitment.

Separately, PolyU's president, Jin-Guang Teng, said the university is working on a proposal to set up Hong Kong's third medical school.

The university has many years of experience in offering medical-related courses with hundreds and thousands of graduates, Teng said, adding that he believes PolyU has what it takes to establish a medical school.