Inaugural PolyU Innovation & Technology Index ranks Hong Kong 7th in Greater China
The Policy Research Centre for Innovation and Technology (PReCIT) of PolyU released its inaugural PolyU Innovation & Technology Index (the Index), revealing that Hong Kong ranks 7th with a score of 3.53, while Guangdong, Jiangsu and Beijing rank as the top three among the 34 regions in Greater China, with a score of 6.77, 5.20 and 4.72 respectively.
The Index highlights the fact that Hong Kong has trailed behind in R&D, the number of patents, I&T practitioners, startups, and contribution to GDP from the city’s manufacturing industry. However, Hong Kong outperforms other regions in Greater China in average venture capital deal size and high-technology exports.
The study forecasts that if the HKSAR Government successfully realises the vision outlined in the Hong Kong Innovation and Technology Development Blueprint, Hong Kong is projected to climb to 3rd position within Greater China by 2032.
The Index also compares the Greater Bay Area with the San Francisco Bay Area, Tokyo Bay Area and the New York Bay Area, with the Greater Bay Area ranking 3rd with a score of 3.75. The Greater Bay Area scores lowest in the R&D and Start-ups sub-categories, but it scores the highest among the other three bay areas in Talent and Impact to Society.
Christopher Chao, PolyU Vice President (Research and Innovation) and Director of PReCIT, said that Hong Kong should enhance private investment in research and development, and strengthen the venture capital flow from the Chinese mainland to Hong Kong in order to more effectively support the ongoing development of fintech and the innovation and technology ecosystem.
Building upon these insightful findings, PReCIT has made seven I&T development policy recommendations for the HKSAR Government in view of enhancing Hong Kong's innovation and technology landscape, bolstering its competitive edge and fostering sustainable growth in the I&T sector. Here are the recommendations:
Increase R&D Expenditure and Encourage Patent Licensing;
Support I&T Start-ups and Establish the I&T Ecosystem;
Retain and Attract I&T Talents, and Improve the Public’s Innovation Awareness;
Leverage Hong Kong’s Strategic Positions to Accelerate New Industrialisation;
Harness the Green Economy and Enhance I&T Development;
Embrace the Digital Economy with the Innovation Evaluation Framework; and
Accelerate GBA Integration for Building a Leading International Innovation and Technology Hub.
Please click here to find out more about the Index and recommendations.