Deputy Financial Secretary Michael Wong Wai-lun delivers a speech during the opening ceremony of the first Hong Kong-Shanghai Science and Finance Forum held in Hong Kong on July 14, 2023. (PROVIDED TO CHINA DAILY)

Hong Kong and Shanghai can look forward to a bright future cooperating in science and finance, as the government of the Hong Kong Special Administrative Region has made it a priority to strengthen the city’s innovation and technology ecosystem, Deputy Financial Secretary Michael Wong Wai-lun said on Friday. 

Tu Guangshao, executive director of Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University and former executive vice mayor of Shanghai, delivers a speech during the opening ceremony of the first Hong Kong-Shanghai Science and Finance Forum held in Hong Kong on July 14, 2023. (PROVIDED TO CHINA DAILY)

Addressing the opening ceremony of the first Hong Kong-Shanghai Science and Finance Forum, Wong said the seven-million-square-meter San Tin Technopole – which is 16 times larger than the Hong Kong Science & Technology Parks (HKSTP) – currently being built in the Northern Metropolis is expected to bring more enterprises with cutting-edge technologies to Hong Kong.

Sunny Tan, chairman of the Hong Kong Productivity Council, highlighted Hong Kong’s science ecosystem which he forecast will establish itself as a global hub for innovation and technology

According to the recently released Global Startup Ecosystem Report 2023, Hong Kong ranked second globally and first in Asia among the top 100 emerging startup ecosystems, and 189 Shanghai-based enterprises have listed in Hong Kong as of the end of June.

READ MORE: Stronger policy support needed for HK’s innovation, technology to thrive

“The number of startups in Hong Kong has more than doubled from 1,500 in 2015 to around 4,000 currently, and during the period, over a dozen unicorn firms were born in the city,” Wong added.

The forum also witnessed the official launch of the Hong Kong-Shanghai International Laboratory for Science and Technology, which can serve as “a platform to mobilize domestic and foreign resources, and boost the efficiency of technology commercialization in the two cities”, according to Zhang Jie, director of Tsung-Dao Lee Institute at Shanghai Jiao Tong University.

Shanghai and Hong Kong have pioneered China’s reform, opening-up and innovative development, said Erick Tsang Kwok-wai, secretary for Constitutional and Mainland Affairs, praising the cities as “two shining pearls in China”. 

Tu Guangshao, executive director of Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University and former executive vice mayor of Shanghai, said, “Both Shanghai and Hong Kong, standing as important gateways for the country’s opening-up to the world, prioritize the development of innovation and technology, and the former can draw inspiration from Hong Kong’s experience in developing into a world-class financial hub.” 

READ MORE: HK Science Fair to boost I&T culture amid nation's space feat

Sunny Tan, chairman of the Hong Kong Productivity Council, highlighted Hong Kong’s science ecosystem which he forecast will establish itself as a global hub for innovation and technology.

Secretary for Constitutional and Mainland Affairs Erick Tsang Kwok-wai delivers a speech during the opening ceremony of the first Hong Kong-Shanghai Science and Finance Forum held in Hong Kong on July 14, 2023. (PROVIDED TO CHINA DAILY)

He said that Hong Kong’s eight globally recognized universities enable the city to carry out fundamental research. In addition, the city’s leading research institutions sponsored by the government, including the Cyberport and the HKSTP, can also make a significant contribution in advancing the process of bringing scientific and technological achievements to market.    

Deputy Financial Secretary Michael Wong Wai-lun (fourth right), Tu Guangshao (fourth left), executive director of Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University and former executive vice mayor of Shanghai, Secretary for Constitutional and Mainland Affairs Erick Tsang Kwok-wai (third left), and other guests unveil the Hong Kong-Shanghai International Laboratory for Science and Finance at the first Hong Kong-Shanghai Science and Finance Forum held in Hong Kong on July 14, 2023. (PROVIDED TO CHINA DAILY)

This year marks the 20th anniversary of the establishment of the Hong Kong-Shanghai Cooperation Conference scheme, and the forum held on Friday “not only helps to foster the development of national innovation system, but also contributes to greater exchanges between Hong Kong and Shanghai”, according to Tsang.