Published: 21:09, May 21, 2024 | Updated: 21:16, May 21, 2024
Chan: Innovation, financial industries give GBA edge over rivals
By Fang Xue in Hong Kong
Financial Secretary Paul Chan Mo-po delivers his welcome remarks during the Greater Bay Area Science Forum - Hong Kong Forum on“Sustainability Driven by Innovation” at Rayson Huang Theatre, the University of Hong Kong on May 21, 2024. (ANDY CHONG / CHINA DAILY)

The Guangdong-Hong Kong-Macao Greater Bay Area is more competitive than rivals in the New York and San Francisco bay areas, as the region has well-blended innovation and financial industries, Hong Kong Financial Secretary Paul Chan Mo-po said on Tuesday at the 2024 Greater Bay Area Science Forum – Hong Kong Forum.

The combination of benefits also sets the stage for cities in the Bay Area region to carry out broad cooperation in innovation technology and green development, Chan said.

As an international financial center, as well as a superconnector and super value-adder between the Chinese mainland and the rest of world, Chan said Hong Kong can help to direct funding toward the GBA’s robust creative and financial industries

The one-day forum, themed “Sustainability Driven by Innovation”, took place at the University of Hong Kong, and saw industry leaders, policymakers and academics from across the GBA try to produce innovative solutions for promoting sustainability.

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In his welcome remarks, Chan highlighted the room for broad collaboration in innovative technologies and sustainable development between Hong Kong and other Bay Area cities.

The strong technology-transformation capability and the booming high-end manufacturing industry of Guangdong province, especially in Shenzhen, can help researchers in Hong Kong, a city with an international and a profound scientific research foundation, to mass-produce research outcomes, Chan said.

Therefore, Hong Kong and other cities in the GBA can generate greater synergy for the development of innovation and technology, he added.

(From left) Professor Chen Lin;  Shirui Jia, chairman, Xinxing Cathay International Group; Dongsheng Li, founder and chairman, TCL Corporation; Poman Lo, vice-chairman, Century City International Holdings Ltd; Eric Tung Chi-ho, executive director, Sun Hung Kai Properties; exchange ideas during a panel discussion on“Business Sub-Forum on Sustainability and Innovation” at the Greater Bay Area Science Forum - Hong Kong Forum in Rayson Huang Theatre, the University of Hong Kong on May 21, 2024. (ANDY CHONG / CHINA DAILY)

The finance chief emphasized Hong Kong’s role in matching enterprises, universities, and scientific research institutions with investors. As money is critical for startups and the innovation ecosystem to strive, the GBA must attract more international capital to support the development of innovative technology and green industries, Chan said.

As an international financial center, as well as a superconnector and super value-adder between the Chinese mainland and the rest of world, Chan said Hong Kong can help to direct funding toward the GBA’s robust creative and financial industries.

The combination of financial and innovation edges is an advantage that the New York and San Francisco bay areas do not have, Chan told the forum.

He noted the importance of enhancing talent exchanges and cooperation. Chan said the Hong Kong Special Administrative Region government will continue to welcome scientific research institutions in the GBA in setting up joint research and development centers with Hong Kong universities, and in achieving higher education cooperation in the region.

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Zhang Xiang, president and vice-chancellor of the University of Hong Kong, gives a speech during the Greater Bay Area Science Forum - Hong Kong Forum on“Sustainability Driven by Innovation” at Rayson Huang Theatre, the University of Hong Kong on May 21, 2024. (ANDY CHONG / CHINA DAILY)

Zhang Xiang, president and vice-chancellor of the University of Hong Kong, said in a welcome speech that the GBA has strong energy for economic and technological innovation, and Hong Kong has the potential to connect the GBA with the wider world.

HKU will continue to strive to cultivate talent, promote innovation and scientific research, and encourage interdisciplinary and global cooperation to achieve its goal of sustainable development, Zhang noted.

The forum also hosted three sub-forums to discuss sustainable development from the perspectives of business, science and research.

 

Contact the writer at fangxue@chinadailyhk.com