Hong Kong strengthens its innovation and technology park layout to bolster the development of an international innovation and technology hub!

The innovation and technology parks serve as the core vehicles for clustering innovation and technology industries. The formation of Hong Kong's coordinated framework of ‘three major innovation and technology parks’ has laid a solid foundation for the integration and utilisation of innovation and technology resources. Following the opening of the Hong Kong Park in the Shenzhen-Hong Kong Innovation and Technology Park, it has formed a complementary matrix with the Science Park and Cyberport: the Science Park, as the core hub, has accumulated profound expertise in fields such as biomedicine and artificial intelligence; Cyberport focuses on the digital economy and fintech, gathering a large number of start-ups; The Shenzhen-Hong Kong Innovation and Technology Park, leveraging its geographical advantage, has become the forefront of Shenzhen-Hong Kong innovation and technology cooperation, poised to achieve breakthroughs in cross-border synergy and high-end industrial clustering. As Mr Chan Kwok-kei noted, the synergistic integration of these three parks with the implementation of the Conceptual Outline for the Development of Innovation and Technology Industries in the Xintian Technology City will reinforce Hong Kong's position as an international innovation and technology hub, propelling the industry from ‘single-point breakthroughs’ towards ‘cluster development’.

Institutional innovation is pivotal to attracting global innovation resources. The SAR Government is advancing new legislation to resolve cross-border flow challenges for innovation factors such as data, talent, and capital. Amid intensifying global innovation competition, the free movement of these factors directly determines development efficiency. This legislation will open resource channels between Shenzhen and Hong Kong, reducing institutional costs for enterprises. Notably, the SAR Government plans to significantly streamline registration and testing procedures for Hong Kong-Shenzhen parks, enhancing operational efficiency and boosting appeal to global industry leaders. The establishment of leading enterprises will introduce advanced technologies, capital, and management expertise, fostering an ecosystem where ‘leading enterprises take the lead and SMEs follow suit,’ thereby refining the innovation and technology industrial chain.

Hong Kong's enhanced layout of innovation and technology parks centres on driving economic restructuring and cultivating new growth poles. Historically, Hong Kong's economy has been overly reliant on finance and property, resulting in a narrow industrial structure. The high value-added and high-growth characteristics of the innovation and technology sector represent a crucial direction for economic diversification. The emerging framework of ‘three major innovation and technology parks and five research and development institutions’ will cultivate high-quality innovation and technology enterprises, create high-end positions, attract top talent, and simultaneously drive the prosperity of upstream and downstream industries. This will foster integrated models such as ‘innovation and technology + manufacturing’ and ‘innovation and technology + finance’, injecting vitality and resilience into Hong Kong's economy.