Innovation for Hong Kong's Upward Social Mobility

11 1.3.3 These data on the one hand reflect the close connection between Hong Kong and the Greater Bay Area in terms of collaborative R&D arrangements, while on the other hand also reflect that local organizations also have certain capabilities to support R&D in the business sector. To develop Hong Kong’s technology and innovation industries, it is of course necessary to be closely integrated with the Greater Bay Area, but more importantly, Hong Kong must find a unique position which allows it to complement other cities in the Greater Bay Area by contributing a better synergy. In addition, when Hong Kong can develop its own unique positioning of technology and innovation industries, Hong Kong’s young people will have more room and opportunities for local development. 1.4 Opportunities in the Greater Bay Area 1.4.1 The Global Innovation Index 2020 pointed out that: “As long as innovation has existed, a central challenge facing innovators worldwide is the mobilization of stable and accessible financing mechanisms. Financing affects all stages of an innovation cycle, from ideation to commercialization, expansion, and, eventually, long-term business sustainability.” 1.4.2 No one can ignore the importance of financial resources and investment in cultivating and developing technology and innovation industries. With aging population, strained international political relations, and increasing unilateralism, coupled with the COVID-19 pandemic that has swept across the world to catastrophic effect, the world economy is becoming increasingly unstable, and many economies are facing a dilemma: In addition to the need for technology and innovation to boost the economy, they also face the challenge to obtain the financial resources to invest in technology and innovation and enable them to achieve sustainable development, so as to become the driving force of long-term economic development and bring hope to the future. 1.4.3 For this reason, when considering how to develop technology and innovation industries, we must combine the strength of partner cities in the Greater Bay Area while taking a foothold in Hong Kong. The benefits of “Cooperation and Complementation” are obvious in terms of financial resources. In recent years, the Global Innovation Index has included the “Top 100 Science and Technology Clusters” in its report, highlighting the advantages of combining the strength of regional cities. Among others, the “Shenzhen-Hong Kong-Guangzhou” cluster ranks second15. Looking to the future, the “Shenzhen-Hong Kong-Guangzhou” cluster can consolidate the power of other cities in the Greater Bay Area to form a 56,000 square-kilometer city cluster with a population of more than 72 million, which will bring about limitless opportunities. The national policy has set the direction for the development of the Greater Bay Area. Hong Kong must timely seize this golden opportunity to inject new impetus into the economy and open up new horizons for young people. 1 The Urgency for Further Developing Hong Kong’s Technology and In novation Industries 15 WIPO, “The Top 100 Science and Technology Clusters”, Global Innovation Index 2020