Innovation for Hong Kong's Upward Social Mobility

15 Sweden Israel Finland Mainland China Singapore Hong Kong E: 347.61 W: 434.68 E: 80.27 W: 83.53 E: 279.76 W: 364.61 E: 3.47 W: 248.40 E: 70.94 W: 55.33 E: 8.19 W: No data 22 Ranking in 2020 2 4 6 7 14 54 7,536 No data 6,861 1,307 6,80329 4,026 8.25 1.58 3.55 6.60 8.47 0.74 201823 3.3% 4.95% 2.77% 2.19% 1.60% 0.86% Competitiveness of knowledge and technological output Number of granted patent rights (Per million people) GERD as a percentage of GDP 2.1.5 From R&D to commercialization and to final market development, patent rights play an important role throughout the entire technological life cycle. In fact, the extent to which patent rights encourage innovation is difficult to measure with actual data19, but the number of patent rights can still indicate the ability of the economy to support the development of comprehensive and complex technology and innovation industries20. Global patent activity continues to increase, with active patents worldwide increasing by 6.7%, to 14 million in 201821. However, Hong Kong’s low R&D investment and insufficient supply of local R&D researchers have inevitably led to a scarce amount of research results. The number of patents granted in 2018 is far fewer than in other advanced economies (Table 2.2). 2.1.6 Intellectual property revenue highlights the value brought by the commercialization of innovation. Hong Kong’s income from intellectual property rights is much lower than that of Sweden, Israel, Finland, Mainland China and Singapore (Table 2.2). Table 2.2 Ranking of Selected Economies in the Global Innovation Index 2020 and Data of Key R&D Indicators 19 Nicol & Liddicoat (2012), Do patents promote innovation, The Conversation 20 For more information, see Lehman, Lee & Xu, What is the difference between an invention patent and a utility model patent? 21 WIPO (2018), World Intellectual Property Indicators: Filings for Patents, Trademarks, Industrial Designs Reach New Records on Strength in China 22 WIPO, Global Innovation Index 2020 23 WorldBank, Research and development expenditure (% of GDP), 24 WorldBank, Researchers in R&D (per million people), 25 WIPO, Statistical Country Profiles, 26 European Patent Office, Annual Report 2018, 27 E represents the figure obtained by dividing the data from the European Patent Office by the population data of the World Bank database; W represents the figure obtained by dividing the data from the WIPO by the population data of the World Bank database. 28 WorldBank, 29 In the World Bank database, Singapore only has data for 2017, so the data for 2017 is used here for comparison. 2 Current Status of Hong Kong’s Technology and Innovation Industries