Innovation for Hong Kong's Upward Social Mobility

1 Contents Chapter 1: The Urgency for Further Developing Hong Kong’s Technology and Innovation Industries 1.1 The Urgent Need for Breakthrough 5 1.2 An Alert from “Global Innovation Index 2020” 7 1.3 Enlightenment from Hong Kong Innovation Activities Statistics 9 1.4 Opportunities in the Greater Bay Area 11 Chapter 2: Current Status of Hong Kong’s Technology and Innovation Industries 2.1 Global Snapshot: Comparison with Other Economies 13 2.2 Comparison with Other Cities in the Greater Bay Area 16 Chapter 3: Challenges for the Development of Hong Kong’s Technology and Innovation Industries 3.1 Government: Insufficient Investment in R&D, Incoherent Policies and Insufficient Coordination, 19 Laissez-faire Economic Policies, and Lack of STEM-oriented Policies in the Education System 3.2 Infrastructure: Insufficient Land Supply, Relatively high Opportunity Cost of Innovative Development 23 3.3 Culture: Insufficient Motivation for the Development of Technology and Innovation 24 in the Private Market 3.4 Society: Conservative Attitudes Towards Technology and Innovation, Livelihood Issues, 25 Political Chaos and Economic Recession Chapter 4: Youthquake and Quarter-Life Crisis 4.1 Millennium Generation: The Growing Cornerstone 29 4.2 Portraits of Millennials 32 4.3 Quarter-Life Crisis 35 4.4 Facing the Future 39 Chapter 5: Upward Social Mobility 5.1 The Impact of Technology and Innovation on Social Mobility 41 5.2 Technology and Innovation Enhance Upward Social Mobility 42 5.3 Social Mobility in Hong Kong 45 Chapter 6: Develop Technology and Innovation Industries and Foster Upward Social Mobility 6.1 The Goal and Path of Hong Kong’s Development of Technology and Innovation 49 6.2 Encourage Large Foreign Technology Companies to Settle in Hong Kong 51 6.3 Increase Support for Type II Technology and Innovation Industries 55 6.4 Stimulate and Promote Knowledge Transfer in Hong Kong’s Universities 56 Chapter 7: Conclusions 62