Innovation for Hong Kong's Upward Social Mobility

54 6.2.8 The development of the Lok Ma Chau Loop has provided favorable conditions for attracting large overseas technology companies to develop in Hong Kong. First of all, the Loop is close to Shenzhen. If policy permits, mainland scientific and technological talents do not need to apply for entry to Hong Kong through talent schemes. They only need to apply for a relatively simple working visa to work in companies in the Loop, and settle their families in Shenzhen to live like ordinary Shenzhen citizens, so there is no need to worry about living in two places. In this way, large overseas companies no longer face challenges in talent recruitment, and at the same time continue to enjoy preferential policies such as low tax rates for companies registered in Hong Kong and the convenience of free flow of funds. 6.2.9 Secondly, the development of large-scale technology companies in the Loop will help young Hong Kong residents employed in these companies to familiarize themselves with the operation of technology companies, gain insight into the development of the industry, and start up their own businesses when the time is right. 6.2.10 The development of the Loop is very important to the long-term development of Hong Kong’s technology and innovation industries. In particular, the presence of overseas technology companies will make it possible to diversify Hong Kong’s industries. This will play an important role in providing employment opportunities for local youth and cultivating local technological entrepreneurial talents. It may not be an extravagancy to claim the Loop as the last opportunity for the development of Hong Kong’s technology and innovation industries. It is recommended to set up a brand-new management company, adopt brandnew strategic thinking, and echo the Science Park and Cyberport to jointly promote the development of Hong Kong’s technology and innovation industries. 6.2.11 Figure 6.2 shows a schematic diagram of the science and technology innovation ecology formed by encouraging large-scale mainland and foreign science and technology companies to settle in Hong Kong. Figure 6.2 Schematic Diagram of the Technology Innovation Ecology of Large-scale Mainland and Foreign Technology Companies Entering Hong Kong Technological entrepreneurship of youth in Hong Kong Develop the Type I technology and innovation industries: realize the diversification of Hong Kong’s industries Strengthen the postgraduate education of local students in Hong Kong universities Encourage large-scale mainland and foreign technology companies to settle in Hong Kong, realize industry diversification, and cultivate entrepreneurial talents Make good use of the development of the Lok Ma Chau Loop to make it a gathering place for mainland and overseas enterprises and talents to overcome the shortage of R&D talents and the lack of entrepreneurship talent cultivation mechanism in Hong Kong. 6 Develop Technology and Innovation Industries and Foster Upward Social Mobility