Synergy of GBA cities to have a huge impact on global innovation

Nathan Chau says city's young generation must seize unique advantages, contribute to progress of both their hometown and the mainland

The Global Innovation Index 2022 (GII 2022), jointly published by the World Intellectual Property Organization and global business school Institut Europeen d'Administration des Affaires, highlights the important role innovation plays in today's rapidly advancing global society. We're at the beginning of a technological and scientific revolution, so it's crucial to pay attention to how waves of innovation are changing the world. In this age of globalization and digital transformation, the connections between people and places on Earth are stronger than they've ever been. Countries are placing an increasing amount of emphasis on their capacity for innovation to bolster their economies and foster social welfare. The GII 2022, a significant benchmark of global innovation performance, identified two new major waves of innovation - digitization and scientific advances - both of which are expected to revolutionize sectors ranging from health to the environment. The GII 2022 identified as major innovation waves. Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area as a whole are emerging as key players, as evidenced by their strong performance in the GII 2022.

The Hong Kong Special Administrative Region is currently ranked 14th worldwide, according to the GII 2022, while China as a whole, including the Greater Bay Area, is ranked 11th. Despite the difficulties in the past few years, they've shown they're resilient and committed to innovation. In the GII 2022, Hong Kong and the whole Greater Bay Area turned in outstanding performances. These achievements are supported by a rise in the number of applications for international trademarks, as well as the number of scientific articles published worldwide, and the rapid growth of science and technology hubs in China. China's technological capabilities have seen remarkable progress, exemplified by their impressive innovations and their unparalleled quality, the creation of new knowledge, and the country's influence on technology. To maintain the positive trend, it's crucial to address shortcomings in the institutional framework, business sophistication, and creative outputs.

As a dynamic and internationally engaged financial hub, Hong Kong has shown its strength in terms of business sophistication, market maturity and creative output. In addition, the SAR has demonstrated that it's internationally engaged. To keep its competitive edge in the global innovation ecosystem, it's necessary for Hong Kong to make persistent efforts to improve a variety of domains, including human capital and research, infrastructure, and the acquisition of knowledge.

The Chinese mainland and Hong Kong have complementary strengths, creating fertile ground for collaborative innovation. The Global Innovation Hubs Index 2022 (GIHI 2022) recognized this, ranking the Greater Bay Area sixth globally and praising the region's strong performance in research and innovation. The GIHI 2022 also emphasized the Greater Bay Area's strong performance in research and innovation, as well as its prominent role in the global innovation ecosystem. The internationalization, rule of law, and market-oriented economy of Hong Kong, combined with the Chinese mainland's vast domestic market, rich talent pool, and strong manufacturing base, form a symbiotic relationship that can fuel the engine of technological innovation. This synergy highlights the potential for closer cooperation and coordination in the Greater Bay Area, as well as the vast opportunities in which Hong Kong and the entire Greater Bay Area can benefit from each other's strengths, presenting a valuable opportunity that should not be missed.

The technological advancements underway on the Chinese mainland and in Hong Kong have the potential to reshape the global stage. China's unwavering pursuit in greater innovative capacity in burgeoning fields, such as 5G, artificial intelligence and big data, is likely to define the future of these industries globally. Simultaneously, with its status as a global financial center, Hong Kong is poised to lead the growth of financial technology and other tech-financial sectors, influencing global financial paradigms.

With its unique advantage in integrating innovation resources, the Greater Bay Area has emerged as a new innovation hub in Asia. This represents a significant shift in the global innovation landscape, indicating a shift towards multipolarity, with Asian cities at the center. The emergence of Asian cities as new innovation hot spots, particularly in renewable energy technology, represents a significant shift towards green development.

Hong Kong's younger generation plays a crucial role in the story. The advancement of technological innovation provides them with limitless opportunities. They're unique in that they're part of China, while maintaining an international perspective. They can take advantage of this to help both Hong Kong and the mainland develop. Their innovative spirit and global vision will breathe new life into Hong Kong's technological development. Faced with rapid global development in innovative technology, Hong Kong can more effectively advance national technological innovation through regional cooperation and leveraging its own strengths. The coordinated development of the Greater Bay Area will open a new chapter on the mainland and in Hong Kong's technological innovation, as well as new opportunities for the development of global innovative technology. Hong Kong youth are urged to embrace this chance for progress, which they must not ignore. The performances of Hong Kong and the Greater Bay Area in the GII 2022 and GIHI 2022 highlight their resilience and commitment to innovation, indicating their readiness to shape the future of innovation-driven growth on a global scale.

Looking forward, it's clear that these regions are well-positioned to capitalize on their strengths, collaborate, and establish a formidable presence in the global innovation ecosystem.

Hong Kong SAR boasts exceptional strengths and holds a vital position in China's development strategy. It's imperative that the city's young generation seize Hong Kong's unique advantages and actively contribute to the growth and progress of both Hong Kong and the mainland. By so doing, young people can spearhead not only technological advancements, but also cultivate a thriving innovation ecosystem that can make a significant impact on the global stage. The trends indicate a promising future in which Hong Kong and the Greater Bay Area as a whole will lead the way in innovation and shape the rapidly evolving world.

The author is a Chairman of the New People's People’s Party Youth Committee and a member of China Retold.

The views do not necessarily reflect those of China Daily