The Guangdong-Hong Kong-Macao Greater Bay Area project will play a decisive role in molding Hong Kong's future, with some media calling the blueprint "China's plan to beat Silicon Valley". And that's not without reason.
A key part of the government's fintech strategy is Cyberport, a digital community with a cluster of technology companies. It is managed by Hong Kong Cyberport Management Co and wholly owned by the Hong Kong government.
It houses about 600 tech companies, of which 200 are not local. According to data provided by InvestHK, a department of the Hong Kong government that is responsible for foreign direct investment, Cyberport's publicly funded incubation program admitted 108 new startups in 2018 and 2019. It has achieved an impressive survival rate of 72 percent.
Hong Kong has something that Shenzhen does not have: its "one country, two systems" governance.
Despite the Chinese mainland having passed the new foreign investment law, which protects foreign intellectual property and prohibits forced technology transfers, many US companies, especially technology companies, are reluctant to enter the Chinese market.
It will take some time before foreign companies realize that China has entered the next phase of economic development－in the same way that Japan evolved from a copycat in the 1950s and '60s to world leader in innovation and technology－and now leads the world in the number of patent applications.
Source: China Daily
