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Innovation and technology is the way forward for HK
By Sheng-Wei Wang
April 1, 2015


Source: http://www.chinadailyasia.com/opinion/2015-03/20/content_15241414.html

 

As Hong Kong is now facing slower growth but still wants to pursue economic development beyond its traditional four key industries, it must maintain its competitive advantage, especially in innovation and technology. Chief Executive Leung Chun-ying has warned that technology is developing at a tremendous pace and we have been lagging behind our competitors.

 

Although his attempts to set up an Innovation and Technology Bureau have twice been thwarted by “pan-democrats” in the Legislative Council (LegCo), Leung cleverly countered by appointing highly qualified Nicholas Yang  as his  innovation and technology adviser and non-official Executive Council member to ensure this vital issue receives due attention at the highest level of his administration.

 

Meanwhile, the mainland is re-energizing its pioneering efforts for an innovation-driven economy. The Washington Post reported clear evidence of this in its March 5 piece entitled “China is getting ahead. Can the rest of the world keep up?” The article holds that “China has the ingredients that entrepreneurism needs for success” — intellect and great ideas, access to capital, a market for goods or services, talent and human resources, and a sense of hunger, enthusiasm and confidence.

 

On the same day, Premier Li Keqiang delivered a government work report at the annual session of the National People’s Congress stressing that “We will implement the ‘Made in China 2025’ strategy; seek innovation-driven development; apply smart technologies; strengthen foundations; pursue green development; and redouble our efforts to upgrade China from a manufacturer of quantity to one of quality”, and “We will develop the ‘Internet Plus’ action plan to integrate the mobile Internet, cloud computing, big data, and the Internet of things with modern manufacturing, to encourage the healthy development of e-commerce, industrial networks, and Internet banking, and to guide Internet-based companies to increase their presence in the international market.”

 

Tech giants Li Yanhong (Baidu), Lei Jun (“China’s Steve Jobs”; Xiaomi) and Ma Huateng (Tencent) all presented their proposals in support of Premier Li’s report.

 

To spearhead Hong Kong’s high-tech development, Li Yanhong specified a direction — we should connect more closely with the bigger mainland market and use it as a support for creating innovative ideas, while at the same time attracting mainland talent to work here. Remember that Silicon Valley had its roots in military technology to meet US’s defense needs. This can be traced back to the early 20th century.

 

Hong Kong should also take advantage of its proximity to Shenzhen, a city regarded by some as the potential “Silicon Valley for hardware manufacturers”, and home to numerous major tech firms including smartphone manufacturer OnePlus, web giant Tencent, and drone maker DJI. Last year Shenzhen invested 4.02 percent of its 2014 GDP (about HK$2 trillion, an increase of 8.8 percent year-on-year) in research and development, or about HK$80.46 billion, twice the country’s average percentage level. Also it filed half the nation’s total international patent applications.

 

Despite its absence of country-class universities, Shenzhen’s favorable policies toward enterprise have attracted worldwide talent to work and settle there.

Has Hong Kong, renowned as a world city, with international connectivity and leading universities, missed the boat and failed to turn itself into the country’s hub of innovation?  Wang Tao, a young graduate from the Hong Kong University of Science and Technology, founded DJI in Shenzhen in 2006 because he could not receive funding and government support in Hong Kong. Now DJI holds 70 percent of the global market share for civilian drones.

 

In contrast, Chan Yik-hei, the 25-year-old co-founder of Bull B Tech (2011) specialists in Apple app development (the company was already earning seven-digit profits in 2012) believes Hong Kong society is not marginalized, and  still sees a great deal of opportunity.  He reminds those seriously considering an entrepreneurial start-up to pay attention to the social demand and market niches for their proposed products. His views echo those of Fanny Law, chairwoman of the Board of Directors of the Hong Kong Science and Technology Parks Corporation, who believes Hong Kong university professors should not only publish papers but start considering how to migrate from “publish or perish” to “deploy or die” and turn their scientific discoveries into useful products.

 

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Born in Taiwan, Sheng-Wei Wang is an independent scholar and freelance writer. She has a Ph.D. in theoretical chemical physics from the University of Southern California. In 2006 she founded the China-U.S. Friendship Exchange Inc., which seeks to promote understanding and cooperation between China and the United States. Her book: China's Ascendancy: Opportunity or Threat? is on China's growing influence around the world and its relationship with the U.S.
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