Key facts
- Hong Kong can be "more than New York and Silicon Valley combined" by integrating global finance with technological innovation and manufacturing capacity.
- Financial Secretary Paul Chan Mo-po highlighted Hong Kong's unique edge through integration with the Greater Bay Area for advanced manufacturing.
- Chan noted Hong Kong's core advantage as a bridge between mainland China and international markets.
- He proposed developing the innovation and technology sector by integrating with the Greater Bay Area.
- A dual "Finance+" and "AI+" strategic framework was outlined in February to fund technology development and boost productivity.
Hong Kong's Financial Secretary Paul Chan has stated that the city has the potential to surpass both New York and Silicon Valley by establishing itself as a leading hub that combines global financial depth with technological innovation and manufacturing capabilities.
Speaking at a financial forum, Chan emphasized that Hong Kong's integration with the Greater Bay Area provides it with advanced manufacturing capabilities, a distinct advantage over its US counterparts. He also pointed to Hong Kong's strategic position as a crucial bridge connecting mainland China with international markets, benefiting from geographic proximity, cultural understanding, and insight into Beijing's policy direction.
However, Chan stressed that Hong Kong must evolve beyond merely serving as a conduit. He proposed that by developing its innovation and technology sector through collaboration with the Greater Bay Area, Hong Kong could achieve a competitive standing unmatched by New York or Silicon Valley. This vision aligns with the dual "Finance+" and "AI+" strategic framework introduced in his February budget speech, which aims to leverage capital market infrastructure to support technological advancements and utilize artificial intelligence to enhance industrial productivity.