Universities warn that Hong Kong must ‘innovate or die’ amid growing economic challenges from Greater Bay Area cities
Report from University of Science and Technology’s Institute of Public Policy warns that city risks becoming marginalised in region as rivals outspend it when it comes to innovation and technology development
A new study into Hong Kong’s innovation and technology sector has concluded the city is losing its competitive edge, and must “innovate or die”.
The report also warned that Asia’s World City was in danger of becoming second-class unless something was done to boost development, which it said was lagging behind other developed economies in the region.
Warning Hong Kong ran the risk of being marginalised, public policy scholars from the University of Science and Technology said the city had reached a critical point in its development, and called on the government to drop its approach of “positive non-intervention”.
Pointing to the threat from the Greater Bay Area, the report said the city was facing challenges in developing a knowledge-based society and sustainable economy.
“The [positive non-interventionist] policy is precisely why IT in Hong Kong is lagging behind other developed economies … The lack of coordinated preparation and government leadership for technology-based economy … has left Hong Kong far behind,” the report said.