Venture capitalist Lee Kai-fu says Hong Kong can become China’s international tech hub but needs to retain top talent

Lee Kai-fu, a prominent Chinese venture capitalist and former president of Google China, said that Hong Kong’s top universities and financial sector need to retain top talent if they want to remain as supporting pillars of the city’s status as an international tech hub.

Hong Kong’s top schools will need to continue to offer high salaries and working conditions similar to the top global universities, if they want to attract and retain top international talent, Lee, chairman of China-based early stage investment fund Sinovation Ventures, said during an event held by the Malaysia Chamber of Commerce Hong Kong and Macau on Monday.

Top talent in the US and Europe see Hong Kong as “a more comfortable choice” than the mainland and that needs to continue if Hong Kong is to retain its unique place in China’s future tech scene, Lee said.

Chinese President Xi Jinping’s recent comments that he envisions Hong Kong as the country’s international innovation and technology hub should also be a “huge draw” for the city, Lee said.

During a two-day trip to Hong Kong last month, Xi visited Science Park, the city’s largest research and development base, in a move widely seen as affirming strong support for Hong Kong to develop itself into an innovation and technology hub.