The financial challenges confronting Hong Kong, such as deficits and budget cuts, have generated significant debate and anxiety in the city. However, amid these discussions, a crucial aspect appears to have been overlooked – the potential for Hong Kong to explore new avenues for growth.
Advertisement
With the rise of DeepSeek – developed in Hangzhou, Zhejiang province – some Chinese cities are questioning why they have not seen the emergence of similar tech start-ups. In Hangzhou, a group of six artificial intelligence (AI) and hi-tech companies, known as the “Six Little Dragons”, have made a name for themselves, with the founders of DeepSeek and Unitree Robotics even attending a symposium on private enterprise hosted by President Xi Jinping.
Though Hong Kong currently lacks a robust presence in advanced science and technology, it should be asking similar questions. It should reflect on why it has not been able to foster start-ups the way Hangzhou has, and take lessons on how to cultivate a vibrant tech entrepreneurship ecosystem.
To position itself as a leading player in the global tech industry, Hong Kong must first establish itself as a high-quality talent hub and a tech-focused innovation centre. This transformation requires the development of an ecosystem that supports young entrepreneurs and promotes the growth of successful start-ups.
While the vision for tech progress is centred on the Northern Metropolis, the pace of advancement has been sluggish, raising doubts about Hong Kong’s ability to keep pace with its counterparts. In the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, just three buildings seem to be due for completion soon. This slow progress starkly contrasts with the rapid development seen across the Shenzhen River.
Advertisement
To address the obstacles hindering development, Hong Kong is adopting the zone-development model from the Chinese mainland for the Northern Metropolis. Assigning sizeable land parcels to developers and leveraging the private market for site formation and infrastructure development can enhance efficiency and reduce costs.