Hong Kong climbs 3 spots to No 15 in Global Innovation Index

Hong Kong has jumped three spots to No 15 in the Global Innovation Index on the back of its strengths in financing credit, tertiary education and knowledge absorption.

Released on Tuesday, the latest edition of the annual World Intellectual Property Organization study of almost 140 economies placed Hong Kong fifth in Asia, with the city’s total research and development expenditure and number of research personnel continuing to rise.

Financial Secretary Paul Chan Mo-po said the ranking showed the strategy of promoting a dual approach to finance and innovation and technology was the correct direction.

“This ranking shows that our development strategy of promoting finance and innovation and technology to facilitate each other is the correct direction,” Chan said on social media.

“By making good use of Hong Kong’s advantages in the entire chain of financing functions, coupled with the Hong Kong Investment Corporation as patient capital, we can better guide and leverage market forces to accelerate the development and breakthroughs of innovation and technology.”

The Global Innovation Index, published by the United Nations World Intellectual Property Organization, in partnership with the Portulans Institute, calls itself a benchmark resource for policymakers and business leaders.