Hong Kong must act “fast and be agile” in providing tailored financial and professional service solutions to Zhejiang-based technology companies as ongoing US-China tensions continue to disrupt their supply chains, industry representatives and experts have said after the city leader’s trip to the province.
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During Chief Executive John Lee Ka-chiu’s four-day trip to Zhejiang province, home to the country’s top tech start-ups known as the “Six Little Dragons”, the two sides agreed to launch a new cooperation mechanism.
The crucial question is how Hong Kong should capitalise on the opportunities identified after engaging with technology giants in Hangzhou and understanding their needs. The aim is to help these companies mitigate supply chain disruptions and expand their international presence.
Hangzhou, the capital of Zhejiang, has earned the reputation as China’s Silicon Valley and has become a model for many mainland Chinese cities in its rise as a technology powerhouse.
The province began fostering a technology-driven economy as early as 2003 under the “digital Zhejiang” initiative, allocating funds not only to universities and institutions but also to the manufacturing sector for the commercialisation of technology research.
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In 2023, the added value of core industries within the digital economy in Zhejiang reached 986.7 billion yuan (US$135.3 billion). The advanced manufacturing industry also achieved significant progress, with its added value exceeding 300 billion yuan.
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