Hong Kong Launches Global Innovation Index Ranking for 2025, Highlighting Top Innovation Clusters Worldwide

Speech by FS at launch event of 2025 Global Innovation Index Ranking of World's Top 100 Innovation Clusters (with photo/video)

Following is the speech by the Financial Secretary, Mr Paul Chan, at the launch event of the 2025 Global Innovation Index Ranking of World's Top 100 Innovation Clusters today (September 1):

Deputy Director-General Wang Binying (Deputy Director General of World Intellectual Property Organization, Ms Wang Binying), 尊敬的陳家昌副部長 (Vice Minister of the Ministry of Science and Technology, Dr Chen Jiachang), 張志成副局長(Deputy Commissioner of the China National Intellectual Property Administration, Dr Zhang Zhicheng), 王捷副局長 (Deputy Director of Bureau III of the Hong Kong and Macao Affairs Office of the State Council, Mr Wang Jie), 王偉明部長 (Director-General of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, Dr Wang Weiming), distinguished guests, ladies and gentlemen,

Good afternoon. It is a great pleasure to join you today for the launch of the Global Innovation Index (GII) Ranking of the World's Top 100 Innovation Clusters.

And a warm welcome to the scientists, academics, policymakers and business leaders joining us from around the world. Today's gathering presents an exceptional opportunity to exchange insights, learn from one another, and explore new avenues for collaboration in innovation and technology.

Let me also express my sincere appreciation to the World Intellectual Property Organization (WIPO) for selecting Hong Kong as the host city for this landmark occasion. My gratitude also goes to the central authorities and organisations for their steadfast support in making this event a reality.

The evolving GII Innovation Clusters

For years now, the GII's Science and Technology Cluster ranking has been globally recognised as a rigorous assessment of innovation concentration. By analysing patent filings and scientific publications, it offers governments, investors and researchers a valuable snapshot of regional strengths and potential partnerships.

This year, the ranking has been revamped as “Innovation Clusters”, with the timely and judicious addition of venture capital deals as a key indicator. Innovation today is not only driven by ideas and talent, but also by capital - the essential fuel enabling inspiring ideas to emerge as real-world enterprises.

Hong Kong and the Greater Bay Area: a leading innovation powerhouse

Allow me to turn to Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Together, we are exceptionally well positioned to become one of the world's most dynamic and influential innovation clusters, with Hong Kong playing a pivotal role.

Under the “one country, two systems” framework, Hong Kong enjoys unparalleled advantages. We have seamless and often priority access to the GBA and the broader Mainland market. No less important, we uphold the rule of law, maintain robust intellectual property protection, ensure the free flow of capital, data and talent, and are fully aligned with international standards and best practices.

Let me highlight three areas - technology, capital and talent - in which Hong Kong offers unique value.

First, technology. Hong Kong is a centre of academic and research excellence. We are home to five universities ranked among the world's top 100 - three of which are in the global top 20 in artificial intelligence and data science, and two in the top 25 for medical sciences. Our city also hosts 15 State Key Laboratories and six National Engineering Research Centres.

In recent years, we have made significant investments to strengthen our entire innovation chain, from fundamental research to outcome commercialisation and advanced manufacturing. We are strategically focused on sectors in which we hold clear advantages: artificial intelligence, biotech, fintech, new energy and new materials.

We are also proactive in attracting leading global enterprises with cutting-edge technologies to Hong Kong. To date, we have welcomed more than 80 such companies, committing a total investment of about US$6.5 billion, while creating more than 20 000 high-quality jobs.

Collaboration with our sister cities in the GBA further amplifies our potential. Guangzhou and Shenzhen lead in application and deployment, while Dongguan and Huizhou have compelling strengths in advanced manufacturing. Together, these cities offer immense production capacity, commercialisation opportunities and access to a vast consumer market.

To accelerate this collaboration, Hong Kong is developing its Northern Metropolis. A strategic area bordering Shenzhen, it covers one-third of Hong Kong's landmass. It will include the Shenzhen–Hong Kong Science and Technology Innovation Co-operation Zone, which will pioneer cross-boundary policies that enable the seamless flow of talent, capital, data and other resources.

Second, capital. Hong Kong is Asia's premier financial centre. We offer deep liquidity, a wide spectrum of financing channels and a supportive environment for innovation.

Consider our stock market. In the first seven months of this year, Hong Kong led the world in IPO fundraising, with 53 new listings raising about US$16 billion. Follow-on fundraising reached US$44 billion, nearly double the figure over the same period in 2024. Over the years, we have introduced targeted reforms to boost the listing of innovation and technology companies.

Beyond the equities market, Hong Kong is blessed with a vibrant ecosystem of angel investors, venture capital and private equity funds, supporting companies at every stage of growth.

We are also committed to nurturing patient capital. In 2022, we established the Hong Kong Investment Corporation (HKIC). It invests directly and co-invests with private partners in strategic sectors such as hard tech, biotech and green technology. To date, the HKIC has invested in more than 120 projects across various sectors, leveraging more than five dollars of market capital for every single dollar it invested.

Third, talent, the cornerstone of successful innovation. More than home to top-tier universities and research institutes, Hong Kong offers exceptional quality of life. With a safe and cosmopolitan environment, world-class education and abundant career opportunities across finance, technology and beyond, Hong Kong is a city where talent can flourish.

We are attracting global innovation talent through a variety of admission schemes, including overseas Chinese scientists and researchers. With Hong Kong's international outlook and the GBA's vast market potential, we are confident that our region will continue to attract the brightest minds from around the world.

Concluding remarks

Taken together, Hong Kong and the Greater Bay Area combine the strengths of the San Francisco Bay Area and the New York Bay Area - bringing together world-class tech research, innovative companies, deep financial markets, manufacturing capabilities and a massive consumer base.

Ladies and gentlemen, later today, you will hear from prominent speakers across the GBA and other global innovation clusters. They will share their insights on the opportunities that lie ahead in their regions.

I trust that today’s dynamic discussions will inspire even greater collaboration across borders and disciplines. And I wish you an enjoyable stay in Hong Kong, Asia's world city. Thank you very much.

Speech by FS at launch event of 2025 Global Innovation Index Ranking of World's Top 100 Innovation Clusters Source: HKSAR Government Press Releases

Source: AI-found images

Seven persons arrested during anti-illegal worker operation

The Immigration Department (ImmD) mounted an anti-illegal worker operation codenamed "Contribute" today (January 15).During the operation, ImmD Task Force officers raided premises under renovation in a newly built public housing estate in Sheung Shui district.A total of six suspected illegal workers and one suspected employer were arrested. Thearrested suspected illegal workers comprise six men, aged 22 to 41. Furthermore, one man, aged 45, suspected of employing the illegal workers, was also arrested. An investigation into the suspected employers is ongoing, and the possibility of further arrests is not ruled out.

Apart from mounting the enforcement operation, ImmD officers and a promotional vehicle have been deployed to distribute "Don't Employ Illegal Workers" leaflets and convey the message in the estate.

An ImmD spokesman said, "Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years' imprisonment. Aiders and abettors are also liable to prosecution and penalties."

The spokesman stressed that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years' imprisonment to a fine of $500,000 and 10 years' imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.

According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee's identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker's valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.

Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) and/or forced labour victims. When any TIP and/or forced labour indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP and/or forced labour elements. Identified TIP and/or forced labour victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP and/or forced labour victims to report crimes to the relevant departments immediately.

For reporting illegal employment activities, please call the dedicated hotline 3861 5000, by fax at 2824 1166, email to anti_crime@immd.gov.hk, or submit "Online Reporting of Immigration Offences" form at www.immd.gov.hk.

Seven persons arrested during anti-illegal worker operation Source: HKSAR Government Press Releases

Seven persons arrested during anti-illegal worker operation Source: HKSAR Government Press Releases