Greater Bay Area 'fortes lie in finance, innovation'

Global investors and startups are advised to consider a presence in the Greater Bay Area due to its exceptional blend of finance and innovation, according to Financial Secretary Paul Chan. Chan made this statement on Monday during the launch of the first Co-Development and Investment Conference, which gathered approximately 300 investors, over 500 startups, industry leaders, and academics in the Greater Bay Area.

Spanning six days, the event commenced at Hong Kong Science Park before progressing to Dongguan and Hangzhou for the subsequent four days.

Chan emphasized that global investors face a dual challenge in today's geopolitically turbulent world: maintaining stability and security while seeking attractive returns. For innovators and entrepreneurs, capital is insufficient; they require a robust industrial ecosystem, a consistent supply of talent, and access to a diverse range of innovation resources. Chan asserted that nowhere is the synergy between finance and innovation more pronounced than within the Guangdong, Hong Kong, and Macao Greater Bay Area.

Chan hailed Hong Kong as a "magnet" for global talent and a hub for rapidly emerging innovation, positioning it as a perfect counterpart to the Greater Bay Area's other cities that excel in advanced manufacturing, commercialization, and scaling. The city is also constructing a capital ecosystem specifically designed to support startups and foster innovation.

Chan cited evidence of this progress, noting that the technology sector's share of turnover on the Hong Kong stock exchange has surged from 15 percent to 47 percent over the past decade, with overall turnover increasing more than eightfold.