(Yicai Global) Aug. 22 -- Hong Kong's strengths in science and technology complement that of its neighbor Shenzhen, and together they can make great strides in regional sci-tech development and innovation, Hong Kong Financial Secretary Chan Mo-po said.

He was referring to the Chinese government's recently announced plan to turn the southern hi-tech city of Shenzhen into a pilot demonstration area for socialism with Chinese characteristics. By 2025, it is planned that Shenzhen will be a leading world city with great industrial innovation capacity and first-rate public services.

Hong Kong's sci-tech strengths lie in its scientific research abilities as well as intellectual property protection, China News Service reported yesterday, citing Chan.

In line with the development blueprint for the Guangdong-Hong Kong-Macau Greater Bay Area, the Hong Kong government has invested in universities, the Hong Kong Science Park and the Cyberport business park to attract more well-known overseas universities, research institutions and sci-tech innovation firms to the city, Chan said.

Should this lead to scientific breakthroughs, Hong Kong will have considerable economic returns from the commercialization of intellectual property rights, he added.  

On the financial front, Hong Kong's advantages lies in its system, internationalization and the confidence of its international community, he said.

Hong Kong's rule of law, independent judiciary and Common Law system are also well known internationally, he added. Like the leading global financial centers of New York and London, the region uses the Common Law, although it operates in both the Chinese and English languages.

The Greater Bay Area comprises nine municipalities on the mainland and the two Special Administrative Regions of Hong Kong and Macau. The national development strategy for the area requires that the cities promote coordinated regional development, fully leverage their composite advantages and improve competitiveness.