(Yicai) April 29 -- Government officials, academics and business leaders from the city of Shanghai and the special administrative region of Hong Kong re-affirmed their commitment during the recent 2024 Hong Kong-Shanghai Week to further scientific and technological exchanges between the two major cities as they transform themselves into science and technology innovation centers of global influence.

Shanghai is creating a more complete science and technology financial system and is making every effort to build technology incubation carriers so as to attract highly qualified professionals, Luo Dajin, director of the Shanghai Municipal Science and Technology Commission, said at the Shanghai-Hong Kong Science And Technology Innovation Dialogue held on April 27. It will form a technical services platform and cultivate new quality productive forces.

Hong Kong is a key gateway for international innovation and technology co-operations with its wealth of experience and rich connections, said Sun Dong, director of the Hong Kong Innovation, Technology and Industry Bureau. This is conducive to pooling resources at home and abroad, and providing favorable conditions for building a global innovation and technology cluster.

Basic research is the key to advancing science and technology, Hong Kong University President Zhang Xiang said. In order to encourage innovative research, the University of Hong Kong is preparing to establish a global innovation hub, focusing on key areas such as biomedicine, sustainable energy, atomic materials and fintech. It will gather global talents and become a high ground for international scientific and technological cooperation.

Hong Kong's capital market and role as a super-connector should be leveraged to provide financial support and human capital for the development of science and technology, said Vincent Lo, chairman of Hong Kong real estate giant Shui On Group. Regular Shanghai-Hong Kong meetings on science and technology should be held to strengthen tie-ups between the two locations.

Science and technology co-operation between Shanghai and Hong Kong has become increasingly close in recent years. In the past five years, about 25,000 scientists from the two cities have collaborated on 12,280 papers, according to the Shanghai Municipal Science and Technology Commission.

The cumulative value of technology contracts between Shanghai and Hong Kong has reached CNY32.3 billion (USD4.5 billion) and has been growing at an average annual rate of 60 percent during the same period, the commission said.

Editor: Kim Taylor