Hong Kong moves up in global innovation ranking: report

Hong Kong has been ranked 13th among more than 100 economies in the world in a benchmark innovation ranking in 2019, moving up one spot from last year and strengthening its position as one of global innovation leaders.

"Hong Kong is among the world leaders on innovation inputs, with remarkable performances in areas related to labor market efficiency and regulation, as well as in market sophistication and education," said Bruno Lanvin, Executive Director for Global Indices at INSEAD and co-author of the report. "Its focus on cluster development around Artificial Intelligence should also be an advantage in the future."

Indian Minister of Commerce and Industry and Minister of Railways Piyush Goyal (R) and Director General World Intellectual Property Organization (WIPO) Francis Gurry pose for photographs as they release the Global Innovation Index 2019 report during an event in New Delhi on Wednesday, July 24, 2019. [Photo: VCG/AFP/Money Sharma]

According to the ranking, Hong Kong kept the 8th place in innovation input and became the 5th in government effectiveness and ease of starting a business, the 3rd in market sophistication, and the 4th in infrastructure.

The 2019 edition of the Global Innovation Index (GII) was jointly released by The World Intellectual Property Organization, Cornell University, graduate business school INSEAD and several other organizations.

The report showed Hong Kong, along with Singapore (at the 8th globally), the Republic of Korea (11th), was on the top for the Southeast Asia, East Asia and Oceania region, and Shenzhen-Hong Kong area was the world's second largest innovation cluster.

The GII 2019 ranks 129 economies based on 80 indicators, from traditional measurements like research and development investments and international patent and trademark applications to newer indicators including mobile-phone app creation and high-tech exports.

Despite signs of slowing economic growth and shadows from protectionism, innovation continues to blossom, particularly in Asia, the report showed.