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Wang Cong: Attracting Talents from Hong Kong and Macau to Chinese Mainland
Release time:2022-10-24Views:

Recently, Professor Wang Cong, Associate Vice President of The Chinese University of Hong Kong, Shenzhen and Presidential Chair Professor of the School of Management and Economics, delivered a keynote speech at the Phoenix Finance Forum for the Greater Bay Area 2022.

In the "New Mission of Guangdong-Hong Kong-Macao Bay Area" keynote speech, Prof. Wang Cong said that the GBA needs four elements to become an international venture capital center. "First, two basic elements, one is capital; the other is the need to gather a number of innovative and growth-oriented enterprises, especially in the field of science and technology. The third is the free flow of talents; the fourth is the need to cultivate a culture of technological innovation oriented to market demand."

Prof. Wang Cong said that, a key factor for the GBA to become an international venture capital center is to become a gathering place for capital. In terms of innovative and growth-oriented enterprises, he believes that the GBA also has a good foundation and development opportunities. He mentioned that, the GBA is booming in terms of scientific research and industry-academia research and development in universities. In addition, Prof. Wang pointed out that, besides capital and innovative enterprises, another key element is the "free flow of talents". He cited Silicon Valley as an example, saying that Silicon Valley is successful because the people who start and work there come from the U.S. and even from all over the world, "so it has naturally formed a culture of immigrants who dare to venture and take risks. Prof. Wang believes that the GBA also has similar advantages, "in the GBA, especially in Shenzhen, entrepreneurs are from all over the world, with the gene of risk-taking. What we have to do now is to attract talents from Hong Kong and Macau to the Chinese mainland and open up the cross-border flow of talents."

In addition to the above three elements, Prof. Wang said, there is another point that is easily ignored, "It is the need to cultivate a market demand-oriented technology innovation culture. For how to solve the problem of docking between R&D and demand, he suggested that some policies can be introduced to support the training of technology managers. "They can build a bridge between scientists and researchers in charge of R&D and the front-end market demand, leading to the creation of more demand-driven science and innovation enterprises."

Finally, Prof. Wang believes that the GBA already has some basic conditions and elements for building a science and innovation venture capital center. "It is believed that with the introduction of more Shenzhen-Hong Kong integration policies, key elements such as capital, technology, talent and information will further accelerate the free flow, allowing science and technology innovation to flourish and establishing a healthy ecosystem for venture capital from investment to exit."