UK-based education information firm Quacquarelli Symonds recently released the 15th edition of the QS World University Rankings by Subject, comparing over 21,000 academic offerings, taken by students at more than 1,700 universities across 100 countries and regions in 55 subjects and five faculty areas. It is interesting to note that 34 new entries in the top 100 are for data science and artificial intelligence (AI).

It is also noteworthy that Hong Kong is the world’s most improved location. Of its 231 subject entries, 68 percent climbed, 6 percent dropped, and 15 percent remained stable. Furthermore, the Chinese mainland leads in a number of new entries. Peking University and Tsinghua University earned two top-three spots each. Seven of the world’s 10 most-improved universities are Chinese.

Also, Hong Kong accounted for the most universities in Asia among a global top 50 ranking for data science and AI courses, with its overall contributions to the list only surpassed by the United States. As a matter of fact, the areas in which Hong Kong excels the most are AI, dentistry and education.

These results are once again a clear example that Hong Kong is not only one of the world’s most important financial centers but also an education hub with the capacity not only to provide good knowledge and opportunities to local students but also to enhance its role as an international education hub.

To remain competitive, initiatives that foster entrepreneurship and attract top global talent are essential. Incentivizing startups through tax breaks and access to funding can stimulate growth in areas like AI, blockchain, and digital entertainment. Supporting collaboration between businesses, academia, and the government can spur innovation ecosystems, ensuring that traditional strengths evolve alongside emerging opportunities.

In this sense, one of the areas in which Hong Kong Chief Executive John Lee Ka-chiu put his focus on when delivering his 2024 Policy Address was attracting talent to Hong Kong as well as retaining it.

When we talk about talent, we tend to refer to the actual workforce; that is, foreign skilled workers. It is also important for Hong Kong to attract foreign students.

It is undeniable that a talent shortage has been a problem for Hong Kong these last few years. For several reasons, Hong Kong lost thousands of residents during the COVID-19 pandemic; therefore, if the city wants to maintain and even enhance its role as one of the major financial centers in the world, it needs to plan how to attract talent and investment.

In the 2024 Policy Address, the Hong Kong Special Administrative Region government outlined several initiatives to strengthen the city’s position as an international hub for postsecondary education, such as the “Study in Hong Kong” brand promotion; aiming to attract more overseas students, particularly from the Association of Southeast Asian Nations and countries participating in the Belt and Road Initiative, through scholarships and other incentives; as well as the Northern Metropolis University Town Development, in which over 80 hectares have been earmarked for the development of the Northern Metropolis University Town.

In this sense, the measures stated in the 2024 Policy Address seem to be a very good step further to trawl for and retain talent, thus enhancing Hong Kong’s role as an international education hub. Attracting and retaining talent is a very important way to grow.

Furthermore, it is worth noting that Hong Kong accounted for the most universities in Asia among the global top 50 ranking for data science and AI courses, meaning that the city is rightfully embracing the latest technologies.

Indeed, Hong Kong should also double down on innovation since the future is about innovation. The city is not only a financial hub but also an innovation hub, as was demonstrated by the Global Innovation Index 2024, published a few months ago by the World Intellectual Property Organization, in which Hong Kong ranked 18th among the 133 economies surveyed. Hong Kong can rank higher, especially given its being in the Guangdong-Hong Kong-Macao Greater Bay Area and its proximity to an innovation hub like Shenzhen. While Hong Kong can continue to leverage its Web3 industry, it can also enormously benefit from the Chinese mainland’s strong AI industry, especially in its sister cities in the Greater Bay Area, and Hong Kong is expected to contribute to the nation’s AI development with its pool of top talent and renowned financial services. Hong Kong’s AI market itself is projected to expand to $3.43 billion by 2030 from about $770 million in 2024 - at an annual growth rate of 28.27 percent. The city’s commitment to innovation is helping to make it an AI powerhouse.

To sum up, Hong Kong stands at the crossroads of global education, uniquely positioned to expand its influence. With world-class universities, a multilingual environment, and a strategic location, it attracts top talent from across the globe. The city’s commitment to academic excellence and innovation further cements its status as an education hub. Government initiatives and increased international collaborations will strengthen this role. As demand for globalized education rises, Hong Kong is well-equipped to meet these needs.

By fostering inclusivity and embracing technological advancements, Hong Kong can redefine global education. The city is not just keeping up — it is leading the way. Its future as a premier education hub is bright, dynamic, and full of potential.

All this is thanks as well to the “one country, two systems” principle and thanks to Hong Kong’s prowess in finance that brought the city to become and remain one of the world’s most important financial centers.

The author is a fintech adviser, researcher, and former business analyst for a Hong Kong listed company.

The views do not necessarily reflect those of China Daily.