Once known mainly as a gateway to the Chinese mainland, the Hong Kong Special Administrative Region now stands at a more consequential crossroads — not just facilitating trade and capital flows, but shaping the future of Chinese innovation itself. As the Guangdong-Hong Kong-Macao Greater Bay Area enters a critical stage of its development, the question is no longer whether Hong Kong has a part to play, but whether it is prepared to lead.

The Greater Bay Area, linking Hong Kong and Macao with nine dynamic Guangdong cities including Shenzhen and Guangzhou, is designed to be far more than an economic zone. It aspires to become one of the world’s most advanced innovation corridors — one that blends global connectivity, technological strength, and institutional maturity into a singular powerhouse. In this vision, Hong Kong’s contribution is vital, but only if it can evolve beyond its traditional strengths in finance and professional services.

Six years on from the release of China’s outline development plan for the Greater Bay Area, the narrative is shifting from blueprint to reality. The region’s momentum is palpable — bolstered by policy reforms, infrastructure upgrades, and a growing ecosystem of cross-border collaboration. But for Hong Kong to remain central in this journey, it must do more than stay connected; it must be transformative.

Hong Kong’s greatest comparative advantage lies in its open economy, rule of law, and integration with global markets. It remains Asia’s financial capital, home to world-class universities and a mature legal system trusted by international investors. These factors position it well to support innovation — not only by financing tech ventures, but also by serving as a launchpad for global expansion. However, its historical role as an intermediary is no longer sufficient in an era where cities must actively generate, not just enable, innovation.

To this end, one of the most compelling examples of future potential lies just across the border: Shenzhen.

Once a modest fishing village, Shenzhen is now a global symbol of rapid urban and economic transformation. As the city celebrates the 45th anniversary of its designation as a special economic zone this year, it continues to push boundaries. In 2024 alone, its advanced manufacturing sector expanded 11.4 percent, driven by high-tech industries such as semiconductors, artificial intelligence, robotics, and smart devices. With over 25,000 high-tech enterprises and more than 4,000 innovation platforms, Shenzhen has built not just an industrial base, but an entire innovation ecosystem.

This growth is not happening in isolation. Through zones like Qianhai, Shenzhen is actively forging a new model of cross-border innovation — one that integrates Hong Kong’s strengths into its development narrative. The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone — marking its 15th anniversary this year — now generates over 60 percent of its GDP from modern services, including the finance, legal, and information technology sectors. It has become a magnet for cross-border startups and multinational collaboration.

Within Qianhai, the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub — a dedicated innovation and entrepreneurship base for young people from the special administrative regions of Hong Kong and Macao — is particularly noteworthy. Supported by a 500-million-yuan ($68.6-million) fund and partnered with top Hong Kong universities, the hub has incubated 1,450 startups, many in deep-tech sectors. It exemplifies a future where research, talent, and funding move seamlessly across the border, creating fertile ground for scalable innovation.

What makes the Shenzhen-Hong Kong relationship so powerful is its complementarity. Shenzhen delivers scale, speed, and a deeply industrialized base. Hong Kong brings academic research, international capital, and regulatory robustness. Together, they form a full innovation chain — from research and development to prototyping, from financing to commercialization. But to extract the full value from this partnership, Hong Kong must commit to deeper integration and policy alignment.

This need for alignment extends beyond Shenzhen. A recent visit by Hong Kong Chief Executive John Lee Ka-chiu to Zhejiang province offers further insight into what Hong Kong can learn from its mainland counterparts. While Hong Kong universities consistently perform well in basic scientific research, Zhejiang excels at applying these discoveries in business contexts. If Hong Kong is to compete not just in knowledge creation but in economic transformation, it must develop stronger capabilities in tech transfer and commercialization.

The strategic implication is clear: Hong Kong’s future as a global innovation hub cannot rely solely on its legacy as a financial center. Instead, it must invest in building a truly comprehensive innovation ecosystem — one that nurtures homegrown startups, retains talent, enables cross-border operations, and attracts foreign investment into high-growth sectors. In short, Hong Kong must shift from being a platform into being a player.

Crucially, this transformation is not about losing what makes Hong Kong unique, but about extending those attributes into new domains. The city’s free port status, its ability to attract multinational firms, its common law legal system, and its global connectivity remain invaluable. But these must now be deployed in the service of innovation — from biotech and clean energy to fintech and quantum computing.

The next decade will be decisive. As the Greater Bay Area positions itself as China’s answer to Silicon Valley — not just in name but in substance — Hong Kong must decide whether to watch from the sidelines or cowrite the playbook. There’s a window of opportunity for the city to pivot, partner, and lead. Whether that window stays open depends on choices made today — in policy, in business, and in mindset.

Hong Kong has long been a city that reinvents itself when the stakes are high. The Greater Bay Area is offering it another such moment. But unlike in the past, success won’t come from playing the role of middleman. It will come from becoming a maker — of ideas, of technologies, and of the region’s future.

The author is chairman of the Asia MarTech Society and sits on the advisory boards of several professional organizations, including two universities.

The views do not necessarily reflect those of China Daily.