Hong Kong can be more than New York and Silicon Valley combined: Paul Chan

Hong Kong can be “more than New York and Silicon Valley combined” by positioning itself as a hub that integrates global financial depth with technological…

Hong Kong can be “more than New York and Silicon Valley combined” by positioning itself as a hub that integrates global financial depth with technological innovation and manufacturing capacity, the city’s finance chief has said.

Financial Secretary Paul Chan Mo-po said on Friday that Hong Kong had a unique edge over New York and Silicon Valley, thanks to advanced manufacturing capabilities that its American rivals lacked, which were the result of integration with the Greater Bay Area.

Speaking at the Caixin Summer Summit 2026, Chan said Hong Kong’s core advantage was its role as a bridge between mainland China and international markets, offering geographic proximity, cultural affinity and a deeper understanding of Beijing’s policy direction.

But the finance chief added that the city needed to add value to its own development and to younger generations, rather than simply serving as a bridge.

For example, if Hong Kong could integrate with the bay area to develop its innovation and technology sector, the city would be in a competitive position that neither New York nor Silicon Valley could replicate, Chan said.

In his budget speech in February, Chan outlined a dual “Finance+” and “AI+” strategic framework to deploy capital market infrastructure to fund technology development, while using artificial intelligence to boost productivity across industries.

San Jose – the heart of the United States’ Silicon Valley. Finance chief Paul Chan says Hong Kong can be “more than New York and Silicon Valley combined”. Photo: Getty Images

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