Wuxi, HK cooperate to boost innovation

Hong Kong Polytechnic University signed to build a new science and technology innovation research institute in the Wuxi National Hi-tech District on Sept 29.

The Wuxi Science and Technology Innovation Research Institute will be located in the Wuxi Airport Economic Development Zone. Based on the educational and scientific research strength of Hong Kong Polytechnic University, the new institute will include a teaching and research center, an innovation center, and a science and technology innovation center in the fields of aerospace, biomedicine, advanced manufacturing, new materials, artificial intelligence, communication networks, and new energy.

The new centers are expected to co-build a domestic first-class strategic science and technology innovation platform to realize sustainable development, promote the incubation and transfer of scientific and technological achievements, and provide solid innovation support for the development of Wuxi.

Wuxi and Hong Kong have built close ties in trade. Up to now, Hong Kong has spent $131.05 billion investing a total of 5,674 projects in Wuxi. The actual use of foreign capital from Hong Kong reached $36.37 billion, accounting for 48.7 percent of Wuxi's total foreign investment.

In 2021, Wuxi's trade with Hong Kong increased by 12.6 percent year-on-year to $6.32 billion. The trade volume maintained a steady growth in the first eight months of this year to exceed $4 billion.

In addition, a total of 20 companies based in Wuxi are now listed on the Hong Kong Stock Exchange.