A Comparative Analysis of Innovation Policies and Performances Between Singapore and Hong Kong

Innovation plays a crucial role in pursuing long-term economic prosperity. This paper analyses the policies of Singapore and Hong Kong conducive to innovation development and uses specific indicators to illustrate their diverse performances. We find that both cities demonstrate comparable levels of education quality, trade openness and foreign direct investment (FDI) attractiveness. While Hong Kong surpasses Singapore in government education expenditure, the latter excels in several other indicators, including tertiary education attainment, R&D personnel, patent quantity and patent revenue. Leveraging on respective strengths and addressing identified weaknesses will be instrumental in narrowing the gap and propelling Singapore and Hong Kong toward global leadership in innovation