Core Insights - The latest Global Innovation Index (GII) report reveals that the Shenzhen-Hong Kong-Guangzhou cluster has surpassed the Tokyo-Yokohama cluster to become the top innovation cluster globally [1][4] - The San Jose-San Francisco cluster has risen three places to rank third, while Beijing, Seoul, and Shanghai-Suzhou follow in the rankings [4] Rankings and Performance - The Shenzhen-Hong Kong-Guangzhou cluster leads with a global share of 2.4% in scientific publications, 9.0% in PCT applications, and 2.9% in venture capital transactions [2][6] - The Tokyo-Yokohama cluster holds a global share of 1.4% in publications, 10.3% in PCT applications, and 2.2% in venture capital [2][4] - The San Jose-San Francisco cluster has a global share of 0.7% in publications, 3.9% in PCT applications, and 6.9% in venture capital [2][6] - London has improved its overall ranking from 21st to 8th, primarily due to its strong performance in venture capital transactions [4] Global Distribution - The top 100 innovation clusters are distributed across 33 economies, with China having the most clusters (24), followed by the United States (22), Germany (7), India (4), and Canada, Japan, and South Korea (3 each) [4][5] Venture Capital Activity - From 2019 to 2023, the top 100 clusters attracted nearly 169,000 venture capital transactions, with San Jose-San Francisco (6.9%), New York City (4.5%), and London (4.4%) leading the way [5][7] - The inclusion of venture capital transactions in the GII methodology has recalibrated the understanding of innovation strength, highlighting the role of clusters in converting scientific research into economic outcomes [7]