Group 1 - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has ranked first in the global innovation cluster ranking by WIPO, surpassing the "Tokyo-Yokohama" cluster for the first time in five years [1][5] - The ranking change is attributed to the inclusion of a new key indicator: venture capital (VC) transaction volume, which the "Shenzhen-Hong Kong-Guangzhou" cluster excelled in compared to "Tokyo-Yokohama" [1][6] - The Guangdong-Hong Kong-Macao Greater Bay Area Research Institute emphasizes that the new ranking reflects the increasing importance of financial and talent factors in supporting technological innovation, particularly in emerging industries like artificial intelligence [1][3] Group 2 - The "Shenzhen-Hong Kong-Guangzhou" cluster ranks second globally in PCT international patent applications, with Shenzhen maintaining the highest number of applications in China for 21 consecutive years, reaching 16,300 applications in 2024 [2] - In terms of scientific paper publications, the cluster ranks third globally, with notable contributions from universities in both Shenzhen and Hong Kong [2] - The cluster ranks sixth globally in venture capital indicators, with a VC transaction volume accounting for 2.9% of the global total, compared to 2.2% for the "Tokyo-Yokohama" cluster [5][10] Group 3 - WIPO's methodology for assessing venture capital includes data from startups, unicorns, and other businesses receiving VC funding, highlighting the role of venture capital in transforming technological achievements into marketable products and services [6][7] - The report indicates that venture capital is increasingly vital for supporting technology innovation, especially for early-stage tech companies facing high risks and lacking collateral [7] - Hong Kong's financial ecosystem is thriving, with a significant increase in IPO activities, ranking first globally in IPO fundraising, which enhances the venture capital landscape [7][14] Group 4 - Shenzhen is actively building an international venture capital center, with a significant increase in the number of private equity and venture capital funds, growing by 2.65 times in quantity and 2.25 times in scale since the end of 2018 [8] - Guangzhou has established substantial funds targeting cutting-edge fields like artificial intelligence and biomedicine, with over 270 billion yuan in committed capital for various projects [8] - The "Shenzhen-Hong Kong-Guangzhou" cluster is encouraged to leverage its unique advantages and characteristics, particularly through initiatives like the "QFLP" to facilitate cross-border investment [14][15]

Core Viewpoint - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has surpassed the Tokyo-Yokohama cluster to become the top-ranked innovation cluster globally, as reported in the 2025 Global Innovation Index by the World Intellectual Property Organization [3][4]. Group 1: Innovation Cluster Ranking - The "Shenzhen-Hong Kong-Guangzhou" cluster achieved the first position, followed by Tokyo-Yokohama and San Jose-San Francisco [4]. - The inclusion of venture capital (VC) transactions as a new indicator in the Global Innovation Index has significantly influenced the ranking, highlighting the importance of converting scientific research into economic outcomes [7][8]. Group 2: Investment Attraction - From 2019 to 2023, the top 100 clusters attracted nearly 169,000 VC transactions, with San Jose-San Francisco leading at 6.9% [7]. - Guangzhou has established a comprehensive financial support system for technology innovation, including a 150 billion yuan investment fund and a 50 billion yuan technology innovation fund, positioning it as a leading city for venture capital in China [9]. Group 3: Policy Support and Collaboration - The three cities have implemented various supportive policies for technology innovation, such as reducing rents for specialized small and medium enterprises and promoting cross-city resource collaboration [11]. - The Guangdong-Hong Kong-Macao Greater Bay Area is focusing on enhancing cooperation in technology incubation, with initiatives like the Hong Kong University of Science and Technology's entrepreneurship competition being held in Guangzhou [13]. Group 4: Future Opportunities - The innovation cluster is expected to capitalize on opportunities presented by the integration of artificial intelligence across various industries, aiming to lead in global industrial transformation [14]. - The development of educational institutions and research facilities in Guangzhou and Dongguan is aimed at strengthening the region's technological capabilities [16].

Group 1 - The core engine of the U.S. economy is driven by a combination of technological breakthroughs and cultural values, which together create a unique and sustainable growth model [2][6][27] - The technological explosion is likened to a three-stage rocket, with each stage representing different aspects of innovation and economic growth [7][23] - The first stage focuses on foundational scientific breakthroughs supported by national strategies, exemplified by initiatives like the Manhattan Project and the establishment of NASA [8][10][12] Group 2 - The second stage emphasizes the Silicon Valley model, where venture capital plays a crucial role in transforming scientific discoveries into marketable products, fostering a culture that tolerates failure [16][19] - The third stage highlights the digital revolution, which reshapes industries through advanced technologies like AI, robotics, and big data, enhancing efficiency and creating new business models [20][21][22] - The U.S. tech giants leverage their platform advantages to gather vast amounts of data, which fuels AI development and sets global standards for the digital economy [21][22] Group 3 - The cultural foundation of the U.S. economy is characterized by core values such as contract spirit, property rights protection, and rule of law, which create a stable environment for innovation [30][31][32] - The U.S. attracts global talent through its diverse and inclusive culture, which fosters creativity and breakthrough innovations [33][34][37] - The emphasis on individualism and entrepreneurial spirit drives the pursuit of disruptive innovations, contributing to the overall economic dynamism [39][41] Group 4 - The interplay between technology and humanistic values is essential for long-term economic prosperity, as it guides technological advancements towards beneficial outcomes [42][43][46] - The U.S. economy's resilience and ability to adapt during cyclical fluctuations are rooted in its cultural and humanistic foundations [40][41]

Core Viewpoint - The European Central Bank Executive Board member Schnabel emphasizes that the EU Capital Markets Union should focus on venture capital, which is crucial for driving innovation [1] Group 1 - The importance of venture capital in fostering innovation within the EU is highlighted [1] - The call for a strategic focus on risk capital in the EU Capital Markets Union is made to enhance economic growth [1]