cooper chung international news
The two tiger economies will benefit greatly from collaboration – it will also bring them better social prosperity
Taiwan and Hong Kong are closely connected to each other, culturally and commercially. Both take pride in inheriting the best ancient Chinese cultural practices, from drinking Oolong tea and practicing martial arts, to respecting elders. Commercially, more than 400 flights go between Taiwan and Hong Kong on a weekly basis, making the route one of the top 10 "busiest commercial airline routes" in the world in 2011. After the 2008 world financial crisis, both economies started to search for a new model of development, a model integrating innovation with broader social needs.
The World Economic Forum (WEF) categorises both Taiwan and Hong Kong as economies that have reached the state of "innovation-driven growth", the third stage of economic development. (Stage 1 of development is "factor-driven development", and State 2 is "efficiency-driven development"). Hong Kong ranked No9 in WEF's Global Competitive Index with a score of 5.4, while Taiwan ranked No 13 with a score of 5.3. And yet, 9.2% of businesses in Taiwan and 16.2% in Hong Kong selected "insufficient capacity to innovate" as one of the top five problems in doing businesses.
Despite both economies' highly-deve...