The national 14th Five-Year Plan also positions the Hong Kong-Shenzhen Innovation and Technology Park wedged between the two cities' borders as one of the four major cooperation platforms of the Guangdong-Hong Kong-Macao Greater Bay Area for the first time. The other three platforms are Qianhai in Shenzhen, Nansha in Guangzhou and Hengqin in Zhuhai.

The SAR government has earmarked HK$20 billion ($2.57 billion) for the first phase of its development, which consists of eight buildings and is expected to be completed between 2024 and 2027. When completed, it will be the largest technology business park in Hong Kong with an area of 87 hectares.

As the portion of the park in Hong Kong is still under construction, Hong Kong institutions and startups have kicked off projects on the Shenzhen side of the park.

The Hong Kong University of Science and Technology last year set up a Shenzhen-Hong Kong Collaborative Innovation Research Institute in the zone. It adopted a model of "research laboratories downstairs and startups upstairs" to link up scientific research to industrial transformation.

The research cluster has so far accepted 13 laboratory projects, all of which are led by the university's professors. The scientific research projects at the national, provincial and municipal levels involve total funding of more than 70 million yuan ($10.77 million).

HKUST's Blue Bay incubator upstairs has cultivated 15 startups and all are established by HKUST professors or alumni. Areas covered include biotechnology, fintech and information technologies. Four are recognized as national high-tech enterprises.

Gao Lingyun, executive director of the institute, said in an interview with China Daily that Hong Kong's role as an international innovation and technology center is linked with the development of key cities within the GBA.