Fig. 3
From: The role of innovation-led profits in the development of an international financial centre
Source: based on data from Escalona and Litner (2015)
Yet Hong Kong beats Shenzhen in the factors that make for profitable commerce’. The figure shows the Global Innovation Scores for China (as a proxy for Shenzhen) and Hong Kong. We do not adjust China’s scores to take into account Shenzhen’s particularities—as don’t want to confuse the reader by presenting data which have been highly modified. We also might argue that national policy determines most of these factors—thus Shenzhen might show little meaningful difference with the broader Mainland. Hong Kong can clearly provide the market oriented institutions, market sophistication, infrastructure, human capital and business sophistication needed to make Qianhai a success