The collaboration of Guangzhou, Shenzhen, and Hong Kong led to them topping the global rankings for the first time.
Recently, the World Intellectual Property Organization released a list. For the first time, the Shenzhen-Hong Kong-Guangzhou innovation cluster surpassed Japan's "Tokyo-Yokohama" cluster to top the global list.
01
The World's Top 100 Innovation Clusters
"Guangzhou-Shenzhen-Hong Kong" Takes the First Place for the First Time
On September 1st, the World Intellectual Property Organization (WIPO) released the "World's Top 100 Innovation Clusters" ranking in the "Global Innovation Index 2025" in Hong Kong. The Shenzhen-Hong Kong-Guangzhou innovation cluster surpassed Japan's "Tokyo-Yokohama" cluster for the first time to claim the top spot globally, becoming the world's largest innovation cluster.
Previously, the Shenzhen-Hong Kong-Guangzhou innovation cluster had ranked second globally for five consecutive years from 2020 to 2024. It's also worth mentioning that China occupies 5 out of the world's top 15 innovation clusters. See the following chart:
Image source: WIPO official website
The list shows that the world's top 100 innovation clusters are distributed across 33 economies. The countries with the largest number of innovation clusters include China (24), the United States (22), Germany (7), India and the United Kingdom (4 each), as well as Canada, Japan, and the Republic of Korea (3 each).
China's top-ranked innovation clusters are: the Shenzhen-Hong Kong-Guangzhou cluster (ranked first globally), Beijing (ranked 4th globally), the Shanghai-Suzhou cluster (ranked 6th globally), Hangzhou (ranked 13th globally), and Nanjing (ranked 15th globally).
It is reported that the Global Innovation Index cluster ranking was established in 2017, and there are mainly three ranking indicators, namely: the number of international patent applications (PCT), the number of scientific papers published, and the volume of venture capital transactions (a new indicator added in 2025).
Analysis suggests that the inclusion of the "venture capital transactions" indicator in the ranking system for the first time in 2025 is an important factor for the "Shenzhen-Hong Kong-Guangzhou" cluster to surpass the "Tokyo-Yokohama" cluster for the first time. Guangzhou also contributed significantly.
According to data from Touzhongwang, in 2024, there were 315 investment events in Guangzhou, with a total transaction volume exceeding 20 billion yuan, accounting for more than one-third of the total amount of the three major cities in the "Shenzhen-Hong Kong-Guangzhou" innovation cluster. The average single transaction volume reached about 65 million yuan, 1.5 times the average of the Guangzhou-Shenzhen-Hong Kong cluster, indicating that Guangzhou's venture capital investment is not only active but also has high-quality projects and high capital recognition.
Looking at the three major indicators, the "Shenzhen-Hong Kong-Guangzhou" cluster has outstanding performance in PCT applications and scientific papers. The number of scientific papers published ranks third (accounting for 2.4% of the global total), and the number of PCT applications ranks second (accounting for 9% of the global total).
In the PCT applications of the "Shenzhen-Hong Kong-Guangzhou" cluster, the top applicant is Huawei; in terms of the number of scientific papers published, the top organization is Sun Yat-sen University.
02
How Do Guangzhou, Shenzhen, and Hong Kong Divide Labor? Shenzhen Focuses on PCT International Patents
How do the Shenzhen-Hong Kong-Guangzhou innovation clusters divide labor?
Shenzhen's advantage lies in its developed private enterprises, which attach great importance to R & D and patent applications.
According to the list and relevant reports of the "Top 500 Chinese Private Enterprises in 2025" released by the All-China Federation of Industry and Commerce, among the top ten enterprises in the R & D investment list are: Huawei, Tencent, Alibaba, BYD, Geely Holding, Xiaomi, Ant Technology, Baidu, Meituan, and CATL.
It can be seen that 3 out of the top ten private enterprises with the highest R & D investment are from Shenzhen, and they occupy the top two positions. The vitality of private enterprises brings a large number of patent applications to Shenzhen. According to media reports, Shenzhen has ranked first in the country in the number of PCT international patent applications for 21 consecutive years. The "Intellectual Property White Paper of Shenzhen in 2024" shows that in 2024, the number of PCT international patent applications in Shenzhen was 16,300; the number of high-value invention patents per 10,000 people was 110, 7.9 times the national average (14).
03
Guangzhou Focuses on Basic Scientific Research
As an important part of the cluster, Guangzhou is known for its strong scientific research foundation and abundant university resources. According to Web of Science statistics, in 2024, Guangzhou published a total of 70,843 scientific research papers, a year-on-year increase of 10.86%, accounting for 45.32% of the cluster's total.
Guangzhou is one of the rare cities in China that brings together national-level major platforms such as national laboratories, comprehensive national technology innovation centers, national major scientific and technological infrastructure, and international big science programs.
Guangzhou has 84 universities, ranking second in the country in total. It has 150 disciplines in the top 1% of ESI.
In terms of enterprises, Guangzhou has more than 13,500 high-tech enterprises, 354 national-level "specialized, refined, distinctive, and innovative" little giant enterprises, and 31 national-level single champion enterprises in manufacturing; the number of high-value invention patents reached 72,000, a 17.1% increase. 24 enterprises in Guangzhou were included in the "Hurun Global Unicorn List 2025", ranking fourth in the country. Three enterprises, including Kingfa Science & Technology, WeRide, and Pioneer Technology, were included in the "Fortune China's Top 50 Tech Companies".
In 2024, the number of PCT international patent applications in Guangzhou was 1,931, a year-on-year increase of 3.98%. Among the top ten institutions in terms of application volume, 6 are enterprises, indicating that enterprises' enthusiasm for R & D is increasing.
In recent years, Guangzhou has attracted leading institutions to invest through the establishment of multiple mother funds and the innovation of the "platform + fund" mechanism, and has become a first-tier city in venture capital investment in China.
04
Hong Kong Serves as a Capital Hub
As an international financial center, Hong Kong provides continuous capital support for technological innovation.
In terms of the capital hub, relying on its status as an international financial center, Hong Kong provides crucial venture capital for the cluster. The newly added "venture capital transactions" indicator in 2025 is an important boost for the cluster to top the list. Since the beginning of this year, Hong Kong's IPOs have returned to the top globally. In the first seven months, there were 53 new stock listings in Hong Kong's capital market, with a total fundraising of about HK$127 billion, a year-on-year increase of more than six times. At the same time, policies such as the "Innovation and Technology Industry Guidance Fund" have been introduced to guide capital to support technological innovation.
In terms of scientific research talents, in the list of "Top 2% Global Scientists" released by Stanford University in 2024, 1,534 scholars from Hong Kong were included, reflecting the international influence of Hong Kong's scientific research. According to the 2025 Asian University Ranking by Times Higher Education in the UK, 6 universities in Hong Kong are among the top 50.
In terms of institutional connection, Hong Kong accelerates the transformation of university patents through the "patent box" tax incentives and jointly builds platforms such as the "Guangdong-Hong Kong-Macao Youth Innovation Workshop" with the Greater Bay Area to promote cross-border cooperation.
This article is from the WeChat official account "Urban Warfare", author: Xiaoyu. It is published by 36Kr with authorization.