Andrew Yao Cho-fai, a Hong Kong deputy to the National People's Congress (NPC), has urged young people in Hong Kong to take advantage of the mainland's "friendly" environment to start up new ventures there.

In an exclusive interview with China Daily in Beijing, Yao, an adviser to Hong Kong-listed steel supplier Van Shung Chong Holdings Ltd, said:"Hong Kong youths need work ethics, an international perspective and an innovative spirit, or the DNA that gives them the edge in competing with their mainland counterparts." He said he's confident the so-called "youth issue" in Hong Kong will be resolved satisfactorily.

"It's a long-term project and I've always told young people to visit the mainland and actually breathe the air there," Yao said, suggesting that Hong Kong students should take internships on the mainland and explore the opportunities across the border.

Yao is a standing committee member of the All-China Youth Federation and once served as chairman of the Hong Kong United Youth Association.

He said the SAR's younger generation Kong people should take advantage of the accessibility to Guangdong province, which stands on the frontline of technological innovation.

Shenzhen is making great progress in developing an innovative industry, as its spending on research and development accounted for four percent of the city's GDP last year, a level comparable to Israel's, which is widely considered to be a global innovation center.

Yao urged Hong Kong to seize the opportune moment in the coming five years to accelerate the pace of innovation by establishing closer cooperation with its neighboring cities.

A special task force is expected to be established under the auspices of CEPA, or Closer Economic Partnership Arrangement, to sort out the differences in rules involving intellectual property rights between Hong Kong and the mainland, said Yao in his proposal to the NPC.

Venture capitalists have been active in some mainland innovative centers, including Shanghai and Beijing, Yao said. But they have largely shunned Hong Kong, he added.

He advised the Hong Kong government to set up a matching-fund that allows candidates to be vetted and evaluated by professional investors so as to minimize risks. "We'd also like to see the building of an information platform where entrepreneurs can gain access to public data and information. If we make Wi-Fi available at a cheap price, just like what South Korea has done, we can lend a helping hand to young entrepreneurs starting their own businesses," Yao said.

A graduate of Harvard Business School, Yao has been involved in the Internet economy for more than 10 years. He founded iSteel Asia.com, a business-to-business platform, which was listed in Hong Kong in 2004.

selena@chinadailyhk.com

(HK Edition 03/10/2015 page9)