Does Hong Kong have the potential to become a knowledge based economy?

Hong Kong was started as a trading port and become one of the four Asian Dragons and later the world’s premier financial centre. According to the Heritage Foundation in 2018, Hong Kong was ranked the world’s freest economy for the 22nd consecutive year. However, according to the Organization for Economic Co-operation and Development (OECD), Hong Kong was ranked 22nd in terms of “innovation and sophistication”, a rating that is near the bottom third of the 35 developed economies listed. Does Hong Kong have the potential to become a knowledge based economy? I Deliverables Written report:-  A MS Word report should be written in around 2500 words.  A brief description of the contribution from each team members,  Full name and student numbers of the team members should be placed on the cover page of the report  A4 papers (double spacing, font size of 12 and with enough margins on the four sides), &  References about where the information was obtained should be included 1 Specifically, the paper should also include:-  The cover page  Main body  Introduction of Hong Kong Economy  Importance of knowledge based economy and the competencies for success  Creative way or initiatives for meeting those challenges, &  conclusion covering your understanding, interpretation and insights on the topic.