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Apart from the flow of people, the two places are expected to work on facilitating the flow of cross-boundary use of scientific research funds, a major move that would see a push in the city's science and research sector.

Any country’s attempts to take all the benefits of the new industrial revolution through unilateralism and protectionism by virtue of its monopolistic position is a misjudgment of the development trend of multi-polarization of science and technology.

Another traditional first-tier city, Shenzhen, however, only ranked sixth in social consumption of around 289 billion yuan.

Apart from promoting online business, the Ministry of Commerce and the National Development and Reform Commission are also working on revising the Catalog of Encouraged Foreign Investment Industries to promote processing trade amid the novel coronavirus outbreak.

Antonio Campinos, president of the European Patent Office, said: "Our study shows that Chinese innovation in the field of fourth industrial revolution technologies has increased greatly. China has displayed, by far, the fastest growth of all major innovation centers around the world. Its universities, businesses, and regional hubs are becoming increasingly important players in the global 4IR innovation landscape."