Financial Secretary Paul Chan on Sunday said a three-day visit to Shanghai last week showed that Hong Kong is heading in the right direction in developing innovation and technology.

Writing on his official blog, Chan said he attended an artificial intelligence conference and visited various tech firms to explore potential cooperation between Hong Kong and Shanghai.

He added that the SAR must strive to take the lead in driving new technology amid global competition.

"By visiting companies or their research centres, attending luncheons and other special events, we have gained a broader understanding and built contacts with emerging start-ups and leading technology companies," he wrote.

"They all recognise the advantages of Hong Kong's 'One Country, Two Systems' and internationalisation, and have expressed strong interest in expanding their global markets with Hong Kong as their base."

The financial secretary also cited efforts already under way to boost Hong Kong's economic momentum, including organising carnivals as part of the "Happy Hong Kong" campaign and handing out another round of spending vouchers in about a week.