Postwar Hong Kong experienced some of the fastest economic growth in the developing world. What has received less recognition, however, is that productivity was just as exceptional, outpaced only by Japan. Scholars have focused on the former phenomenon through comparative advantage and low-cost labor but overlooked the latter, thereby conflating growth with development. Drawing on state and firm archival records, this talk examines the period of Hong Kong’s industrial diversification in the 1970s and 1980s and offers an explanation of manufacturing development and efficiency, arguing that Hong Kong firms turned to Taiwan state-owned enterprises to acquire advanced equipment and know-how. The talk looks closely at Meyer Aluminum of Hong Kong and its long-term relationship with Taiwan state-owned industries. By shifting focus from the macro-level to the micro and examining the needs and strategies of firms, the talk challenges understandings of the developmental state and the dichotomy of state versus market. It illustrates how actors responded to different contexts and available opportunities rather than let themselves be guided by state economic designs.