Hong Kong’s leader outlines 3 key new growth drivers ahead of first 5-year plan

Hong Kong's leader has outlined three key growth drivers for the city's inaugural five-year development plan ahead of its release. These include financial services, innovation and technology, and education. Chief Executive John Lee Ka-chiu stated that the plan will align with China's 15th five-year plan, while the accompanying policy address will focus on specific measures.

Lee emphasized the importance of remaining pragmatic and nurturing new growth drivers for Hong Kong. He highlighted four initiatives that have contributed to the city's growth: the effective operation of the central gold clearing system, the development of a commodities trading ecosystem, attracting global enterprises to the Hetao innovation hub, and the establishment of a university town in the Northern Metropolis.

Financial Services Development Council Chairman Benjamin Hung Pi-cheng praised the establishment of the Hong Kong Gold Exchange, which opened in January last year, as a strategic move that positions Hong Kong among a select few markets offering gold trading, refining, and storage services. Vincent Ma, CEO of the Hetao technology park, noted that the innovation hub has attracted over 100 technology companies, with its main building set to open by the end of the year and achieve a 75 percent occupancy rate.

University Grants Committee Chairman Tim Lui Tim-leung elaborated on the university town project, stating it will span over 1,000 hectares and integrate education, technology, talent development, industries, and urban development. The city's 15th five-year plan, which spans from 2026 to 2030, requires Hong Kong to contribute to the nation's growth while consolidating its status as a high-end talent hub and an international financial, shipping, and trading center.

Lee mentioned that the government received valuable and diverse feedback during the two-month public consultation, which concluded in late August. More than 16,000 public submissions were received, with around 80 percent coming from individuals concerned about livelihood issues.