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Hong Kong's leader, John Lee, introduced the city's inaugural five-year plan on Wednesday, with the aim of enhancing residents' well-being and reinforcing Hong Kong's role as a global financial hub. The comprehensive plan, which resulted from two months of consultations with lawmakers and residents, covers various aspects, including the economy, investment, land, housing, jobs, education, and healthcare.

One of the plan's key focuses is the development of the 30,000-hectare Northern Metropolis, located near the border with mainland China. This area is envisioned as a new growth engine and will bolster technological links with the mainland to create more jobs and housing. Upon completion, Lee stated that the area will be well-suited for living, working, and traveling, further boosting Hong Kong's overall competitiveness and progress towards sustainable development.

The strategy aligns with Beijing's national five-year plan approved in March for the period up to 2030. The Hong Kong plan's five primary objectives include solidifying its financial, maritime, and trade sectors, accelerating advancements in information and technology, and solidifying its position as a global offshore renminbi hub.

Hong Kong will serve as a "super connector," integrating with China's Greater Bay Area, said Lee. The plan emphasizes aligning with key national strategies in technology, covering various sectors such as lifestyle, healthcare, AI, robotics, microelectronics, new energy, advanced manufacturing, and new materials.

Additionally, the plan seeks to bolster Hong Kong's role as a center for international legal and dispute resolution services. The government first introduced plans for the Northern Metropolis in 2021, with the aim of providing homes for approximately 2.5 million people to address the chronic housing shortage and establish a new business district. The area is also set to include three university campus sites. Authorities anticipate the development of around 650,000 jobs once the project is fully realized.

With a population of 7.5 million, Hong Kong has faced challenges in the post-COVID pandemic era, including a weakening property market, which has traditionally been a significant source of public revenues through land sales. Lee, a former policeman and Hong Kong's security chief, assumed leadership of the city in 2022, following a period of mass anti-government protests in 2019. These protests culminated in Beijing imposing a sweeping National Security Law the following year.