Hong Kong sets out initiatives to secure long-term development of pillar industries

Hong Kong's Chief Executive John Lee introduced a series of initiatives to bolster the city's core economic sectors in his First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region, which spans from 2026 to 2030. The plan emphasizes strengthening Hong Kong's four key centers, establishing a hub for high-caliber talent, and preserving its competitive advantage as an international metropolis.

The city's standing as a global financial, maritime, and trade hub, along with its aviation prominence, forms the foundation for its sustained growth and long-term prosperity.

Lee emphasized the commitment to maintaining Hong Kong's status as an international financial center while expanding its global offshore Renminbi business, capital market, asset, and wealth management, and risk management sectors. Hong Kong has already become the world's leading cross-border wealth management center this year, and the government intends to further improve the asset and wealth management ecosystem.

The central clearing and settlement system for gold trading is set to launch in the first quarter of 2027, with a focus on gold as an entry point for commodity trading. The central clearing system is expected to be operational by the first quarter of 2027.

According to Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, the Five-Year Plan highlights a shift in mindset, advocating for a longer-term, flexible, and diversified approach to financial development. Hui aimed to elevate Hong Kong from a 'corridor of capital' to a 'destination of choice'. Hong Kong ranked fifth globally in merchandise trade in 2025, and the government plans to enhance its role in the Mainland's overseas expansion.

The Task Force on Supporting Mainland Enterprises in Going Global, established last October, has already provided assistance to over 340 Mainland enterprises in listing, raising capital, aligning with overseas standards, obtaining industry certifications, and fulfilling compliance requirements.

The First Five-Year Plan aims to expand Hong Kong's international economic and trade networks, fostering free trade and investment agreements with developmentally beneficial or strategically located economies. The city will also expand its network of overseas offices, leveraging existing networks to strengthen ties and promote trade and investment.

As an international maritime center, Hong Kong has consistently ranked fourth globally in maritime comprehensive strength for seven consecutive years. The plan focuses on a "volume to value" transformation of the Hong Kong Port, harnessing its strengths in high-value-added maritime services to develop the city into a "Global Maritime Capital".

To achieve this, Hong Kong seeks to develop a "Finance + Shipping" ecosystem, leveraging existing maritime finance, insurance, and arbitration under common law. Regarding aviation, Hong Kong's passenger and cargo throughput continues to grow, with a 15% year-on-year increase in passenger numbers to 61 million and 5.07 million tonnes in air cargo throughput.

The government intends to expand its aviation network and diversify business opportunities by establishing new air services agreements and expanding traffic rights in various regions, including South America, Africa, Central Asia, the Middle East, and the Caucasus. Lastly, the plan focuses on building Hong Kong as an international innovation and technology center by promoting AI applications across various industries and striking a balance between encouraging innovation and ensuring security, thereby enhancing Hong Kong's international competitiveness in AI development.