Five-year plan 'all about finding new growth engines'
Financial Secretary Paul Chan said on Thursday Hong Kong's first five-year plan provides a clear framework for policymaking and investment, urging businesses to understand the government's strategies and priorities so they can "plan and invest with confidence". Speaking at a business forum, Chan highlighted two connected priorities – finance, and innovation and technology – in the plan, which was…
Hong Kong's inaugural five-year plan serves as a blueprint for government policies and investments, encouraging businesses to grasp the administration's strategies and priorities to plan and invest with confidence. During a business forum, Financial Secretary Paul Chan emphasized two key priorities within the plan: finance and innovation and technology. Chan reiterated Hong Kong's commitment to converting opportunities into long-term outcomes.
The government's "Finance+" strategy seeks to create new growth engines, foster emerging industries, and finance Hong Kong's environmental transition. Chan highlighted that Hong Kong is a hub of capital, innovators, enterprises, and professional expertise, aiming to utilize these strengths more effectively to develop new growth engines, support new industries, help businesses transform and expand, as well as finance the green transition.
Chan stressed that the question at hand is not just about attracting capital, but what that capital can accomplish. Notably, Hong Kong's connection with the mainland mainland is crucial in this role, facilitating the translation of technologies from laboratories to the market on a large scale while blending mainland strengths with international capital and global markets.
He cited a surge in Initial Public Offerings (IPOs) as evidence, stating that Hong Kong raised approximately HK$388 billion in the first nine months of the current year, more than double the amount raised in the previous year.
In the realm of innovation and technology, Chan explained that the Northern Metropolis project is more than just about land and buildings. It involves bringing education, research, talent, enterprises, and industry together to establish a new engine of growth. He highlighted the Hetao cooperation zone as a prime example, where Hong Kong and mainland authorities are enhancing collaboration in clinical research and drug regulation, attracting international pharmaceutical companies to conduct research and establish manufacturing facilities.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
