Hong Kong unveils first five-year plan to reinforce financial hub ambitions
John Lee’s administration has set out a broad economic and social roadmap, with the Northern Metropolis and technology ties to mainland China at its centre.
Hong Kong leader John Lee has unveiled the territory’s first five-year plan, linking its economic recovery with efforts to strengthen its position as a global financial, maritime and trade hub.
The plan covers economic development, investment, housing, jobs, education and health. It also aims to expand Hong Kong’s role as an offshore renminbi hub and develop its international legal and dispute-resolution services.
A central priority is the accelerated development of the 30,000-hectare Northern Metropolis near the mainland border. Lee’s administration has presented the area as a potential engine for jobs, housing and technology, with plans first outlined in 2021 for about 2.5 million residents and 650,000 jobs when fully developed.
The strategy prioritises artificial intelligence, robotics, microelectronics, new energy, advanced manufacturing and new materials. Lee said Hong Kong would strengthen alignment with national technology strategies and deepen integration with China’s Greater Bay Area.
The plan follows two months of consultations and Beijing’s approval in March of a national five-year plan running to 2030. It comes as Hong Kong faces post-Covid economic weakness, a falling property market and chronic housing shortages.
France 24 reported that the document does not set out an implementation timetable, funding arrangements or measures for assessing whether its objectives will be met.
