Hong Kong unveils 1st five-year plan for economic, social development

The Hong Kong Special Administrative Region (HKSAR) unveiled its first five-year plan for economic and social development (2026-2030) on Wednesday.

The first five-year plan will help build a more open, inclusive, seliberal, prosperous and safer Hong Kong, said John Lee, chief executive of the HKSAR.

Unveiling the blueprint, Lee said the 2026-2030 period is five crucial years for Hong Kong to seize the opportunity to expedite the transition from stability to prosperity, enhance social well-being, and build a better home for all.

"These are five promising years for us to integrate into and serve the overall national development," he said.

The blueprint will shed light on directions of development, optimize resource allocation, stabilize social expectations, as well as better protect social well-being and the interests of global investors, Lee said.

Noting that this year marks the beginning of China's 15th Five-Year Plan period (2026-2030), Lee said that the inaugural blueprint represents a major initiative by the HKSAR government to uphold and enhance the executive-led system and improve governance efficacy.

The blueprint signaled the strategic planning need for Hong Kong to proactively align with national development strategies and better integrate into and serve the overall national development, the chief executive added.

Lee said the period is a time that presents Hong Kong with strategic opportunities to proactively embrace modern trends, consolidate and enhance its competitive edge, nurture new growth drivers, and achieve high-quality economic and social development.

Boosting role of international centers, talent hub 

Lee said on Wednesday that Hong Kong will strengthen its four centers and develop into a hub for high-caliber talent, consolidating and enhancing its edge in global competition.

By consolidating and enhancing Hong Kong's status as international financial, maritime and trade centers, and developing Hong Kong into an international I&T center and a global hub for high-caliber talent, Hong Kong will further sharpen its competitive edge, he said.

Lee said that Hong Kong, as an international financial center, must firmly demonstrate its international positioning by leveraging its open financial markets to attract global capital, talent, and financial enterprises.

Hong Kong must seek growth through stability and in turn reinforce stability through growth, a principle anchoring resilient underpinning, stable structures, robust capabilities, and manageable risks, as the city moves forward with various initiatives, he said.

These include fully leveraging the core function of propelling the real economy with finance, forging secure and highly effective financial infrastructure, and systemically developing a diverse capital market, he added.

Furthermore, Hong Kong will strive to enhance its competitive edge as an international aviation hub by continuously launching new routes, strategically attracting local and non-local airlines to develop new destinations and increase flight frequencies, and strengthening Hong Kong's long-haul network, particularly connections with the Belt and Road Initiative partner countries, he said.

On developing Hong Kong into an international hub for high-caliber talent, Lee said that Hong Kong will promote the integrated development of education, technology, and talent.

By leveraging its strengths, Hong Kong will enhance mechanisms to coordinate and execute these strategies, adopting a targeted approach to attract talent essential to the development needs of the country and the city, Lee said.

(With input from Xinhua)