Hong Kong Leader Outlines Five-Year Plan Focused on Financial Services, Innovation, and Education

Hong Kong’s leader has identified financial services, innovation and technology, and education as three key new growth drivers ahead of the unveiling of the city’s inaugural five-year development blueprint and annual policy address.

Chief Executive John Lee Ka-chiu said on Saturday that Hong Kong’s first five-year plan would outline broad strategies, set clear development directions and align with the nation’s 15th five-year plan, while the policy address would focus on specific measures.

He said the two documents were closely linked and mutually reinforcing.

“We will remain pragmatic, continue to unleash market vitality, and constantly cultivate new growth drivers for Hong Kong,” he said of the city’s five-year plan.

Lee highlighted four initiatives that he said had injected new momentum and created fresh opportunities: ensuring the effective operation of the central gold clearing system; developing a commodities trading ecosystem; attracting leading global enterprises to the Hetao innovation hub, the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop; and developing a university town in the Northern Metropolis.

Benjamin Hung Pi-cheng, chairman of the government think tank Financial Services Development Council, said the establishment of the Hong Kong Gold Exchange in January last year was a strategic and visionary move.