Hong Kong Unveils 5-Year Plan to Address Economic Gaps, Create Jobs

Key facts

• Hong Kong's government plans to publish its first five-year strategic plan in the third quarter.
• The plan aims to address economic gaps and create quality jobs, with a focus on AI and the Northern Metropolis.
• Financial Secretary Paul Chan is promoting Hong Kong as a hub for AI investment, connecting international investors with Chinese tech firms.
• A two-month public consultation on the blueprint has been launched.
• The plan is intended to align with Beijing's national development blueprint for 2026-2030.

Hong Kong is preparing to launch its first five-year plan, a strategic document aimed at addressing economic disparities and fostering job creation, particularly in the fields of artificial intelligence and the Northern Metropolis megaproject. Secretary for Constitutional and Mainland Affairs Janice Tse Siu-wa announced that the plan is slated for publication in the third quarter and is currently undergoing a two-month public consultation. Tse emphasized that the blueprint is designed to be a high-level, forward-looking guide that complements the city's annual budget and the Chief Executive's policy address, aligning Hong Kong's development with Beijing's national 15th five-year plan (2026-2030).

Financial Secretary Paul Chan has been actively promoting Hong Kong as a pivotal hub for AI investment, positioning the city as a bridge between international investors and Chinese technology firms. He highlighted Hong Kong's stable investment environment and China's strengths in AI development, including its manufacturing capabilities and electronics supply chain. To further support AI advancement, the government is establishing a Committee on AI+ to identify and remove development bottlenecks, alongside plans for broad AI training programs and market infrastructure upgrades.

Tse addressed concerns that the five-year plan signaled a move towards a planned economy, asserting that the initiative would "complement" Hong Kong’s free market system and uphold the "one country, two systems" principle. She clarified that aligning with national plans shapes vision and deployment through macro-policies rather than replacing market mechanisms, aiming for clearer and steadier market development.