Hong Kong's first five-year plan helps chart development vision of the SAR: China Daily editorial

Hong Kong Chief Executive John Lee Ka-chiu presented the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-30) at the Legislative Council on Wednesday, outlining the city's development vision and strategic directions for the five years.

The document covers the economy, industries, infrastructure and the green transformation, as well as livelihood sectors including healthcare, education, housing, welfare, and elderly care. It focuses on Hong Kong's unique advantages under the "one country, two systems" framework, and seeks to strengthen the SAR's position as an international financial, maritime and trade center.

By launching the five-year plan, the SAR is seeking to align its development with that of the country as a whole. The Chinese central government launched the 15th Five-Year Plan (2026-30) for National Economic and Social Development this year. This alignment will enable Hong Kong to seize the opportunities presented by the Chinese mainland's high-quality development and high-standard opening-up, while also forging consensus and uniting different segments of society to promote Hong Kong's transition from stability to prosperity.

The SAR's plan looks to leverage the mainland's shift toward innovation-driven growth, its progressing green transition and deeper global integration to make the most of Hong Kong's complementary strengths as an international center.

Hong Kong, as a financial center, is the world's largest cross-border wealth management hub. As a shipping center, it hosts around 1,200 maritime-related companies offering high-value professional services. And as a trading center, the city ranks among the world's largest commodity trading economies and is one of the freest economies globally. The SAR's five-year plan seeks to consolidate these advantages, including by building a commodity trading ecosystem and a high value-added supply chain services center.

A key focus is on innovation and technology. By transforming the Northern Metropolis — a major strategic development project in Hong Kong — and the Guangdong-Hong Kong-Macao Greater Bay Area into research and high-value industry hubs, Hong Kong aims to diversify its economy, create quality jobs and secure future competitiveness.

As the mainland opens its markets wider and moves up the value chain, Hong Kong can serve as a bridge and gateway for capital, talent and ideas to flow in both directions, connecting the mainland to the world and the world to China's next phase of modernization. This is not only an economic opportunity, but also a defining test of how well the SAR can consolidate its position while contributing to national development.

Given its aim to create employment opportunities and foster upward mobility, the plan has profound significance for all Hong Kong residents. The SAR government organized multiple consultation sessions over the past several months to gather inputs from Legislative Council members, sectoral representatives and the general public. Ideas from all sections of society have proved invaluable in shaping a shared vision for Hong Kong's future.

Moreover, the Hong Kong SAR government has also studied the experiences of the Macao SAR and mainland cities, sending teams to various places to learn from them before drawing up its first five-year plan. Addressing concerns that the plan might change Hong Kong's system, the chief executive assured that the plan will uphold Hong Kong's rule of law and capitalist system, implement the Basic Law and adhere to the principle of "one country, two systems" without altering the SAR's identity. "The five-year plan is not a planned economy. It is a plan which tells us where the strategic directions are, where we are heading, and what the priority areas are," he said.

The plan will help the SAR navigate global uncertainties and the changes brought by the latest technological revolution. With strong support from the central government and active participation from all sections of society, Hong Kong is well-positioned to effectively draw on its traditional strengths while complementing them with new ones.