Hong Kong to align development strategy with China’s 15th Five-Year Plan

The government will draft the city’s first five-year plan.

Hong Kong will align its development strategy with China’s 15th Five-Year Plan, Chief Executive John Lee said after the national blueprint was approved by China’s National People’s Congress on 12 March.

The government will formulate its own five-year development blueprint aligned with the national plan, Lee said.

“We will map out strategic initiatives of greater comprehensiveness, higher precision and in finer detail for key development areas, and draw up a strategic five-year plan for the first time for Hong Kong,” he added.

The national plan supports the city in consolidating and enhancing its roles as an international financial, shipping and trade centre, and international aviation hub.

Lee added that it also calls for strengthened functions as a global offshore renminbi business hub, an international asset management centre, and an international risk management centre.

In the area of innovation and technology, the plan supports the accelerated development of the Northern Metropolis, a cross-border development zone intended to strengthen collaboration with mainland China.

“The 15th Five-Year Plan also further incorporates, for the first time, support for Hong Kong in establishing a commodity trading ecosystem and a high-value-added supply chain service centre,” Lee said.

The blueprint further calls for deeper cooperation with the mainland in areas including trade, technology and culture, as well as advancing infrastructure projects such as the Hong Kong-Shenzhen Western Rail Link.