Hong Kong’s 5-year plan underlines ‘DNA’ as a global city, market economy: John Lee

Hong Kong’s inaugural five-year plan highlighted its DNA as an international city while emphasising the market economy, the chief executive has said.

Speaking at a National Day reception on Thursday, Chief Executive John Lee Ka-chiu said the city needed a blueprint with strategic vision amid the rapidly changing geopolitical landscape and accelerated growth of AI, as he highlighted three features of the plan that was unveiled last month.

“[It] adheres to the ‘one country, two systems’ principle. This means that the five-year plan must be developed under the Basic Law framework,” he said, referring to the city’s governing principle and mini-constitution.

“The Basic Law expressly provides for the practice of capitalism and the common law system, as well as the free flow of capital, people, goods and information in Hong Kong, while the first five-year plan stresses a market economy and upholds the two-pronged approach of ‘effective market’ and ‘capable government’.”

Lee said another feature was to define Hong Kong’s strategic place in the world clearly, with both the five-year plan as well as his latest policy address attaching importance to the city’s global roles.

“The two documents reiterate the importance and establishment of Hong Kong’s global positioning, which powerfully illustrates that it is part of our city’s DNA,” he said.

Hong Kong’s first five-year plan formulates the direction of the city’s economic and social development between 2026 and 2030, and underlines the city’s aim to consolidate its status as an international financial, maritime, aviation and trade centre.

The city will also expedite its development into an international innovation and technology centre, and build an international hub for high-calibre talent.

Lee said the five-year plan leveraged Hong Kong’s unique strengths and would guide the formulation of policies and major projects grounded in the city’s actual conditions and characteristics.

The city leader said the aim of the blueprint was not merely to list a series of measures, but to lay out a strategic plan that exploited the advantages of “one country, two systems” to help Hong Kong seize opportunities that aligned with national development.

At the same reception, Hong Kong’s first astronaut, Lai Ka-ying, also delivered a speech from outer space to celebrate the 77th anniversary of the founding of the People’s Republic of China.

Lai said she was excited and proud to celebrate National Day in China’s space station, adding that being part of a national space mission filled her with confidence about the country’s strength.

She expressed gratitude for China’s care and love for Hong Kong and Macau and said she treasured the opportunity she had been given to be a part of the mission.

“Our country’s full support is always the strongest backdrop and the greatest source of confidence for Hong Kong and Macau,” she said.

Lai also said Hong Kong would thrive as it integrated and served national development under its five-year plan.