Hong Kong unveils first five-year plan to cement position as global financial hub

Hong ⁠Kong leader ​John Lee unveiled the city's first five-year plan on Wednesday, aiming to boost residents' livelihoods and cement its position ​as a global financial hub, while beefing up technology ties with the mainland.

The sweeping plan, which follows two months of government consultations with lawmakers and residents, spans areas from the economy and investment to land, homes, jobs, education and health.

The ​plan envisages ‌speeding development of the 30,000-hectare (116-sq-mile) Northern Metropolis, near the mainland China border, as a ⁠new growth engine, bolstering technological links and ties with the mainland to add jobs and homes.

When complete, Lee said, it would be ideal for ‌living, work and travel, "further boosting Hong Kong’s overall competitiveness and momentum for sustainable development".

The strategy ⁠comes after Beijing approved a national five-year plan in March for the years to 2030, in China's latest typical exercise laying out an official road map for social and economic development.

The ​Hong Kong plan's five major objectives include solidifying its financial, maritime and trade ‌areas, accelerating efforts in information and technology and strengthening its role as a global offshore renminbi hub.

Hong Kong will act as a "super connector" and integrate with China's Greater Bay Area, Lee said.

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"We will expedite the alignment with key ‌national strategies in technology," he said.

The focus would be on areas ranging from lifestyle and healthcare to AI and robotics, microelectronics, new energy, advanced manufacturing ​and new materials, he added.

It will also strengthen efforts to develop itself into a centre for international legal and dispute resolution services, Lee added.

Northern Metropolis to ease house shortage 

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The government first unveiled plans for ​the Northern Metropolis in 2021, aiming to provide homes for about 2.5 million people to alleviate a ​chronic shortage of housing, and establish a new business district.

It also includes ​plans for three university campus sites. Authorities said the area will add about 650,000 jobs once fully developed.

A densely packed hub of 7.5 million, the ​former British colony has grappled with post-Covid pandemic malaise and a falling property market - long a mainstay of public revenues from land sales income.

Lee, a former policeman and Hong Kong security chief, took over its leadership in 2022, in the aftermath of Covid and mass anti-government protests in 2019 that led Beijing to impose a sweeping ⁠National Security Law the following year.

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While Lee has spearheaded an economic recovery, his administration has also faced pressure from last November's Wang ⁠Fuk Court fire ​in Tai Po that killed 168 and made thousands homeless in the deadliest fire in decades.