Hong Kong is poised to play a pivotal role in several key areas of national development as the city aligns itself with the goals of the country's 15th Five-Year Plan, Financial Secretary Paul Chan said.

In his budget speech on Wednesday, Chan outlined how Hong Kong could contribute to building a modernised industrial system, accelerating the country’s high-level scientific and technological self-reliance and supporting high-standard opening up, while also serving as a global hub for top-tier talent.

This year marks the beginning of the national 15th Five-Year Plan, and Chan stressed the importance of approaching it with an innovative mindset.

“We must embrace the 15th Five-Year Plan with an innovative mindset, fostering new quality productive forces in accordance with local conditions,” he said.

Chan noted that the recommendations for the 15th Five-Year Plan explicitly support Hong Kong in better integrating into and serving the broader national agenda.

The plan, he said, reinforces the SAR’s role as an international financial, shipping and trade centre, while also supporting its development into a global innovation and technology hub and a magnet for high-calibre talent.

“With strong basic research capabilities, Hong Kong possesses a unique edge in AI, life and health technology, fintech, as well as new materials and new energy,” Chan said.

He also underscored the city’s financial prowess, driving the “Finance+” initiative aimed at capitalising the sector to better serve the real economy and industries with competitive advantages.

“In so doing, we can leverage our strengths to serve the country’s needs,” Chan added.

On the international front, Chan emphasised Hong Kong’s role in promoting high-standard opening up.

Under the "One Country, Two Systems” principle, the city offers unique institutional advantages, he said.

“With our efficient aviation, shipping and logistics services, we serve as a ‘super connector’ and ‘super value-adder’ to help enterprises go global and bring in external investments, fostering two-way trade and investment,” Chan said.

He also touched on Hong Kong’s ability to attract and nurture global talent.

“Hong Kong’s world-class universities and internationalised environment are conducive to attracting and bringing in top global talents in various sectors, particularly leading experts in the scientific research field from around the world,” he said.

He added that the city would continue to develop local talent in line with the national strategy of integrating education, technology and talent.

Looking ahead, Chan announced that Chief Executive John Lee would lead a cross-bureau, cross-departmental task force to proactively align Hong Kong with the 15th Five-Year Plan.

The city would also formulate its own five-year plan for the very first time.

“We will integrate more actively into and serve the overall national development," Chan said.

"With the synergy between a capable government and an efficient market, we aim at driving high-quality, high value-added and diversified economic growth."


Edited by Edmond Fong