HK launches public consultation for first 5-year plan

Hong Kong has initiated a public consultation process for its first-ever five-year plan for regional economic and social development. The framework is designed to provide a forward-looking, strategic blueprint for the city over the next five years.

According to a government spokesperson, the milestone initiative marks a profound step forward for the city, creating an actionable guiding document that allows Hong Kong to proactively serve the overall national development while fortifying its own unique competitive edges.

The proposal outlines comprehensive strategies to deepen Hong Kong’s financial markets by fostering collaborative growth across equity, bond, asset management, wealth management, insurance, and risk mitigation sectors.

A primary goal is to expand the city's capacity as the global offshore RMB hub and build a robust commodities trading ecosystem. By advancing "Finance+" initiatives in fintech, trade finance, and green finance, the plan seeks to back the national strategy of building a global financial powerhouse, expanding cross-boundary investment channels so Mainland enterprises can seamlessly access overseas capital.

On the trade front, Hong Kong plans to expand its international economic networks and build a high value-added supply chain services centre. This includes upgrading professional supporting services such as trade finance, testing and certification, and legal arbitration. The government intends to enhance the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) by further liberalising trade in services, digitising trade documents, and using the local convention and exhibition industry as a two-way launchpad for Mainland brands expanding abroad and foreign products entering the domestic market.

The plan places a heavy emphasis on transforming Hong Kong into an international innovation and technology (I&T) hub by optimising research parks, laboratory facilities, and data infrastructure. Investment will scale up significantly in basic scientific research across critical sectors including frontier technologies, life and health sciences, advanced manufacturing, new energy, microelectronics, and data science.

A cornerstone of this tech push is the "AI+ Initiative," which aims to speed up the commercialisation of artificial intelligence research, build out real-world industry application scenarios, and establish a clear framework for data governance. The government will also accelerate the development of the Hetao Hong Kong Park and the San Tin Technopole to build a well-coordinated upstream, midstream, and downstream industrial ecosystem.

Culture and talent

To sustain these ambitions, the proposal maps out a strategy to position Hong Kong as an international hub for high-calibre talent by integrating education, technology, and career opportunities. The government plans to actively recruit global researchers and elite students while strategically restructuring educational resources to boost applied learning, cross-disciplinary training, and vocational skills.

The city will review and dynamically adjust its immigration and residency policies to ensure it retains targeted talent that fits long-term economic needs. Furthermore, the plan promises to facilitate smoother cross-border travel and employment for Hong Kong professionals working in the Mainland. Culturally, the government intends to market the "Study in Hong Kong" and "Study Tour in Hong Kong" brands to international students while funding university exchange programs to broaden local students' perspectives.

The five-year plan seeks long-term economic diversification by leveraging technology to upgrade traditional industries, enhance cost-effectiveness, and build local brands in fields where Hong Kong holds a strong international reputation, such as Chinese medicine, medical manufacturing, food, and creative sectors.

The framework will reinforce Hong Kong’s status as an international legal and dispute resolution services center by building on its common law system and deep pool of legal talent. Additionally, the government will strengthen intellectual property laws to protect I&T breakthroughs, creating a more robust IP ecosystem covering valuation, financing, licensing, and transactions.

Recognising the city's diverse cityscape, natural ecology, and heritage sites, the proposal aims to maximise "Culture+Tourism," "Sports+Tourism," and "Event+Tourism" frameworks. Hong Kong will look to solidify its identity as an East-meets-West hub for international cultural exchange by promoting traditional Chinese culture, maintaining museums, and preserving intangible cultural heritage.

In sports, the plan emphasises community-wide fitness alongside elite athlete support systems. By utilising large-scale infrastructure and the established "M" Mark System, the city intends to secure major international tournaments, driving commercial sports growth and deepening event collaboration across the Greater Bay Area.

Members of the public are welcome to submit their views on or before 14 August 2026 through hk5yplan@cmab.gov.hk. Respondents submitting views on behalf of an organisation should provide details of the organisation they represent.

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