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Denise Tsang

Hong Kong’s leader has identified financial services, innovation and technology, and education as three key new growth drivers ahead of the unveiling of the city’s inaugural five-year development blueprint and annual policy address, calling on individuals and industries to show vision and plan for the future.
Chief Executive John Lee Ka-chiu said on Saturday that Hong Kong’s first five-year plan would outline broad strategies, set clear development directions and align with the nation’s 15th five-year plan, while the policy address would focus on specific measures.
He said the two documents were closely linked and mutually reinforcing.
Lee urged Hongkongers and all sectors to adopt a long-term vision and plan for the future, expressing confidence in his ability to energise the market and create “new gains” for the city.
“We will remain pragmatic, continue to unleash market vitality, and constantly cultivate new growth drivers for Hong Kong,” he said of the city’s five-year plan.
Lee highlighted initiatives that he said had injected new momentum and created fresh opportunities: ensuring the effective operation of the central gold clearing system; developing a commodities trading ecosystem; attracting leading global enterprises to the Hetao innovation hub, the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop; and developing a university town in the Northern Metropolis.
Benjamin Hung Pi-cheng, chairman of the Financial Services Development Council, a government think tank, said the establishment of the Hong Kong Gold Exchange in January last year was a strategic and visionary move.

“There are only a handful of markets in the world that provide gold trading, refinery and storage services, and Hong Kong aims to be among these three-in-one markets,” he said.
“The development is also timely amid intensifying geopolitics, as capital is flowing from the west to the east.”
Hung said gold was the starting point for the development of the commodities ecosystem, which would later be extended to other precious metals.
“This will ultimately enhance the city to have pricing power and more say in the precious metals market,” he added.
This is seen as Hong Kong’s attempt to challenge London’s dominance in global bullion price-setting. Hong Kong is also competing head-on with Singapore on gold storage services.
Vincent Ma, CEO of the Hetao technology park, said the innovation hub had attracted more than 100 technology companies, providing a solid foundation for further development.
He said the completion of the innovation park’s main building, originally scheduled for a later date, had been brought forward to the end of this year, with its initial occupancy rate expected to reach 75 per cent.
Tim Lui Tim-leung, chairman of the government’s University Grants Committee, said the university town in the Northern Metropolis would cover more than 1,000 hectares (2,471 acres), including 300 hectares of campus space.

“The university town will be developed with five elements: education; technology; talents; industries; and urban development,” he said. “We will transform Hong Kong’s academic research into the power of commercialisation.”
The university town will be located near the Hetao innovation park, facilitating the cross-border flow of enterprises wishing to expand into the mainland, and vice versa.
At least 19 tertiary institutions have expressed interest in establishing a presence in the Northern Metropolis.
China’s 15th five-year plan, covering 2026 to 2030, requires Hong Kong to contribute to the nation’s development. It also supports the city’s efforts to become a high-end talent hub and to consolidate and enhance its status as an international financial, shipping and trading centre.
Lee said the government had received a strong response to an earlier public consultation on the city’s five-year plan, describing the feedback as “valuable and diversified” and as “providing an important reference and insights”.
During the two-month consultation, which ended in late August, the government held more than 100 sessions to gather views, with Lee personally conducting about 30 of them.
It received more than 16,000 public submissions. About 80 per cent came from individuals and focused on livelihood issues, while the rest were submitted by organisations, including political parties, think tanks, academic groups and business chambers.
Hong Kong’s first five-year plan and the annual policy address are due to be announced on September 16.


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Hong Kong’s leader outlines 3 key new growth drivers ahead of first 5-year plan

Chief Executive John Lee has outlined finance, technology and education as new growth drivers ahead of Hong Kong’s first five-year plan and annual policy address. Photo: Handout

Lee says the Hetao innovation hub and a Northern Metropolis university town will create fresh growth opportunities. Photo: Handout

The city leader highlighted gold clearing and commodities trading as new initiatives to strengthen Hong Kong’s growth momentum. Photo: Handout

John Lee urges banks to finance city’s tech growth, expand offshore yuan business

Authorities are pouring billions of Hong Kong dollars into the Northern Metropolis, a megaproject near the border that aims to power growth in innovation and technology. Photo: Edmond So

Hong Kong’s first 5-year plan, policy address to be unveiled on September 16

City leader John Lee tries out an exercise bike during his visit to Un Chau Estate in  Sham Shui Po. Photo: Karma Lo

John Lee says he will present both documents at the Legislative Council. Photo: Sam Tsang

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Hong Kong

Hong Kong Economy

John Lee highlights gold clearing system, attracting global enterprises to innovation hub and developing university town as key initiatives


John Lee highlights gold clearing system, attracting global enterprises to innovation hub and developing university town as key initiatives.


Hong Kong’s leader outlines 3 key new growth drivers ahead of first 5-year plan

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}John Lee highlights gold clearing system, attracting global enterprises to innovation hub and developing university town as key initiatives

John Lee highlights gold clearing system, attracting global enterprises to innovation hub and developing university town as key initiatives