With the public consultation for the Hong Kong Special Administrative Region government's first five-year development plan to begin next Monday, Financial Secretary Paul Chan Mo-po said the blueprint is expected to chart a clear direction for the city's future development.
"This plan carries the DNA of openness and collaboration. We look forward to bringing together wisdom from all sides, and co-designing Hong Kong's future development road map with the market," Chan said on Friday at a financial forum.
Chan said the Hong Kong SAR should not only bridge the Chinese mainland and global markets, it should also endeavor to develop itself and collaborate with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area, with the goal of gaining advanced manufacturing capabilities.
The nation's 15th Five-Year Plan prioritizes enhancing the modern industrial system and technological self-reliance, with deeper artificial intelligence-industry integration as a strategic focus. To better support the broader development agenda, Chan said Hong Kong must align with national strategies, noting that the SAR government has been pressing ahead with the synergistic development of “AI+” and “Finance+”.
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Regarding financial development, Chan said Hong Kong has a full-chain fundraising and financing system, and highlighted that every Hong Kong dollar invested by the Hong Kong Investment Corp Ltd has attracted over HK$8 ($1.02) from long-term capital for investment. The HKIC is a patient capital institution wholly owned by the HKSAR government.
In the future, Hong Kong will step up efforts to create more patient capital and strengthen the technology services industry to better support innovation, Chan added.
Chan also noted that the SAR government has been promoting AI training for the public, with the goal of raising productivity rather than replacing human labor.
He emphasized that the interaction between finance and innovation would be a key priority for the next phase of the city’s development. Hong Kong will support investors and entrepreneurs in achieving new growth with its sound institutions, open markets and continuing innovation, he added.
Hong Kong's exports rose by more than 15 percent last year and increased by about 35 percent in the first four months of this year, with AI and telecommunications equipment accounting for a significant share.
Chen Ruqing contributed to this story.
