As the Hong Kong Special Administrative Region government consults the public on the city’s first five-year plan, the maritime sector should see this as more than a routine policy exercise. It is a chance to ask a more important question: What kind of international maritime center does Hong Kong want to be over the next five years?

For years, discussion of Hong Kong’s maritime position has tended to focus on familiar indicators such as port throughput, shipping traffic, and logistics efficiency. Those metrics still matter, and they remain part of Hong Kong’s maritime foundation. But they no longer capture the full picture, nor should they define the city’s future ambition.

If Hong Kong continues to think about its maritime role mainly in port terms, it will miss where its real strengths now lie. Hong Kong’s advantage is not just that it has a port. Its stronger and more defensible advantage lies in the wider ecosystem of high-value maritime services that sits around shipping: finance, insurance, legal and dispute resolution services, risk management, trading support, and other professional services. That is where Hong Kong has the clearest basis to differentiate itself.

This is why the first five-year plan matters. It should do more than gathering existing initiatives under a new heading. It should help define priorities and direct resources to the areas where Hong Kong can build genuine long-term strength. In maritime terms, that means being clear-eyed about where the city can still lead, and not treating older measures of success as the whole story.

Hong Kong starts from a position of real advantage.

One clear strength is its legal and institutional framework. Shipping is an international business built on contract certainty, risk allocation and enforceability. When disputes arise, parties need credible and efficient mechanisms to resolve them. Hong Kong’s common law system, independent Judiciary and established arbitration and mediation services are not abstract institutional virtues. They are practical commercial assets. They give shipowners, charterers, financiers, insurers and traders confidence that transactions can be structured properly and disputes handled fairly.

The better ambition is to develop as a higher-value, service-driven and internationally connected maritime center, one that is aligned with Hong Kong’s real strengths and able to serve the country’s broader strategic needs. If the first five-year plan helps move policy in that direction, it will have achieved something that genuinely matters

Another strength is finance. Shipping is capital-intensive by nature, and the forces now reshaping the industry, particularly decarbonization, fleet renewal and technological upgrading, will require very substantial capital. Hong Kong has the banking, capital markets and professional advisory capabilities to play a much larger role in maritime finance, including ship finance, leasing and green maritime investment. If the city sees itself simply as a gateway for goods, it risks overlooking one of its most important opportunities.

Insurance and risk management should also feature much more prominently in Hong Kong’s maritime strategy. Shipping is exposed not only to operational and casualty risk, but also to compliance, sanctions, market and geopolitical risks. A serious maritime center should be able to help the industry manage those risks, not merely move cargo. Marine insurance, protection and indemnity work, claims handling and related advisory services are all part of a more sophisticated and higher-value maritime offering. Hong Kong has the professional depth to do more in this area.

The same is true of maritime legal services and dispute resolution. A credible international maritime center is not defined only by the number of vessels calling at its port. It is also defined by whether it can support complex transactions and resolve difficult disputes with efficiency and credibility. This is one of the areas where Hong Kong has a genuine competitive edge.

It is also one of the areas where Hong Kong can contribute directly to national development. As the country continues to pursue high-standard opening-up and strengthen its position as a major maritime, trading and commercial power, Hong Kong is well placed to serve as a bridge between mainland maritime interests and the international market. It can help mainland shipping, trade and energy enterprises navigate international contracts, financing structures, legal risk and dispute resolution. That is not a symbolic role. It is a practical strategic function, and one that few other cities can perform in the same way.

Against that background, the five-year plan should be more explicit about further developing the sectors where Hong Kong can build real maritime depth.

First, maritime finance should be treated as a core priority. Hong Kong should take a more deliberate approach to developing ship finance, maritime leasing, green shipping finance and related investment platforms. The transition to greener shipping and the need for fleet modernization are already driving large capital requirements across the industry. Hong Kong should position itself to capture a meaningful share of that business.

Second, marine insurance and maritime risk management deserve stronger policy attention. These are not merely supporting services. They are part of the core architecture of a modern maritime center. Hong Kong should consider how to attract more specialist institutions, deepen the talent pool, and strengthen supporting professional services in this space.

Third, maritime legal and dispute resolution services should be developed as part of the city’s wider maritime strategy, not seen as a separate professional niche. Hong Kong already has a solid base. The next step is to connect that base more directly to the needs of the Guangdong-Hong Kong-Macao Greater Bay Area and to the international expansion of mainland enterprises. Done properly, this would not only strengthen the legal sector. It would reinforce Hong Kong’s broader maritime and commercial role.

It is also important to think more holistically about the ecosystem around shipping. Maritime activity is linked to commodities, energy, trade finance, insurance, logistics support, settlement and legal services. Hong Kong should not view these in silos. The stronger the links between them, the more credible and resilient its maritime position will be.

Green shipping, digitalization and innovation should likewise be built into the city’s planning now, not later. Competition among maritime centers is increasingly about who can provide the right regulatory environment, financing structures, technological support and professional services for a changing industry. Hong Kong does not need to compete with every port city on every measure. But it does need to be clear about where it can be genuinely competitive, and to back those areas with policy support.

The value of the first five-year plan for the maritime industry lies in whether it helps Hong Kong define its maritime future more intelligently. The city should of course continue to support its port and logistics functions. But it should stop treating those functions as the whole story.

The better ambition is to develop as a higher-value, service-driven and internationally connected maritime center, one that is aligned with Hong Kong’s real strengths and able to serve the country’s broader strategic needs. If the first five-year plan helps move policy in that direction, it will have achieved something that genuinely matters.

The author is a member of the Chief Executive’s Policy Unit Expert Group, the Department of Justice Expert Advisory Group on Legal and Dispute Resolution Services, and the Hong Kong Maritime and Port Development Board.

The views do not necessarily reflect those of China Daily.