Hong Kong's business and innovation and technology (I&T) sectors have expressed strong support for the city's first five-year plan and the 2026 Policy Address, both unveiled on Wednesday to outline the special administrative region's commitment to developing its I&T ecosystem and accelerating the commercialization of scientific breakthroughs.

The Chinese Manufacturers’ Association of Hong Kong (CMAHK) hailed the SAR government for its innovative thinking and transformative approach in strategic planning, which injects significant momentum into Hong Kong's economic and social development.

Lo Kam-wing, president of CMAHK, said that the five-year plan strengthens innovation’s leading role in enterprises and optimizes the development mechanism for science and technology, enhancing its international competitiveness.

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CMAHK said it supports the SAR government's efforts to expand the Northern Metropolis University Town Area, promote cross-university collaboration, and provide talent and tech support for upgrading industries in the Guangdong-Hong Kong-Macao Greater Bay Area.

The association believes the plan marks a new chapter of reform, providing a powerful boost to the business community.

The Alibaba Entrepreneurs Fund (AEF) welcomed the SAR government's continued commitment to bolstering Hong Kong’s I&T capabilities, particularly through the HK$10 billion ($1.27 billion) Innovation and Technology Industry-Oriented Fund and enhancements to the Innovation and Technology Venture Fund Enhanced Scheme.

Cindy Chow, CEO of AEF, noted that these measures will direct patient capital and market funding toward high-potential I&T enterprises, broadening financing channels for startups and supporting them at various growth stages as they invest in R&D, validate business models, and scale operations.

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China Light and Power Company expressed strong support for the inaugural five-year plan, emphasizing that it will enhance the synergy between policy and resource allocation.

Chiang Tung-keung, executive director of CLP, said that the company will fully cooperate with the SAR government's development strategies and, through forward-looking power planning and continuous investment, provide safe, reliable, and low-carbon power services to support Hong Kong's high-quality development.

The Hong Kong Institute of Certified Public Accountants (HKICPA) highlighted that the city’s first five-year plan will help the SAR align proactively with the national 15th Five-Year Plan and better integrate into national development.

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Stephen Law Cheuk-kin, president of the HKICPA, said that the city’s accounting profession welcomes and will support the implementation of Hong Kong’s five-year plan and the Policy Address, leveraging the profession’s diverse strengths to reinforce the city’s position as an international financial center and a hub for high value-added professional services, while contributing to national development.

Guo Yike, provost of the Hong Kong University of Science and Technology and director of the Hong Kong Generative AI Research and Development Center, expressed support for the SAR government's commitment to accelerating artificial intelligence development, pledging to actively implement the plan by launching diverse AI applications to empower industries across various sectors and propel Hong Kong forward as a smart city.