The Hong Kong Special Administrative Region must understand the macro-planning of the 15th Five-Year Plan (2026-2030) and, through better integration, be able to unleash greater growth potential, Financial Secretary Paul Chan Mo-po said in his Sunday blog.

“As a special administrative region of the country, Hong Kong must continue to understand deeply and learn from the ideas of the 15th Five-Year Plan. Only by understanding the macro-planning can we better integrate into it,” he said.

“By combining Hong Kong’s own characteristics, including the institutional advantages of ‘one country, two systems’, the common law system, internationalization, the gathering of high-quality enterprises and high-end talents, and the functions of an international financial center, the city will be able to unleash greater growth potential.”

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“Hong Kong boasts world-class financial markets and professional services, providing stronger support for accelerating the development of a modern industrial system and promoting the deep integration of technological and industrial innovation,” the finance chief said.

The SAR government must accelerate efforts to promote four sectors – full-chain financing, intellectual property financing, testing and certification, and technology services tailored to the needs of technology companies.

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In promoting coordinated regional development, Chan emphasized it is equally important for Hong Kong to further develop more concrete and feasible measures with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area in areas like rule alignment and mechanism integration to facilitate convenient cross-boundary flow of innovative elements.

Chief Executive John Lee Ka-chiu has said the preparatory groups set up by various bureaus have been converted into formulation teams to align with the national development blueprint, working at full speed to complete Hong Kong’s own five-year plan this year.

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“With a clear shared objective, the policy bureaus cooperate and coordinate with each other to formulate comprehensive action plans. We must adhere to the combination of an effective government and an efficient market, break through traditional thinking, be bold to innovate and be determined to reform, and implementing the work with a proactive and pragmatic attitude,” Chan said.

The annual plenary sessions of the National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference ended last week. The fourth session of the 14th NPC approved the 15th Five-Year Plan outline, setting forth a blueprint and action plan for the country’s socio-economic development in the next five years.

The outline plan offers precise directions regarding optimizing and upgrading traditional industries, cultivating and expanding emerging industries, forward-looking planning for future industries, and high-quality and efficient development of the service sector.

It also highly prioritizes strengthening original innovation and tackling key core technologies to accelerate high-level technological self-reliance.