Hong Kong unveils maiden 5-year plan, charts roadmap for high-quality development

HONG KONG, Sept. 16 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) on Wednesday unveiled its first five-year plan for economic and social development (2026-2030), a milestone as it enters a new phase of becoming more prosperous.

The plan will help build a more open, inclusive, liberal, prosperous and safer Hong Kong, said HKSAR Chief Executive John Lee.

Unveiling the blueprint, Lee said the 2026-2030 period is five crucial years for Hong Kong to seize the opportunity to enhance social well-being and build a better home for all.

Comprising seven parts and 28 chapters, the plan sets out a total of 105 indicators spanning a wide range of areas. Key objectives include achieving new breakthroughs in economic development, boosting international competitiveness and influence, as well as significantly improving public well-being.

According to the plan, Hong Kong's real GDP growth rate is projected to remain within a reasonable range during the 2026-2030 period, while the value added of the tourism industry is expected to rise about 40 to 50 percent to 126 billion Hong Kong dollars (about 16.06 billion U.S. dollars) by 2030.

Hong Kong aims to elevate the ratio of total domestic expenditure on innovation activities to GDP to 3 after 2030, compared with a reading of 1.63 in 2024, the plan said.

To sharpen its competitive edge, Hong Kong plans to consolidate and enhance its status as an international financial, maritime and trade center, and develop itself into an international innovation and technology center and a global hub for high-caliber talent, according to the blueprint.

Efforts will also be made to expedite the development of the Northern Metropolis, deepen the development of the Guangdong-Hong Kong-Macao Greater Bay Area and create an international collaboration network.

Social well-being has been high on the HKSAR government's agenda. While prioritizing young people's education, employment, entrepreneurship and home ownership, the government also pledged to eliminate substandard subdivided units by 2030. According to the plan, Hong Kong will supply 196,000 public flats in the coming five years, aiming to cut the average waiting time to under four years by 2030-31.

The document also underscored efforts to adopt a holistic approach to development and security, boost governance efficacy, and strengthen the institutional safeguards for implementation.

Delivering the policy address for 2026 shortly after presenting the blueprint, Lee said key policy initiatives and projects in the policy address will serve as core drivers to implement the five-year plan through enhanced inter-departmental coordination and regular progress reviews.

To better solicit public opinion on the city's future development, the HKSAR government held over 100 consultation sessions over the past three months, receiving over 17,000 submissions on the five-year plan and 11,000 on the policy address.

Noting this year marks the beginning of China's 15th Five-Year Plan period (2026-2030), Lee said that the inaugural blueprint represented a major initiative by the HKSAR government to uphold and enhance the executive-led system and improve governance efficacy.

The blueprint underscored the strategic need for Hong Kong to proactively align with national development strategies and better integrate into the overall national development, while also laying out an action agenda to promote Hong Kong's high-quality development, the chief executive said.