Law Society urges 'law comes first' in Hong Kong's first five-year plan
Thestandard · 2 SOURCESabout 18 hours ago2 MIN
Summary
The Law Society of Hong Kong has submitted its recommendations for the city's first five-year plan, stressing that all economic and social development visions must be implemented under the principle of 'law comes first.' The society submitted its recommendations on Thursday, emphasizing that a clear, predictable and internationally credible legal framework is essential for attracting investment and driving innovation.
Key Points
- The Law Society supports rapid Northern Metropolis development but warns that streamlining procedures under the Northern Metropolis Development Bill must not sacrifice procedural justice, environmental protection or public participation.
- The society recommends promoting Hong Kong as an international arbitration centre and establishing expert rosters for emerging areas such as digital assets and ESG.
- Following the establishment of the International Organization for Mediation's headquarters in Hong Kong, the society suggests piloting sector-specific mediation schemes in specific commercial areas.
- The Law Society proposes that HKEX lead in establishing an international virtual asset exchange under a unified 'institutional-grade' regulatory framework.
- The submission calls for treating intellectual property as core economic infrastructure and monitoring legal and copyright challenges posed by AI and deepfake technologies.
- The society also proposes establishing a dedicated 'Hong Kong Sports Law Office' to coordinate legal support for sports governance, sponsorship and dispute resolution.
Why It Matters
The Law Society's submission reflects the legal profession's efforts to shape Hong Kong's long-term development strategy, positioning the city as a hub for international dispute resolution, virtual asset trading and sports law while ensuring that rapid infrastructure development maintains procedural safeguards.
The Law Society's submission reflects the legal profession's efforts to shape Hong Kong's long-term development strategy, positioning the city as a hub for international dispute resolution, virtual asset trading and sports law while ensuring that rapid infrastructure development maintains procedural safeguards.