Chan ties five-year plan to Northern Metropolis push
RTHK · 6 SOURCESabout 24 hours ago6 MIN
Summary
Financial Secretary Paul Chan Mo-po (陳茂波) said Hong Kong’s first five-year plan is the city’s first overall five-year development blueprint since its founding and should now be carried out step by step with firmer confidence and determination. In a Sunday blog post, he said the annual Policy Address would translate the plan’s medium-term goals into yearly progress, with responsible departments assigned and accountability pinned down. Chan set out targets including 900 hectares of formed land in the Northern Metropolis within five years, manufacturing and new industrial value-added reaching 5.5% of GDP, and domestic expenditure on innovation activities striving for 3% of GDP. He also linked the strategy to capital-market reform, offshore renminbi business expansion and talent development, while paying tribute to former chief executive Tung Chee-hwa on the day of his funeral.
Key Points
- Chan said Hong Kong’s first five-year plan is its first citywide, all-encompassing five-year pact, setting direction, targets, indicators and a timetable.
- He said the Policy Address serves as the annual action programme, converting five-year goals into trackable yearly tasks with departments held responsible.
- Chan said the Northern Metropolis should deliver 900 hectares of formed land in five years, with at least 200 hectares produced over this and next year.
- He said three Northern Metropolis university towns would exceed 1,000 hectares under a “one city, five elements” layout, alongside expanded postgraduate places.
- On finance, Chan said Hong Kong would refine listing rules, seek early Stock Connect access for REITs, and expand dim sum bonds and renminbi commodity markets.
Why It Matters
Chan’s updated remarks add operational detail to the five-year plan by tying long-term targets to annual delivery, land supply, tax incentives and financing support, giving businesses clearer signals on where policy backing will be concentrated. For Hong Kong readers, the practical test will be whether the Northern Metropolis can move from planning to land formation, university expansion and enterprise financing quickly enough to support innovation-led growth while reinforcing the city’s financial role.