Northern Metropolis to Host 2.5 Million, Creating Vast Opportunities: HK Chamber Chief
HK01 · 2 SOURCES1 day ago2 MIN
Summary
Hong Kong's gross domestic product surged 5.1% in the first half of 2026, marking the strongest half-year performance in five years. Hong Kong General Chamber of Commerce Chairman Jonathan Kam Chak-pui said on a television programme on October 10 that while economic gains have not been evenly distributed across all sectors, overall consumer confidence has improved. He emphasized that the Northern Metropolis will eventually accommodate 2.5 million residents, equivalent to one-third of the city's current market size, creating substantial business opportunities for retail, dining, construction, education and healthcare industries. Kam also clarified misconceptions about the government's Five-Year Plan, stating it is a systematic and forward-looking strategic framework that guides development direction without restricting market freedom.
Key Points
- Hong Kong's first-half GDP growth of 5.1% represents the strongest semi-annual performance since 2021, with the full-year forecast set at 3.5% to 4.5%
- The Northern Metropolis is projected to accommodate 2.5 million residents long-term, representing a market equivalent to one-third of Hong Kong's current population
- The government's Five-Year Plan provides strategic direction while leaving actual investment decisions to market forces, maintaining Hong Kong's "government guides, market follows" development model
- For the Hung Shui Kiu pilot zone, developers have opted to develop only one of three industrial plots, returning the other two after land formation, reflecting cautious initial market participation
- The Chamber will support 30,000 youth job and internship positions introduced in the Policy Address, helping young people transition into emerging AI-related roles
Why It Matters
The Northern Metropolis development signals Hong Kong's most ambitious infrastructure project since its founding, with the potential to transform the city's economic geography and ease land constraints. Kam's reassurance that the Five-Year Plan will not compromise market freedom addresses a key concern among investors and businesses worried about regulatory overreach . As projects like the Shaling Digital Computing Power Centre progress and accumulate commercial experience, the gradual ramp-up in private sector participation could serve as a bellwether for Hong Kong's ability to attract diversified investment beyond traditional financial services .
The Northern Metropolis development signals Hong Kong's most ambitious infrastructure project since its founding, with the potential to transform the city's economic geography and ease land constraints. Kam's reassurance that the Five-Year Plan will not compromise market freedom addresses a key concern among investors and businesses worried about regulatory overreach . As projects like the Shaling Digital Computing Power Centre progress and accumulate commercial experience, the gradual ramp-up in private sector participation could serve as a bellwether for Hong Kong's ability to attract diversified investment beyond traditional financial services .