Two Sessions | Manufacturers' Association: 15th Five-Year Plan Provides Direction for Hong Kong's Five-Year Plan

The Fourth Session of the National People’s Congress today approved the “14th Five-Year Plan Outline (Draft).” The Chamber of Commerce welcomed this, believing that the plan demonstrates the central government’s strong support and earnest expectations for Hong Kong’s development. The Chamber hopes that the SAR government will lead all sectors of society to seize opportunities, consolidate and leverage Hong Kong’s unique advantages, align comprehensively and precisely with the plan, and help the country achieve its strategic goals of independent innovation and expanding high-level opening-up.

Luo Jinrong, President of the Chamber of Commerce, pointed out that the “14th Five-Year Plan” builds on the foundation of the “13th Five-Year Plan,” further enriching Hong Kong’s role and assigning greater missions. The plan proposes more specific and broader directions for strengthening and enhancing Hong Kong’s status as an international financial center, including supporting Hong Kong in building a “commodity trading ecosystem,” strengthening its role as a “global offshore RMB hub,” an “international asset and wealth management center,” and an “international risk management center.” At the same time, the plan introduces the new positioning of a “high-value-added supply chain service center” and elevates the “accelerated development of the Northern Metropolis” to a national strategic level for the first time.

The Chamber believes that the “14th Five-Year Plan” places great emphasis on strengthening original innovation and tackling key core technologies, as well as consolidating and expanding the real economy. Hong Kong should seize the opportunity to leverage its existing advantages in basic scientific research, international talent, diversified financing, and intellectual property protection, deepen industry-university-research collaboration with mainland cities in the Greater Bay Area, and accelerate “new industrialization.” It should support the development of “specialized, refined, distinctive, and innovative” enterprises and improve the local innovation and technology ecosystem. Additionally, Hong Kong should further enhance high-value-added supply chain services, create a preferred platform for “brand going global,” and utilize its internationalization and institutional advantages to expand two-way investment and cooperation, supporting the country’s strategy to expand high-level opening-up.

The SAR government is preparing to formulate Hong Kong’s own five-year plan. The “14th Five-Year Plan” undoubtedly provides clear direction and strategic guidance for this. The Chamber suggests that the government focus on key areas to develop specialized plans, emphasize implementation, and integrate and optimize existing blueprints.