Greater Bay Area

New positioning, new advantages, new opportunities: decoding the new chapter of Hong Kong's economic development during the 15th Five Year Plan period

2026-03-23   

The "15th Five Year Plan" outline passed at the Fourth Session of the 14th National People's Congress has made a separate chapter on "promoting long-term prosperity and stability of Hong Kong and Macao", and has made a series of important arrangements to support Hong Kong and Macao in consolidating and enhancing their competitive advantages, better integrating into and serving the overall development of the country. From the "Eight Centers" of the 14th Five Year Plan to the "Ten Centers", "Two Hubs", and "One Ecological Circle" of the 15th Five Year Plan, the central government has further enriched Hong Kong's role positioning in the special chapter on Hong Kong and Macao, bringing historic opportunities for Hong Kong to explore new economic growth points. The outline of the 15th Five Year Plan has further enriched Hong Kong's role and endowed it with greater missions. The planning outline proposes more specific and broader directions for consolidating and enhancing Hong Kong's position as an international financial center, including supporting the construction of a "commodity trading ecosystem" in Hong Kong, strengthening functions such as "global offshore RMB business hub", "international asset and wealth management center", and "international risk management center". Lin Jianyue, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, stated that the content related to Hong Kong and Macao in the "15th Five Year Plan" is very clear, which fully reflects the central government's support for Hong Kong, fully affirms the unique advantages and important role of Hong Kong, and earnestly expects Hong Kong to undertake greater missions in building a strong country. Lu Jinrong, a member of the National Committee of the Chinese People's Political Consultative Conference and President of the Hong Kong Chinese Manufacturers' Association, stated that the planning outline has added the positioning of "high value-added supply chain service center" and for the first time elevated "accelerating the construction of the northern metropolitan area" to the national strategic level. These new roles and expectations are in line with the requirements of the country to support Hong Kong and Macao in better integrating into and serving the overall development of the country in the new stage of development, bringing historic opportunities for Hong Kong to explore new economic growth points and inject strong momentum. Hong Kong Legislative Council member Chung Chi fung stated that the "15th Five Year Plan" outline for the first time includes "building a commodity trading ecosystem" as a national strategy, marking Hong Kong's need to move from a traditional intermediary role to a higher value-added global supply chain core hub. China is the world's largest producer and consumer of non-ferrous metals. Hong Kong can leverage the unique advantages of the London Metal Exchange as a subsidiary of the Hong Kong Stock Exchange to develop spot warehousing and trade of non-ferrous metals, extend financial advantages to physical logistics, drive economic development in southern China, and truly achieve "financial services for the real economy". Yao Zhisheng, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, said that in recent five-year plans, the country has set up special chapters for Hong Kong and Macao, which has strengthened Hong Kong's international advantages and highlighted its important role as a node in the domestic and international dual circulation. This once again fully reflects the central government's high attention to Hong Kong, providing important guidance for the deep integration of Hong Kong and Macao into the overall development of the country, and allowing Hong Kong and Macao residents to share the dividends of national development. Li Huiqiong, member of the Standing Committee of the National People's Congress and President of the Legislative Council of the Hong Kong Special Administrative Region, believes that the 15th Five Year Plan is a valuable opportunity for Hong Kong. We need to accelerate the construction of innovation and technology centers, gather international high-end talents in Hong Kong, attract more overseas enterprises to enter the mainland through Hong Kong, and also allow more mainland enterprises to go out through Hong Kong. "Huang Jinliang, a National People's Congress representative and chairman of the Hong Kong Federation of Education, said that Hong Kong is committed to building an international innovation and technology center, and universities and research institutions have strong capabilities to promote the landing of scientific research achievements through the" Hong Kong R&D, Mainland Transformation "model. Hong Kong should create an international high-end talent gathering highland, and combine it with the development plan of the northern metropolitan area to build a northern metropolitan university city, attracting outstanding international and mainland universities and research talents to settle in, and creating more development opportunities for young people. Hong Kong should take the initiative to seize the opportunities of the 15th Five Year Plan, deeply integrate with the mainland, and promote the development of new quality productive forces. ”Tang Yingnian, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and founding president of the Hong Kong Jiangsu Association, stated that Hong Kong is fully committed to building an international innovation and technology center, with advantages in basic research and financing promotion. The mainland has outstanding achievements in the field of scientific and technological development, and strong cooperation, deep integration, and coordinated development have promising prospects. The transformation of Hong Kong's role from "integration" to "integration and service" to the overall development of the country has distinct contemporary implications. Deng Fei, a member of the Legislative Council of the Special Administrative Region and Vice President of the Hong Kong Federation of Education, stated that the strategic positioning of Hong Kong in the planning outline is based on the unique advantage of "one country, two systems", which not only consolidates Hong Kong's core competitiveness but also expands new development space. The planning outline endows Hong Kong with new missions such as building an international innovation and technology center and a regional intellectual property trade center, supporting the construction of the northern metropolitan area, and pointing out the direction for Hong Kong to solve the dilemma of single industry and achieve diversified economic development. National People's Congress representative and President of the Hong Kong University of Science and Technology, Ye Yuru, stated that Hong Kong needs to accurately align its internationalization advantages and professional service advantages with the country's development needs, and contribute its strength to achieving higher levels of openness and cooperation. Make good use of the approximately 90 hectares of planned land for the "Beidu University Education City" in the northern metropolitan area, introduce policies to support cooperation between Hong Kong and renowned universities in mainland China and overseas, and build Hong Kong into an international academic exchange hub, providing intellectual support for the national strategy of building a strong talent country. Under the strong support of national strategy, various sectors in Hong Kong are taking a more proactive stance to transform their unique advantages into development momentum. On the new journey, Hong Kong will undoubtedly make new and greater contributions to the modernization of the country. (New Society)

Edit:He Chuanning Responsible editor:Su Suiyue

Source:Xinhua

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