Editorial | Hong Kong has much to gain from aligning with China’s national plan

Setting the right direction has never been more essential as Hong Kong navigates a critical and transformative stage under the country’s new five-year development plan. In this regard, Financial Secretary Paul Chan Mo-po delivered a timely and vital reassurance that the city positions itself as a key driver for the country’s development, far more than just a testing ground for experimental initiatives.

Hong Kong’s strong economic fundamentals and international connectivity give it an edge in helping the country go global with various initiatives, but Chan stressed that the city was “more than just” the country’s financial sandbox. “We are also a driver for the country’s development,” he said. “A strong country must have a very strong international financial centre, and here, I underscore ‘international’.”

The conference, attended by top business executives and diplomats, moved beyond the debates over tapping into the Exchange Fund to pay for infrastructure development and sweeteners for the public. Instead, it focused on ways to strengthen economic competitiveness and realise Hong Kong’s potential. The assertion of the city as a dynamic driver for China’s next stage of growth reframes its role in the nation’s development.

In addition to boosting the renminbi market and providing more product offerings, the city must also embrace artificial intelligence and new industries to enhance competitiveness and diversity. It is incumbent upon the government and different sectors to align development strategies with national goals and seize growth opportunities that benefit the city and the country.