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Ken Chu

Hong Kong is preparing its own medium-term development blueprint alongside China’s coming 15th five-year plan, which officials have described as a “golden strategic period” for the city.
This is more than a procedural shift. For the first time, Hong Kong is attempting to align its policy cycle in advance with national planning priorities, yet alignment on its own is not a strategy. The more pressing question is whether the city can define a role that is distinct, necessary and difficult to replicate as China enters its next phase of development.
At present, Hong Kong does not lack direction. The latest policy address outlines a broad agenda spanning innovation and technology, the Northern Metropolis, green finance and talent attraction, positioning the city as a bridge between the 14th and 15th five-year plans.
What remains less clear is how these initiatives come together into a coherent strategy that differentiates Hong Kong from mainland cities that are scaling rapidly in many of the same domains. Shenzhen is already a global innovation hub. Shanghai continues to deepen its financial markets. Other cities across the Greater Bay Area are strengthening their industrial base. In this context, a strategy built on doing more of the same will struggle to stand out.
The next five years therefore call for a shift in mindset, from alignment to agency. Hong Kong must move beyond positioning itself as a participant in national development and instead define what it uniquely contributes.
One area where this shift is both necessary and achievable is finance. Hong Kong’s future as an international financial centre is not in question, but the nature of that role is changing. Rather than focusing solely on raising capital and asset management, the city should establish itself as Asia’s leading hub for energy transition finance.

This requires more than expanding green bond issuance. It calls for deeper integration with mainland carbon markets and the development of financing instruments tied to measurable emissions reduction outcomes. For example, Hong Kong could pilot cross-border transition finance structures for sectors such as electric mobility, power generation and heavy industry within the Greater Bay Area. This would anchor financial activity in tangible economic transformation rather than in labels that risk becoming superficial.
The urgency of this shift is clear. Shenzhen alone has built a fleet of more than one million new energy vehicles and operates fully electrified bus and taxi systems. Against this scale of transition, Hong Kong’s role cannot be limited to domestic adoption. Its advantage lies in mobilising capital, structuring risk and setting standards that support wider regional decarbonisation.
A second area that demands more concrete action is cross-border institutional integration. Much attention has been given to physical developments such as the Northern Metropolis, but infrastructure alone will not deliver integration. The real constraint lies in fragmented systems governing capital, data and professional mobility.




If Hong Kong is to function effectively within the Greater Bay Area, it must take the lead in piloting mutual recognition frameworks. This could include harmonising green finance taxonomies, enabling secure cross-border data flows and expanding schemes that allow professionals to work seamlessly across jurisdictions. Without such measures, resource flows will remain constrained and regional collaboration will not reach its full potential.
Importantly, this is where Hong Kong’s institutional strengths come into play. Its legal system, regulatory credibility and international orientation position it well to act as a testing ground for frameworks that can later be scaled nationally. This is a role that cannot be easily replicated by other cities.
Beyond economics, Hong Kong’s next five-year plan must also address a dimension that is often underplayed: soft power. In an increasingly competitive global environment, cities that attract capital and talent are often those that offer a compelling cultural and social experience alongside economic opportunity. Recent efforts to revive tourism and host large-scale events point in the right direction, but these initiatives remain relatively fragmented.
A more coordinated approach could unlock greater impact. For instance, aligning major sporting events, cultural festivals and business conventions within a unified calendar would extend visitor stays as well as create sustained economic activity across sectors. More importantly, such platforms can serve as channels for youth engagement.

As economic structures evolve, younger generations need avenues to participate meaningfully in the city’s development. Sports, arts and creative industries provide accessible entry points that complement traditional career pathways, while also contributing to a stronger sense of shared identity.
This brings us to a broader consideration. A five-year plan is not merely a collection of policy initiatives – it is a statement of direction. For it to be effective, it must resonate beyond government, offering businesses, investors and communities a clear sense of where Hong Kong is headed and how they can contribute.
At present, that narrative remains diffused. Policies are being advanced across multiple fronts, but often in isolation. A more integrated articulation that connects finance, innovation, culture and regional collaboration will provide greater clarity and confidence.
Global conditions will remain uncertain in the years ahead. Growth patterns are shifting, competition between cities is intensifying and technological change continues to reshape industries. In such an environment, alignment with national strategy is necessary but not sufficient.
Hong Kong’s next five years will be defined by whether it can move from alignment to agency. If it can articulate a distinct role, anchor its strengths in concrete areas of execution and build a shared sense of purpose, it will both remain relevant and become an indispensable part of China’s next stage of development.


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Hong Kong’s next 5 years must take city from alignment to action

Illustration: Craig Stephens

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The next five years will be shaped by how well Hong Kong goes beyond falling in line to carving out a defined role in China’s development


The next five years will be shaped by how well Hong Kong goes beyond falling in line to carving out a defined role in China’s development.


Greater Bay Area

Northern Metropolis

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Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Hong Kong’s next 5 years must take city from alignment to action

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The next five years will be shaped by how well Hong Kong goes beyond falling in line to carving out a defined role in China’s development

The next five years will be shaped by how well Hong Kong goes beyond falling in line to carving out a defined role in China’s development