For the first time since its establishment as a trading port, Hong Kong has drawn up a comprehensive five-year development plan of its own. The First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region was released last week, on the same day when the Chief Executive delivered his latest Policy Address. Setting out the direction, objectives, indicators and timetable, the Five-Year Plan serves as Hong Kong’s development blueprint for the next five years. The Policy Address, meanwhile, provides the annual action agenda for putting that blueprint into practice, with the flexibility to respond to changing conditions at home and abroad and realities on the ground. The two documents are closely aligned and mutually reinforcing. The value of planning lies not merely in the document itself, but also in viewing the present through the lens of the future and translating a vision into indicators and action plans that can be reviewed year by year. The more volatile the external environment, the greater the market’s need for certainty beyond the annual horizon. The Government sets the direction, invests in infrastructure and drives institutional innovation, while the market allocates resources and unleashes dynamism. These roles complement and reinforce each other. With a clear understanding of where Hong Kong is headed over the next five years, businesses will be better placed to work with the Government to harness the combined strengths […]

In last week's blog, we explored the deepening co-operation between Hong Kong and the Middle East. Events over the past week have brought this growing partnership into sharper focus. Sohar International, Oman's second-largest bank, opened its first office outside the Middle East in Hong Kong, becoming the first Omani bank to establish a presence here. On the same day, the Oman Investment Authority announced plans to participate in the Hong Kong SAR Government's Innovation and Technology Venture Fund by investing approximately HK$250 million in partnership with a local fund management company. It is the first Middle Eastern sovereign wealth fund to participate in the scheme. Co-operation between the Middle East and Hong Kong is expanding beyond finance into industry-oriented innovation and technology (I&T), opening up new avenues for trade and investment. The 11th Belt and Road Summit, held last week, further underscored this trend. More than 6,000 government and business leaders and other participants from over 70 countries and regions gathered in Hong Kong, with memoranda of understanding and agreements covering a wide range of sectors signed both at the Summit and on its sidelines. During the Summit, the Hong Kong Monetary Authority (HKMA), Hong Kong Exchanges and Clearing Limited, the Dubai Financial Services Authority and Nasdaq Dubai announced the establishment of a strategic working group to put financial connectivity between Asia and the Middle East on a more […]

The International Monetary Fund's latest global macroeconomic projections, released a few months ago, forecast growth of 3.8% and 4.5% for emerging market and developing economies this year and next year respectively—well above the rates for both the global economy and advanced economies. Indeed, emerging markets have been growing at a relatively faster pace for a quarter of a century. This sustained growth has fuelled demand for consumer goods and infrastructure in emerging markets. The progressive relocation of Mainland industrial chains to Belt and Road regions is a response to these expanding opportunities. Mainland enterprises have now established around 58,000 companies overseas, creating more than 2 million local jobs each year. Their outward investment stock has reached US$3.4 trillion, with nearly 90% in developing economies. Market demand is shaping the location of industrial chains, while economic growth is drawing in capital. The direction of trade and investment is clear, with vibrant flows in both directions—and Hong Kong stands at their intersection. Over the past five years, Hong Kong's merchandise trade with ASEAN, the Middle East and Central Asia has grown by an average of nearly 10% a year, with these markets' combined share of the city's total merchandise trade rising to about 17%. ASEAN has remained Hong Kong's second-largest trading partner since 2010. On the investment front, Hong Kong's direct investment in ASEAN reached US$16.5 billion last […]

The Northern Metropolis is a key new engine for Hong Kong’s future economic growth. We recently announced the tender result for the first “large-scale land disposal” project in the Northern Metropolis — a new milestone in its development. For the 11-hectare pilot area in Hung Shui Kiu, we moved away from the traditional cash tender approach of awarding the land to the highest bidder. Instead, we adopted a “two-envelope approach”, which places greater weight on how much a tender proposal will contribute, over the long term, to Hong Kong’s industrial development and the wider economy. The successful bidder is a company formed by a consortium of six enterprises from different sectors — local developers, Mainland state-owned enterprises and a leading e-commerce technology company — whose combined strengths cover infrastructure development, technological innovation, facility operation, supply chain management, business networks and ecosystem building. Price was not the only consideration in the tender assessment. Greater weight was given to whether the bidder could attract strategic industries, create jobs and drive the development of industry chains. This ensures that the successful bidder is not merely a property developer, but a long-term strategic partner with strong all-round capabilities and a proven track record of delivering concrete results in industrial development. The successful bidder will invest a total of about $16.8 billion in the project, which […]

Every wave of technological innovation brings a fresh cycle of equipment upgrades and unleashes enormous consumer demand. This trend is clearly on display at the Hong Kong Computer & Communications Festival 2026 (HKCCF 2026), now being held at the Hong Kong Convention and Exhibition Centre in Wan Chai. Last week, I officiated at the opening ceremony and toured the exhibition booths. The venue was buzzing with activity. A number of exhibitors told me that the AI boom has sparked strong consumer interest in related electronic products, giving a further boost to their sales. This year’s event is themed “AI Connect: Let’s Link the Future!”. The venue features a number of themed and special zones covering innovation and technology in sports, green technology living and smart campuses, giving members of the public the opportunity to experience AI applications first-hand. For the first time, the organiser has also co-organised an AI and Digital Transformation Zone with the Hong Kong Productivity Council (HKPC), offering interactive workshops for enterprises on topics such as corporate technology transformation, cybersecurity and professional services. AI is advancing rapidly in the physical world, with robots becoming a key vehicle for its development. This theme has become increasingly prominent in various competitions and exhibitions. For example, ABU Robocon 2026, held today at Queen Elizabeth Stadium under the theme “Kung Fu Quest”, brought together 16 top […]

Following the Book Fair and Ani-Com & Games, the Food Expo is taking place this week at the Hong Kong Convention and Exhibition Centre in Wan Chai. This highly popular large-scale exhibition and four concurrent fairs have drawn more than 1,800 exhibitors from over 30 countries and regions around the world. This year also marks the first time that enterprises and representatives from all 11 ASEAN member states are taking part. In addition to business representatives exploring opportunities, the venue has been bustling with members of the public sampling delicacies and snacks. Hong Kong has long been a preferred destination for major exhibitions and conventions. In the first half of this year, the city's two flagship venues — the Hong Kong Convention and Exhibition Centre and AsiaWorld-Expo — hosted more than 170 events, attracting 3.5 million participants. Hong Kong's success as a convention and exhibition capital is underpinned not only by its role as a gateway connecting the Mainland and international markets, and by its vibrant commercial environment, but also by its dynamic city life and efficient, convenient global connectivity. At present, around 140 airlines operate flights connecting Hong Kong with more than 225 destinations worldwide, forming an efficient and convenient network for both point-to-point travel and transit, offering passengers flexible and diverse travel options. In the first half of this year, Hong Kong International Airport handled more than […]

Last week, I visited the Hong Kong Palace Museum in the West Kowloon Cultural District to see the recently launched exhibition, The Forbidden City and the World. The rare and valuable works on display drew crowds of visitors, many of whom stopped to admire them. One piece that especially caught my attention was a Qing-dynasty hanging screen depicting a landscape. Set against a black lacquer ground, its mountains were embellished with kingfisher-feather inlay, while the pavilions, trees and rocks glow in blue-green hues against the darkness. The composition feels lively and intricate, with a striking sense of depth and layering. The superb craftsmanship of our country at the time – combined with the distinctive kingfisher feathers sourced from Southeast Asia – makes this cultural relic truly unforgettable. This exhibit is just one of more than 130 treasures on display. The exhibition also features 18 grade-one national treasures spanning paintings and calligraphy, jewellery, clocks and watches, and furniture. Tracing over 600 years of history across the Yuan, Ming and Qing dynasties, the show highlights China’s exchanges with the wider world in diplomacy, trade, ideas, religion and craftsmanship, inviting visitors to explore how these encounters shaped art and sparked innovation. Complementing The Forbidden City and the World is Ancient Egypt Unveiled in the neighbouring gallery. Since opening at the end of last year, it has attracted more than 570,000 visits. The […]

With the strong support of relevant central ministries and authorities, the long-awaited offshore RMB China Government Bond Futures will be listed in Hong Kong tomorrow. The debut contract to be listed will be a five-year product, currently the only product of its kind in the offshore market. It will allow international investors to trade and settle the relevant contracts in the offshore market using their existing trading accounts, practices and procedures in Hong Kong. This marks a new milestone in Hong Kong's development as an offshore RMB business hub. It not only enriches the range of RMB risk management tools available in our market, but also signifies the deepening development of China Government Bonds in the offshore market and the orderly advancement of RMB internationalisation. Bond Connect was launched in 2017, facilitating overseas investors to participate in the Mainland bond market through Northbound Bond Connect. Southbound Bond Connect was subsequently launched, enabling two-way trading. Three years ago, Swap Connect was introduced, allowing investors to hedge interest rate risks for their onshore bond holdings. The launch of China Government Bond Futures this time provides a standardised, exchange-traded and liquid offshore hedging tool for Chinese Government Bonds. In other words, Bond Connect, Swap Connect and now the launch of China Government Bond Futures have completed the loop for risk management between the cash bond and futures markets. This allows […]

We are now formulating the first five-year plan for the Hong Kong Special Administrative Region. At the same time, public consultation is under way for the Chief Executive's new Policy Address. Last week, a consultation session on the theme of sustainable and liveable city was attended by more than 80 representatives from the planning, environmental, social welfare, and think tank sectors, as well as professional bodies and organisations. They offered views from different perspectives and contributed ideas for the further development of Hong Kong as a liveable city. Participants expressed great enthusiasm for the development of the Northern Metropolis. They agreed that its beautiful natural ecology, sound spatial planning, convenient transport links and quality tertiary education would be organically combined with the incoming technology enterprises, talent and industries. This will facilitate the development of the Northern Metropolis into a hub ideal for living, working, studying and visiting, while serving as a new engine for Hong Kong's future economic growth. At present, works have commenced in four new development areas in the Northern Metropolis. More than 520 hectares of land have been resumed, and about 120 hectares have been formed. In the next five years, the Northern Metropolis will provide more than 70,000 housing units and 1 million square metres of economic floor area. Looking ahead, over the next decade, about 240,000 housing units and over 10 million square […]

The Hong Kong Book Fair is currently underway at the Convention and Exhibition Centre in Wan Chai. In recent years, I have made a point of visiting the fair with young people and picking out a book as a gift for them. The year before last, it was One Hundred Thousand Whys. Last year, it was Physics in Graphics. This year, I chose a book on the applications of artificial intelligence (AI) and human-AI collaboration. Taken together, the books from these three years trace a clear trajectory: from exploring principles and understanding science to applying cutting-edge technologies. At this year’s Book Fair, innovation and technology (I&T) – AI in particular – feature far more prominently, whether in the books, the exhibitions or the seminars. The popularity of the AI theme shows that it is no longer merely an imagined future confined to the pages of books; it is becoming part of everyday life. Indeed, technological innovation and AI have quickly become indispensable parts of our lives. At the Book Fair, the “World of Art & Culture” zone features an interactive installation that instantly generates a personalised reading list based on visitors’ personalities and reading preferences. Government booths also showcase how AI can improve public services – for instance, by enhancing landslide warning systems. It is fair to say that this generation of young people is growing up with AI. Whether for supporting learning or gathering information for their projects, […]

This year’s DSE results will be released on Wednesday. For more than 58,000 DSE candidates, the release of their exam results marks not only the culmination of years of hard work, but also a pivotal moment when they must choose the path for the next chapter of their lives. Whether they decide to pursue further studies or enter the workforce, this is an important milestone in their life journey. The wait for exam results can be unsettling. Yet many who have been through it come to realise that while exam scores may define a moment in time, they do not define one’s future. Students today enjoy more diverse pathways. Even if they cannot secure a place in their preferred programme, there are many other options for pursuing further studies, including associate degrees, higher diplomas and applied learning courses, as well as vocational training. Those who complete such courses or training can then choose to articulate to bachelor’s degree programmes. While these pathways have long existed, it is worth noting in particular that artificial intelligence (AI) is opening up new branches further along these traditional routes. This will offer students more avenues for development and job opportunities in the future, whichever path they choose. Today, even if one doesn’t know how to write code, large language models allow you to instruct computers to complete tasks using natural language. This means the threshold for adopting AI is getting lower. Whether you study business, […]

Last Wednesday, the Conference Celebrating the 105th anniversary of the founding of the Communist Party of China (CPC) was solemnly held in Beijing. General Secretary Xi Jinping delivered an important speech at the conference, offering a comprehensive and systematic account of the CPC's glorious history of unremitting struggle and the tremendous achievements it has made in leading the entire nation forward with determination. As we watched the conference together in Hong Kong and reflected on the country's proud development journey under the leadership of the CPC, we were filled with profound excitement and inspiration. Over the past 105 years, the history of the CPC has been closely intertwined with that of the Chinese nation. The Party has led the country in achieving national independence and the liberation of the people, advancing socialist construction, and, in particular, steadfastly promoting economic development since reform and opening-up. Through the hard work and dedication of successive generations, our country has completed, in just a few decades, an industrialisation process that took developed countries several centuries to achieve. It has realised a historic leap in people's living standards — from inadequate access to food and clothing, to moderate prosperity overall, and then to the building of a moderately prosperous society in all respects. Our country's economic, technological, defence and overall national strengths have been comprehensively enhanced, […]

Over the past week, I visited Dalian and Xi'an. Joining me for all or part of the trip were representatives from the Office for Attracting Strategic Enterprises (OASES), the Hong Kong Investment Corporation Limited, the Hong Kong Exchanges and Clearing Limited, Invest Hong Kong, the Hong Kong Science Park, Cyberport, and the Hong Kong-Shenzhen Innovation and Technology Park, along with a number of local and overseas innovation and technology (I&T) enterprises that these organisations have nurtured or helped attract. Our itinerary began with the Summer Davos Forum, officially known as the Annual Meeting of the New Champions, in Dalian, where I joined political and business leaders from around the world in discussions centred on innovating at scale and the current challenges facing global development. From there, I travelled to Xi'an to take part in the First Western Commercial Space Conference. These trips gave me valuable opportunities to engage in in-depth exchanges with representatives from the political and business communities, the technology sector and universities in Liaoning and Shaanxi, including the heads of more than 100 local enterprises. Through these intensive exchanges and visits, we not only witnessed the solid industrial foundations of the Northeast and the vibrant innovation momentum of the Northwest, but also gained a deeper appreciation of Hong Kong's role under the country's "dual circulation" development strategy. Beyond serving as an important […]

Last week, I travelled to Shanghai and Nanjing. Besides attending the Lujiazui Forum, I met with representatives from frontier technology enterprises and toured a number of companies specialising in artificial intelligence (AI), semiconductors, biotechnology, the low-altitude economy, and other emerging fields. This series of visits and exchanges gave me fresh insights and prompted some new reflections. These hard-tech enterprises rest on solid technological foundations. Many are genuinely at the cutting edge, with business models already proven in the Mainland market and products now entering markets overseas. The questions they are grappling with are practical ones: how to tap into global capital, find more partners and potential customers around the world, plan their production capacity, and manage their treasury. They are keen to seize this critical period of rapid AI development—consolidating their position at home while accelerating their push abroad—and to map out the optimal global footprint for their business. For Mainland technology enterprises, going global no longer means simply exporting products. By bringing in international capital and talent and by building their brands and sales networks, they are turning overseas business into a new engine of growth. What struck me most was hearing one executive after another describe the same ambition: to become true multinationals. That means connecting with the world not only in their markets, but also in their […]

As the country embarks on the 15th Five-Year Plan, we stand at a pivotal moment in the new era of artificial intelligence (AI). How Hong Kong seizes this opportunity, plays to its strengths, serves the nation's needs and harnesses that momentum for its own development, will be decisive for its future. With that in mind, we will launch the public consultation tomorrow for Hong Kong's First Five-Year Plan. Some may ask: in an era of rapid change, is a five-year plan too long a horizon? Five years ago, no one could have foreseen that AI would reshape industries at such speed. Five years from now, we likewise cannot predict what the next disruptive technology or pivotal shift will be. Yet macro trends tend to follow clear and stable patterns. As our country progresses steadily, and digital and intelligent technological advancement gathers pace across the board, the direction ahead has been set amid an uncertain future. A five-year plan will give the business community, enterprises and members of the public a clearer framework to plan for the future. It will also help the society build consensus, pool resources and channel collective energy into shared development. We look forward to sparking richer insights and broader perspectives through continued exchanges and discussions. By staying responsive to changing times and local circumstances, we can fully unlock Hong Kong's potential and, working together in common purpose, achieve something great. The National 15th Five-Year […]