Hong Kong unveils first 5-year plan to broaden the city's identity beyond finance

Hong Kong Chief Executive John Lee unveiled the city’s first five-year plan on Wednesday, aiming to broaden its identity beyond international finance. Speaking to the legislature, Lee said the plan targets breakthroughs in economic development, stronger competitiveness, improved social well-being and deeper integration into and service for China’s national development. The government framed it as a strategic framework rather than a planned economy, insisting Hong Kong’s capitalist system would be upheld. A central priority is accelerating development of the Northern Metropolis, including university towns near Shenzhen, aimed at 650,000 jobs and housing 2.5 million people. The plan also targets raising innovation spending to 3% of GDP after 2030.