The Hong Kong Special Administrative Region government has released its first-ever economic and social development five-year plan, centring on the artificial intelligence industry and deepening Greater Bay Area integration as key drivers. This framework sets a clear trajectory for the period spanning 2026 to 2030.

On 15 September, the government officially published the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)". This marks the first time Hong Kong has systematically articulated its economic and social development blueprint through a five-year planning format.

Chief Executive John Lee unveiled the roughly 60,000-character document, which is structured into seven sections and 58 chapters, establishing six overarching goals. These focus on economic breakthroughs, enhancing international competitiveness, accelerating the Northern Metropolis development, and improving people's livelihoods.

Mr Lee stated that between 2026 and 2030, Hong Kong will strive to maintain real GDP growth within a reasonable range. The plan also sets a target for total local innovation activity expenditure to reach 3% of GDP by 2030 or later.

The plan designates 人工智能 as a vital industry for Hong Kong's future development. It explicitly proposes participating in the research, development, and certification of domestically-produced aircraft, alongside advancing initiatives such as low-altitude cross-border logistics within the Greater Bay Area.

In the financial sector, the plan clearly stresses strengthening Hong Kong's role as an offshore Renminbi hub. It also outlines measures to optimise the securities market to attract more leading mainland and international enterprises for listings in the city, which directly bears on the long-term competitiveness of Hong Kong's capital markets.

Artificial Intelligence: A Multi-Dimensional Push for Industrial Upgrading

The plan identifies promoting 人工智能 as a core strategy, aiming to empower diverse industries through an "AI+" approach. It seeks to build a comprehensive ecosystem spanning infrastructure, legal frameworks, and talent development.

Regarding computing power infrastructure, the plan proposes constructing the Sha Ling data centre campus to provide computational support for Hong Kong's AI industry. Concurrently, authorities plan to review relevant legal frameworks to ensure they align with the needs of AI and intelligent development, offering regulatory safeguards for industrial applications.

The plan also explicitly supports small and medium-sized enterprises in accelerating AI adoption and includes enhancing the public's AI literacy within its policy agenda.

In terms of industrial direction, the authorities are focusing on life and health sciences, as well as embodied intelligence, as entry points. They will formulate specific strategies for AI-driven industrial transformation, emphasising the intensification of data resource development and utilisation, alongside deepening collaborative development with the mainland.

Strengthening Financial Centre Status and Accelerating Capital Market Liberalisation

In the financial domain, the plan introduces multiple measures to consolidate Hong Kong's position as an international financial centre.

The authorities aim to enhance the city's function as a global offshore Renminbi business hub and further develop its roles as an international asset and wealth management centre, as well as an international risk management centre.

Regarding capital market connectivity, the plan proposes deepening the cooperation between Hong Kong Exchanges and Clearing and the Qianhai Equity Trading Centre. This is intended to support more quality mainland enterprises in accessing international capital through Hong Kong's listing platform.

Simultaneously, the plan explicitly outlines expanding market connectivity mechanisms and broadening economic and financial cooperation with countries involved in the Belt and Road Initiative and emerging economies in the Global South.

At the high-end financial services level, the plan calls for accelerating the development of green finance and digital finance. It also involves constructing a commodity trading ecosystem and a high-value-added supply chain services centre.

Northern Metropolis and Greater Bay Area: The Main Platform for Integrated Development

The plan positions the Northern Metropolis as the core platform for Hong Kong's integration into the nation's overall development strategy, accelerating the construction of this strategic region adjacent to Shenzhen.

In the low-altitude economy sector, the plan proposes fully leveraging the industrial foundation and geographical advantages of the Guangdong-Hong Kong-Macao Greater Bay Area. It aims to expand cross-border logistics application scenarios, targeting the formation of an integrated, large-scale low-altitude cross-border logistics network covering the entire bay area.

Mr Lee indicated that Hong Kong will leverage its pioneering experience in cooperating with neighbouring mainland cities to connect resources and factors across the three areas of the Greater Bay Area.

This strategic arrangement intends to combine Hong Kong's international connectivity strengths with the vast industrial hinterland of the mainland, providing a space for the scaled development of cross-border logistics and emerging industries.

Aviation Industry: From Maintenance and Trading to Domestic Aircraft Certification

In the aviation field, the plan proposes creating an internationally competitive aviation industry ecosystem. One deployment carrying significant strategic signals is the active participation in the research, development, and certification of domestically-produced aircraft.

The plan clearly states that Hong Kong will play a "bridge" role, helping domestic aircraft enter the international market. Concurrently, authorities plan to build an industrial ecosystem for aircraft parts processing and trading, establishing a "front shop, back factory" industrial cluster. Hong Kong is positioned to become Asia's first hub for aircraft component processing and trading.

In the sustainable aviation fuel (SAF) sector, the plan outlines leveraging the industrial construction role of Hong Kong's SAF production base located in Dongguan. It promotes the development of a SAF industry chain within the Greater Bay Area and plans to construct fuel blending facilities in Hong Kong, supporting the nation's development strategy in this emerging field.