LONGER-TERM PLANNING
Lee has said the five-year plan will set Hong Kong’s strategic direction, while each annual policy address will spell out measures, track progress and adjust policies to changing conditions.
The plan is being drawn up alongside China’s 15th Five-Year Plan and covers the same period.
Lee said the city will continue to uphold the “one country, two systems” principle.
Christine Loh, chief development strategist at the Hong Kong University of Science and Technology, said longer-term planning also requires Hong Kong to consider how the world could change over the next 10 to 20 years, and what infrastructure and talent the city will need to prepare for the future.
Aligning its planning cycle with the mainland could also help Hong Kong identify areas where their development priorities complement each other, she added.
The Northern Metropolis is where Hong Kong’s five-year ambitions could become most tangible.
The government wants to transform land in the city’s north into a new economic hub for technology and innovation, on Shenzhen’s doorstep.
The project aims to eventually house 2.5 million residents and provide 650,000 jobs.
It will also be an important test of whether closer integration with the Greater Bay Area can generate new industries and jobs in Hong Kong.
But financing the project will be a challenge.
The government has said it will cost at least HK$224 billion (US$28.6 billion), while global ratings agency S&P estimates the bill could be about 60 per cent higher.
With public finances under pressure, private capital will be critical.
