Five-Year Plan boosts HK's growth

Hong Kong must study and apply the principles of the fourth plenary session of the 20th Communist Party of China Central Committee, understand its strengths and role in the nation's development, and maximize its unique advantages under the "one country, two systems" principle over the next five years, Chief Executive John Lee Ka-chiu said on Monday.

Lee and his team held a meeting on Monday to study the essence of the nation's recently concluded fourth plenary session.

He said that Hong Kong — which is facing profound changes in the development environment along with increasing uncertainties — must continue to leverage its distinct advantages as a region that enjoys strong national support and maintains unparalleled connectivity with the wider world under the "one country, two systems" principle in order to secure its long-term prosperity and stability, both economically and socially.

Studying and implementing the essence of the session is an important political task for Hong Kong, Lee said, adding that the city is at a critical juncture, accelerating the process from stability to prosperity.

According to a communique released on Thursday as the session concluded, participants deliberated over and adopted the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development.

Lee said the adopted recommendations have systematically summarized the major achievements made during the 14th Five-Year Plan period (2021-25) and analyzed new requirements the country will face during the 15th Five-Year Plan period (2026-30). It has made top-level designs and strategic planning for the next five years and provided a scientific guide for creating a new chapter in building a Chinese-style modernization.

During the nation's 14th Five-Year Plan period, the Hong Kong Special Administrative Region achieved several milestones, including developing as a global center for finance, aviation and innovation; establishing itself as a hub for international legal and dispute resolution services in the Asia-Pacific region; and raising its profile as an East-meets-West center for international cultural exchange, Lee said.

Scholars and stakeholders also weighed in on the topic, calling on the city to better understand the essence of the session.

Lau Siu-kai, a consultant with the Chinese Association of Hong Kong and Macao Studies, a Beijing-based think tank, said that since the beginning of the 14th Five-Year Plan in 2021, the central government has actively incorporated Hong Kong's development into the national framework while propelling the city's growth through different policy measures.

Lau expected Hong Kong to benefit from the economic momentum generated by the country's high-quality growth, and to benefit from additional favorable policies introduced by the central authorities.

"Hong Kong is at a pivotal moment in its economic development, with the nation serving as its steadfast support. Therefore, stakeholders across all sectors should seize these opportunities, leveraging Hong Kong's unique strengths under the 'one country, two systems' principle to deepen the city's integration into national development, align more closely with national strategies and generate stronger momentum for local growth," said Henry Tang Ying-yen, a member of the Standing Committee of the Chinese People's Political Consultative Conference National Committee.

The 15th Five-Year Plan will elevate the country in economic, technological, innovative and creative terms, creating new development opportunities for Hong Kong's economy, Tang believed.

Numerous groups from various sectors also underpinned the importance of the session, vowing to seize these opportunities and align them with their own sectors, and contribute to the development of both the city and the country with practical actions. The Chinese Manufacturers' Association of Hong Kong and the Business and Professionals Alliance for Hong Kong anticipate significant opportunities to arise from the recommendations made.

Wu Kunling contributed to this story.