Hong Kong's First 5-Year Development Plan

Matichon•International•28m ago

Reader Briefing

Chief Executive John Lee announced Hong Kong's first 5-year development plan to improve living standards and reinforce its status as a global financial center.

•Chief Executive John Lee presented the 5-year development plan on September 16.
•The plan aims to increase public housing by 196,000 units within 5 years.
•The Northern Metropolis project will be accelerated to drive growth and connectivity with mainland China.
•Economic diversification will focus on gold and commodity trading, green finance, and digital assets.

Overview

•John Lee revealed the 5-year development plan during the annual policy address to the Legislative Council on September 16.
•The 5-year plan was developed following two months of discussions between the government, the legislature, and the public.
•John Lee pledged to increase public housing by 196,000 units over the next 5 years to address land shortages.
•The government will accelerate the development of the Northern Metropolis near the mainland China border to create jobs and housing.
•John Lee stated that Hong Kong will strengthen its roles in finance, shipping, trade, and as a global offshore renminbi transaction hub.
•The government will provide a 20,000 Hong Kong Dollar subsidy for the first child for the next 3 years, and 30,000 Hong Kong Dollars for the second and third children.
•The strategic plan follows the approval of China's 5-year social and economic development plan by the Beijing government in March.
•The completed Northern Metropolis project is expected to create approximately 650,000 jobs and provide housing for around 2.5 million people.

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Key Entities

Person

John Lee(จอห์น ลี)

Chief Executive of the Hong Kong Special Administrative Region who unveiled the 5-year development plan.

Place

Hong Kong(ฮ่องกง)ℹ️

A global financial hub implementing a first-ever 5-year development plan.

Mainland China(จีนแผ่นดินใหญ่)ℹ️

The region with which Hong Kong aims to strengthen technological ties and connectivity.

Northern Metropolisℹ️

A new metropolis project in northern Hong Kong bordering mainland China intended to drive growth.

Guangdong-Hong Kong-Macao Greater Bay Area(เขตเศรษฐกิจอ่าวกวางตุ้ง-ฮ่องกง-มาเก๊า (Greater Bay Area))ℹ️

A Chinese economic zone that Hong Kong intends to integrate with as a super-connector.

Organization

Legislative Council(สภานิติบัญญัติ)ℹ️

The body to which John Lee delivered the annual policy address on September 16.

Beijing Government(รัฐบาลปักกิ่ง)

The government that approved China's 5-year social and economic development plan in March.