Hong Kong’s coming annual budget must address critical bottlenecks in technology and talent attraction to pave the way for the city’s first five-year development framework in line with national priorities, according to observers.
Against a backdrop of geopolitical tensions, the plan – expected to be officially endorsed next month – prioritises technological self-reliance, “new quality productive forces” and expanding domestic consumption, with “comprehensive reform” as a guiding principle.
The framework outlines Beijing’s support for transforming Hong Kong into an international innovation and technology centre and a global destination for top talent, while consolidating the city’s role as an international financial, aviation and trade hub.
While Chief Executive John Lee Ka-chiu recently said he had instructed all policy bureaus to work “in full force” to devise a “Hong Kong five-year plan” within this year, Chan hinted the budget would include measures to help mainland Chinese innovation and technology enterprises “go global” and promote the clustering of key businesses in the city.
Observers said the government should address critical bottlenecks in Hong Kong’s own tech ecosystem first, as its slowdown did not just affect the city’s competitive edge but extended more broadly to the Greater Bay Area, which covers Macau and nine mainland cities.
