Hong Kong identifies financial services and tech innovation as key growth drivers

Chief Executive John Lee has identified financial services, innovation and technology, and education as three key new growth drivers for Hong Kong ahead of the city's inaugural five-year development blueprint and annual policy address.

Lee said the five-year plan would outline broad strategies, set clear development directions and align with the nation's 15th five-year plan, while the policy address would focus on specific measures. The Chief Executive made the remarks and said the two documents were closely linked and mutually reinforcing.

New momentum from four initiatives

Lee highlighted four initiatives that he said had injected new momentum and created fresh opportunities. These include ensuring the effective operation of the central gold clearing system and developing a commodities trading ecosystem.

The leader also pointed to attracting leading global enterprises to the Hetao innovation hub, the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop. The fourth initiative involves developing a university town in the Northern Metropolis.

"We will remain pragmatic, continue to unleash market vitality, and constantly cultivate new growth drivers for Hong Kong," Lee said of the city's five-year plan.

Benjamin Hung Pi-cheng, chairman of the government think tank Financial Services Development Council, said the establishment of the Hong Kong Gold Exchange in January last year was a strategic and visionary move.

Source: South China Morning Post