Hong Kong launches five-year plan to redefine its global role

The Hong Kong government has initiated a public consultation for its first-ever five-year development plan, which aims to align the city’s trajectory with trade-exemptions China’s recently approved 15th five-year plan. Officials have described the blueprint as a “macroscopic, strategic and forward-looking” framework to guide Hong Kong’s economic and social development through the decade.

This planning process presents Hong Kong with a unique chance to reconsider its global positioning. Beyond its long-standing identity as “Asia’s World City,” the city could aspire to become a multilateral hub in Asia, leveraging shifts in global governance.

A significant transformation is occurring in the global multilateral system. The United States, historically a cornerstone of this system, has been retreating in recent years—reducing funding, withdrawing from international organisations, and stepping back from values it once championed. In this vacuum, China has begun to assert greater leadership on the global stage, establishing alternative institutions like the Asian Infrastructure Investment Bank, the New Development Bank, and the Shanghai Cooperation Organisation.

Simultaneously, the United Nations is undergoing a decentralisation process under its UN80 reform agenda, announced in 2025. With funding cuts prompting structural changes, agencies are relocating positions from traditional hubs like New York and Geneva to emerging centres such as Bangkok, Nairobi, and Dubai. For instance, the UN Development Programme (UNDP) has already announced the transfer of approximately 400 roles to Germany and Spain. These shifts reflect a broader trend of engaging more directly with developing economies.

In this evolving global landscape, Hong Kong has the opportunity to think beyond its traditional role and position itself as a key player in the emerging multilateral order.