Hong Kong's Five-Year Plan Focuses on Northern Metropolis and AI Development

Hong Kong’s first-ever five-year plan should prioritise the Northern Metropolis mega development and advance its artificial intelligence (AI) strategy, according to leading business chambers. The American Chamber of Commerce in Hong Kong (AmCham) and the Federation of Hong Kong Industries (FHKI) also emphasised the need to bolster the city’s position as a global financial hub.

Northern Metropolis: A Key Economic Driver

The Northern Metropolis, first unveiled in 2021, has been singled out as a cornerstone of Hong Kong’s economic future. The project envisions transforming 30,000 hectares of land along the mainland Chinese border into a growth engine, housing hub, and university town.

FHKI highlighted the importance of aligning the development with industrial growth, enterprise presence, and employment outcomes over the next five years. Meanwhile, AmCham proposed the establishment of a single statutory entity to streamline coordination and encourage public-private partnerships.

Over 16,000 Submissions Shape the Blueprint

The recommendations from AmCham and FHKI are among more than 16,000 submissions received by authorities during the public consultation phase, which concluded last Friday. The blueprint, expected to be published in September, will guide Hong Kong’s development from 2026 to 2030, aligning with China’s 15th five-year plan.

Calls for Financial Integration and AI Strategy

In addition to the Northern Metropolis, AmCham called for deeper integration with the Greater Bay Area’s wealth management ecosystem. This includes expanding Wealth Management Connect quotas and broadening the scope of eligible financial products.

The chambers also stressed the need for a robust AI strategy to future-proof Hong Kong’s economy and maintain its competitive edge.

Why It Matters

The Northern Metropolis and AI initiatives represent Hong Kong’s bid to secure long-term economic resilience and innovation. By focusing on these areas, the city aims to solidify its role as a financial and technological powerhouse within the Greater Bay Area and beyond.

Source: South China Morning Post