Hong Kong Chief Executive John Lee Ka-chiu unveils the city’s first five-year development plan, announced alongside the annual policy address. The blueprint sets targets designed to strengthen innovation, support families, and create new economic momentum.
A central goal is to nearly double innovation-related spending, with Hong Kong aiming to reach an innovation expenditure level equivalent to 3% of GDP by around 2030, up from 1.63% in 2024. The plan also includes measures to accelerate development of technology-focused areas, including the Northern Metropolis megaproject, and to back frontier technologies such as aerospace research. It sets a range of indicators for sectors including manufacturing and new industries, with one reported target to raise their economic share to 5.5%.
Across outlets, the innovation spending figure and the five-year framing are consistent, while emphasis varies. Bloomberg highlights additional financial support for new parents and efforts to counter declining births, whereas the South China Morning Post places more focus on the plan’s broader industrial and innovation targets and alignment with China’s national development strategy.
