Opinion | Hong Kong’s 5-year plan needs ambition to match Beijing’s expectations

Much of this will sound familiar from past policy addresses and government documents. That is understandable in a consultation paper seeking public views before the plan is completed, but the final plan cannot merely repackage familiar initiatives. It must express ambition commensurate with the national 15th five-year plan and subsequent documents elaborating national priorities.

Mission framing would help. A mission begins with a desired outcome rather than a list of measures. It connects different bureaus and sectors, mobilises finance and expertise, and tells the public what success will look like. The Northern Metropolis

itself should be a mission: exceptional design and integration that create economic, social, environmental and land value.

In finance, deepening equity and bond markets, expanding asset and wealth management, developing fintech and consolidating Hong Kong’s role as the leading offshore renminbi centre are important but already expected.