Hong Kong Chief Executive John Lee revealed details of the city's inaugural five-year plan, emphasizing its role in expanding offshore renminbi (yuan) business and deepening financial connectivity with mainland China. Speaking at the Hong Kong Association of Banks Distinguished Speaker Luncheon, Lee stated that the plan, set to be unveiled on September 16, will align with China's national 15th Five-Year Plan (2026-2030) and integrate Hong Kong into the country's overall development strategy. He highlighted Hong Kong's unique position as the world's largest offshore renminbi business hub, poised to spearhead the internationalization of the currency.
The plan aims to leverage Hong Kong's status as a "super connector" and "super value-adder," facilitating the flow of mainland capital and enterprises to global markets while attracting international capital, technology, and talent to the city. To achieve this, the government intends to expand mutual market access schemes with the mainland, including existing initiatives like Stock Connect, Bond Connect, Wealth Management Connect, and Swap Connect. Lee urged the banking sector to collaborate with the government to innovate renminbi-denominated products, enable cross-boundary trade settlements, and broaden the global use of the yuan.
Lee identified four key areas for cooperation between the Hong Kong Special Administrative Region government and the banking industry. Besides expanding offshore renminbi business, these include empowering the real economy and encouraging innovation and technology through finance, developing commodity trading with a focus on gold, and strengthening financial security and market integrity. He also called on banks to actively support the development of the Northern Metropolis, a major infrastructure project, anticipating their instrumental role in financing large-scale ventures within the region and the Greater Bay Area.
