Hong Kong's first five-year plan, covering economic and social development from 2026 to 2030, will prioritize expanding the use of the offshore yuan and strengthening financial ties with mainland China. Chief Executive John Lee announced these intentions, stating that the city would broaden its range of renminbi investment and risk-management products. This initiative is aligned with China's 15th Five-Year Plan, which emphasizes renminbi internationalization as a key strategic objective. Hong Kong, already recognized as the world's largest offshore renminbi business hub, aims to reinforce this position.
The plan also proposes expanding mutual market access through existing schemes such as Stock Connect, Bond Connect, Wealth Management Connect, and Swap Connect. These measures are designed to encourage greater cross-border investment, facilitate trade settlement in renminbi, and generally widen the currency's international acceptance. Lee stated that the government would collaborate with banks to develop renminbi-denominated products.
Key areas of focus within the plan include promoting high-quality development as an international financial center, deepening collaborative development across various financial markets (equity, bond, asset management, wealth management, insurance, and risk management), and building a commodities trading ecosystem. The plan will also support the financing of projects related to the Northern Metropolis, a major development zone along Hong Kong’s border with the mainland, and the broader Guangdong-Hong Kong-Macao Greater Bay Area. The government also intends to develop new industries with competitive advantages, such as commodities trading and high-value-added supply chain services, while continuing to strengthen connectivity with mainland and international markets. The plan is expected to be unveiled at a special Legislative Council meeting on September 16, followed by Lee's annual policy address. Hong Kong's financial regulators are also preparing for wider use of artificial intelligence in finance, with the Securities and Futures Commission focusing on managing the associated risks and opportunities.
