Blog

The National Two Sessions concluded successfully in Beijing last week. At the Fourth Session of the 14th National People's Congress, the "Outline of the 15^th Five-Year Plan for National Economic and Social Development of the People's Republic of China" (the "National 15^th Five-Year Plan") was adopted, providing an extensive blueprint and action agenda for the nation's social and economic development over the next five years. Spanning more than 70,000 words, the National 15^th Five-Year Plan offers sharp insights into the trends and developments in the evolving international macroeconomic landscape. With notable clarity, it sets out the direction and pathways for building a modernised industrial system and advancing high-level self-reliance and strength in science and technology. It also provides clear guidance on supporting Hong Kong in solidifying and enhancing its competitive advantages, as well as better integrating into and contributing to overall national development.

The "Two Sessions" of our country are being held in Beijing. Deputies and members have gathered to engage in active discussions on the draft outline of the National 15^th Five-Year Plan and its core elements. From building a modern industrial system to developing a robust domestic market, and from expanding high-level opening-up to solidly advancing rural revitalisation across the board, the 15^th Five-Year Plan maps out a panoramic blueprint for high-quality development. While holding profound significance to the building of a great country through Chinese modernisation and the great cause of national rejuvenation, it serves as important ideological guidance for Hong Kong in seizing new development opportunities and opening up new horizons.

Over the past few days, my colleagues and I have been making use of various channels to brief the public in greater depth on the newly released Budget, including its key contents, measures and underlying considerations. The theme of this year’s Budget is “Driving High-quality, Inclusive Growth with Innovation and Finance”. At its core, the Budget responds to a period in which great changes unseen in a century are accelerating and geopolitical uncertainties are intensifying. The question we must answer is how Hong Kong can seize opportunities to leverage its unique advantages and inject fresh momentum into our future growth, thereby making development more resilient and inclusive.