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This year marks the beginning of the national 15th Five-Year Plan. As the most significant guiding framework for the nation's socio-economic development over the next five years, the Plan has drawn considerable attention both domestically and internationally, with many seeking to gain a more comprehensive understanding of the country's future development directions and the opportunities it brings. The Plan also charts a clear course for Hong Kong to speed up and scale up its development in the future. Last week, together with Mr Michael Wong, Deputy Financial Secretary, Secretaries from five bureaux, and colleagues from the civil service, I engaged in an interactive exchange session with legislators in the Legislative Council's Ante Chamber on proactively aligning with the Plan. We all agreed that Hong Kong possesses unique strengths in various areas such as finance, trade, innovation and technology (I&T), etc. and that many emerging fields and new dimensions are rich with opportunities.

Entering 2026, global market conditions remain highly volatile, driven by escalating geopolitical instability and persistent uncertainty. These dynamics have triggered rapid and unpredictable cross-border capital flows. Even traditionally safe-haven assets have undergone sharp corrections after repeatedly reaching record highs. Gold is a notable example: after rising steadily over the past four years, its price surged by nearly 30% in January, approaching a historic high of US$5,600. However, in recent days, it experienced a significant pullback, at one point falling more than 12% from its peak. Commodities have also rotated as market leaders, contributing to short-term rallies. In the foreign exchange market, the United States (US) dollar index dropped to a near four-year low, while the Japanese yen came under renewed pressure. Even some previously strong US technology stocks have registered notable sell-offs.

The World Economic Forum (WEF) Annual Meeting held in Davos, Switzerland, has just been concluded. The Annual Meeting brought together about 3 000 political and business leaders from different countries and regions. Through intensive meetings, participants exchanged perspectives and ideas, hoping to better grasp macro trends and the pulse of development at this pivotal historical juncture.