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Key takeaways from Hong Kong’s 14th Five-Year Plan

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The 14th Five-Year Plan (2021-2025) for National Economic and Social Development was recently announced and approved by the 13th National People’s Congress (NPC) on 11 March 2021. 

 

The highlighted areas of focus were economic development, Greater Bay Area (GBA) development and social development. Read on for key action points the government plans to accomplish that may be useful to you and your business!

Economic Development

  • Continuing government support to enhance Hong Kong’s status as an international financial, transportation and trade centre.
  • Increasing aid to magnify Hong Kong as an international aviation hub 
  • Developing into an international innovation and technology hub, as well as a regional intellectual property trading centre.
  • Strengthening Hong Kong’s status as a global offshore Renminbi business hub, an international asset management center and a risk management center.
  • Establishing Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region.
  • Promoting service industries for high-end and high value-added development.

GBA Development

  • Deepening and widening mutual access between the financial markets of Hong Kong and the mainland.
  • Strengthening exchanges and cooperation between Hong Kong and the mainland on different fronts,  including the Shenzhen-Hong Kong Loop as a major platform of cooperation in the GBA.
  • Establishing a brand of quality exchanges among the youths of Guangdong, Hong Kong and Macao, such as initiatives that allow Hong Kong youths to study, work and start business in the Mainland cities of the GBA.

Social Development

  • Improving policy measures to enable Hong Kong and Macao residents to develop and live in mainland China.
  • Strengthening education on the Constitution and the Basic Law and national development through promotional and educational activities in schools and in the community.
  • Enhancing national awareness and patriotism among Hong Kong and Macao residents.
  • Improving the electoral system of the HKSAR and implementing “patriots administering Hong Kong”.

Wrap up

The new efforts and measures highlighted in the 14th Five-Year Plan will enable Hong Kong to foster better cooperation and exchanges with countries around the world. With the overseas and Mainland Economic and Trade Offices, more opportunities can be explored to develop bilateral and multilateral cooperation.

 

To find out more about the 14th Five-Year Plan, read on in-depth here

 

For more information on Hong Kong business, feel free to visit more of our resources here.

 

 

 

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