Hong Kong’s 5-year plan needs ambition to match Beijing’s expectations

Hong Kong’s first five-year plan will be judged not by how many initiatives it assembles. Instead, it will be judged by whether it explains where the city intends to be by 2030 and how it will get there.The consultation document covers the expected ground. It includes the Northern Metropolis; Hong Kong’s roles as an international financial, trade, maritime and aviation centre; integration with the Greater Bay Area and supporting the Belt and Road Initiative; and social priorities such as housing, education and manpower. A final section covers culture, sports, tourism and green living.Much of this will sound familiar from past policy addresses and government documents. That is understandable in a consultation paper seeking public views before the plan is completed, but the final plan cannot merely repackage familiar initiatives. It must express ambition commensurate with the national 15th five-year plan and subsequent documents elaborating national priorities.Mainland five-year planning is not simply an exercise in compiling policies. It defines the advances sought, aligns institutions and resources, and sets targets against which progress can be assessed. Hong Kong operates in a competitive national environment, and its first plan cannot be tentative.Mission framing would help. A mission begins with a desired outcome rather than a list of measures. It connects different bureaus and sectors, mobilises finance and expertise, and tells the public what success will look like. The Northern Metropolis itself should be a mission: exceptional design and integration that create economic, social, environmental and land value.In finance, deepening equity and bond markets, expanding asset and wealth management, developing fintech and consolidating Hong Kong’s role as the leading offshore renminbi centre are important but already expected.