As As Hong Kong celebrates the 29th anniversary of its return to the motherland, the city has been gathering remarkable momentum this year. Its economic resilience is unmistakable: GDP expanded by 5.9% year-on-year in the first quarter—the strongest quarterly growth in nearly five years—while merchandise trade, retail sales, and tourism have all staged broad-based recoveries. On the financial front, IPO fundraising in the first half is projected to exceed HKD 200 billion, up over 90% from a year earlier, signaling renewed investor confidence. These gains are further reinforced by Hong Kong’s rising global standing—its competitiveness ranking has climbed to second place, a seven-year peak, while it remains the world’s fifth-largest merchandise trading economy, with export values surging more than 30% in the first five months. Its financial center index also holds steady at third globally, underscoring that its traditional strengths are not only intact but growing stronger.
This favorable economic backdrop sets the stage for a more strategic alignment with national priorities. Coinciding with the launch of the country’s 15th Five-Year Plan, the HKSAR Government has concurrently kicked off its first-ever public consultation on a five-year plan of its own—a clear signal that Hong Kong is moving decisively to integrate into the country’s broader development blueprint. Last month, CGCC was invited to take part in the consultation, where it offered concrete recommendations on key fronts, including the development of the Northern Metropolis (NM), financial and trade competitiveness, and broader economic diversification.
Streamlining roles, aligning vision for the NM
Covering nearly one-third of Hong Kong’s land area, the NM is a crucial node for Hong Kong’s integration into the Greater Bay Area development. Director Xia Baolong’s visit last month, with his first stop at the Hung Shui Kiu/Ha Tsuen New Development Area, underscores that the NM’s significance extends beyond merely increasing land supply. More importantly, it serves as a vital vehicle for Hong Kong to integrate into the regional development strategy. We contend that the planning for the NM should not adhere to traditional residential and commercial real estate paradigms. Instead, it should be anchored in the innovation and technology industry, fostering a distinct “South-North dual engine” division of labor.
Hong Kong boasts five universities ranked among the world’s top 100, possessing a solid research foundation in fields such as life sciences, artificial intelligence and advanced manufacturing. However, many research outcomes have historically found their industrial application in other Greater Bay Area cities, indicating a need to strengthen local industrial absorption capacity. By effectively leveraging the NM platform, coupled with targeted investment promotion policies, we can facilitate the seamless integration of research, capital and production. This approach could transform “zero-to-one” breakthroughs into “one-to-N” industrialization benefits, thereby forging new economic growth pathways for Hong Kong.
Scaling up brand internationalization 2.0
While Hong Kong’s ascent to the world’s fifth-largest merchandise trading economy affirms the resilience of its traditional strengths, it also serves as a reminder that relying solely on quantitative growth cannot sustain long-term competitiveness. Historically, Hong Kong primarily served as a logistics and trade intermediary, facilitating the global reach of Mainland products – a model we can term “Going Global.” For the next phase, we must drive a transformation towards “Going Global 2.0”.
Hong Kong should not merely be content with being a transit point for goods. Instead, it should leverage its robust legal system, stringent intellectual property protection regime, and professional brand management services to assist high-quality Mainland brands in establishing international market credibility. Simultaneously, it should attract high-end overseas brands to set up in Hong Kong, thereby fulfilling a crucial two-way platform function. The official hosting of “World Brand Day” in Hong Kong this May presents a particularly valuable opportunity to seize. With effective stewardship, the “Hong Kong” brand can serve as a trusted emblem of quality in global markets, carrying with it the cultural and brand values that resonate with consumers worldwide.
Leveraging Hong Kong’s two-way platform function
In the face of an increasingly complex geopolitical landscape, the risks associated with sole reliance on traditional European and American markets are escalating. Last month, the Chief Executive led a delegation to Central Asia, with CGCC representatives joining the mission. The region demonstrated strong demand for areas such as artificial intelligence, electric vehicles, traditional Chinese medicine and construction materials. This presents a perfect synergy with Hong Kong’s professional services and the mainland’s robust industries. “Sailing together” thus emerges as a pragmatic strategy for exploring and developing new emerging markets.
I recently joined the EU Heads of Mission meeting in Hong Kong, where I had productive exchanges with consuls from several member states. I underscored Hong Kong’s unique edge as the premier gateway for Mainland enterprises to “go global,” which resonated well with the participants. Whether bridging emerging economies or mature markets, Hong Kong’s value as a two-way conduit is unmistakable. The real priority, I stressed, is not forced choices but sustained openness and adaptability—deploying Hong Kong’s strengths to serve the varied interests of all partners.
The formulation of Hong Kong’s inaugural “Five-Year Plan” is of paramount importance, impacting the long-term interests of all sectors of society CGCC is actively gathering feedback from its members and urges fellow business leaders and the wider community to enthusiastically participate in the consultation process. Together, we can craft a development blueprint that is both pragmatic and visionary—laying a solid foundation for Hong Kong’s sustained prosperity.
