Leung Chun-ying: HK should focus on finance, shipping development

The SAR government is ironing out the details of its first five-year plan. Former city leader and CPPCC vice chair Leung Chun-ying believes Hong Kong should focus on four major industries, including finance, tech and shipping.

As Hong Kong is rolling out its own Five-Year Plan, the government is launching public consultation on the inaugural development blueprint. Leung Chun-ying, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference, says Hong Kong must make trade-offs and choices. Speaking on a radio programme, he believes the city should prioritise four industry pillars: finance, trade, technology and shipping.

He says a key premise of planning is that Hong Kong cannot do everything but needs priorities on what China as a country needs, what Hong Kong is good at -- and what Hong Kong can do.

Leung also notes the country's five-year plan includes a call to accelerate building a "financial powerhouse." Hong Kong is well positioned to take the lead in this. He cites the need to accelerate the development of Shanghai into an international financial centre, and notes that Hong Kong and Shanghai -- both major international financial hubs -- have a relationship worth studying.

He notes it is not about competition but about ways to divvy up their key roles.

On AI development, Leung says in the past one to two years, technology has seen disruptive developments and Hong Kong should plan early and respond wisely to seize opportunities while avoiding risks.

He describes aviation, aerospace and high-end shipping services, as well as their related finance, insurance and legal services as areas well suited to Hong Kong, noting that maritime businesses is a key industry to China. He says references too can be taken from the five-year plans for Guangdong and Hainan, which both mention commercial aerospace-related industries including satellite manufacturing and management.