Hong Kong society pins hope on first 5-year blueprint to tap national opportunities

Representatives from various walks of life in Hong Kong have expressed high expectations for the city's inaugural five-year plan, seeing it as a pivotal framework to reinforce Hong Kong's strengths and tap into opportunities arising from national development.

Chief Executive John Lee unveiled the plan for economic and social development (2026–2030) on Wednesday alongside his 2026 policy address, setting out a vision to build Hong Kong into a "more open, inclusive, liberal, prosperous and safer" place.

The Hong Kong Trade Development Council called both the plan and the policy address forward-looking, strategic and pragmatic, providing a clear roadmap for the future.

The Hong Kong Jockey Club said its Charities Trust has donated 3 billion HK dollars (about 382 million U.S. dollars) to support the construction of a Life and Health Academic Research Building in the Northern Metropolis.

People from all sectors of society in Hong Kong said the plan would further build social consensus, pool strength from various sectors and generate strong momentum for development.

Chan Ching-har, a member of the Executive Council of the Hong Kong Special Administrative Region (HKSAR), said the plan enjoys solid foundations.

"With the strong backing of the central authorities and the SAR's efficient and pragmatic governance system, we believe the goals and tasks set out in the plan will be advanced in an orderly manner, promoting Hong Kong's sustainable development and enabling residents to share in its fruits. Let us work in solidarity to build a more prosperous and stable Hong Kong," she said.

The education sector is also looking to the plan for long-term gains.

"We hope the plan will help make Hong Kong an international education hub, enabling the city's higher education sector to achieve sustainable, higher-quality development. We're ready to work in line with the national and Hong Kong five-year plans and contribute to child development and Hong Kong's rise as a global education center," said Kerry Lee, president of Yew Chung College of Early Childhood Education.

From the business community, Edward Leung Hei, chairman of the Hong Kong Feast and Retreat Association, described the plan as timely.

"This year marks the opening year of the national 15th Five-Year Plan, and Hong Kong is at a critical stage of economic transformation. Through this report, the SAR government has better demonstrated its determination and its proactive role in seizing national development opportunities to create new growth drivers for Hong Kong. We believe the SAR government can lead the society in achieving economic transformation and solving livelihood problems, writing a new chapter for 'one country, two systems' through concrete actions," said Leung.

Hong Kong society pins hope on first 5-year blueprint to tap national opportunities

Japan's reliance on U.S. economic policy is allowing foreign funds to acquire Japanese assets at bargain prices, according to Japanese economist Kazuhide Uekusa.

He warned that the government's economic and defense strategies prioritize foreign capital and political profits over public welfare, failing to bring true prosperity to ordinary citizens.

The Bank of Japan (BOJ) on Friday raised its policy interest rate by 0.25 percentage points to 1.25 percent, the highest in about 31 years, following a two-day board meeting.

According to Uekusa, the timing of the shift aligns perfectly with the interests of large American funds.

"The Takaichi Cabinet has been reluctant to raise interest rates, thus allowing the yen to continue to depreciate. I think this is actually equivalent to helping foreign capital purchase Japanese assets at a low price. However, U.S. Treasury Secretary Scott Bessent has recently made a clear adjustment to the policy direction of the U.S. dollar against the Japanese yen, promoting the appreciation of the Japanese yen. The reason is that some large funds in the United States have basically completed their investment layout in Japanese assets," said Uekusa.

Uekusa also said Japan cannot attempt to revitalize its economy by expanding military spending and supporting the defense industry, and such a military buildup strategy is unlikely to bring about true prosperity and stability.

"I think it is true that the Japanese economy has been stagnant for a long time. However, to expand military spending in an attempt to revitalize the economy is, in my opinion, an extremely foolish and even crazy move. To achieve peace and stability in Japan, the foundation should be to establish friendly relations with neighboring countries rather than military expansion. The reason why the Japanese government attaches so much importance to the military industry is that it can generate huge profits, and a part of these profits may flow back to political parties or political figures through various means. I don't think this is at all for the benefit of the people," he said.

Japanese economist criticizes gov't policies for enabling cheap asset sales to foreign funds