Hong Kong is set to significantly boost its investment in innovation and technology, aiming to increase spending to 3% of its GDP by about 2030. This ambitious target was announced by Chief Executive John Lee Ka-chiu during his policy address on September 16, 2026, marking a pivotal moment in the city's first-ever five-year plan.
The plan seeks to transform Hong Kong into a global hub for technology and innovation, with a focus on attracting international capital and fostering the growth of unicorn companies. This initiative is part of a broader strategy to enhance the city's competitive edge in the global market.
In his address, Lee outlined several key areas of development, including the expansion of frontier technologies such as aerospace research. The blueprint also includes measures to improve economic development, enhance living standards, and protect the environment. These initiatives are designed to align Hong Kong more closely with the national development blueprint.
Lee's policy address also highlighted the importance of strengthening Hong Kong's financial ties with mainland China. By expanding investment products and enhancing mainland-market links, the city aims to solidify its status as an international financial center. This move is expected to attract more international investors and deepen Hong Kong's wealth-management capabilities.
In addition to economic initiatives, the policy address covered a wide range of topics, including education, healthcare, and environmental protection. Lee announced plans to offer attractive merger deals for schools, provided authorities offer more resources and support. The government also plans to invest in primary care to reduce the risk of premature death to 6.9% and to establish Hong Kong's first integrated ambulatory care hospital at King's Park.
Environmental goals were also a significant part of the address, with Hong Kong aiming to increase the share of zero-carbon energy in its fuel mix to 30% by 2030. This target is one of four binding environmental protection goals outlined in the five-year plan.
Focus on Innovation and Financial Growth
The five-year plan's focus on innovation is expected to drive economic growth and attract global capital. By doubling its investment in technology, Hong Kong aims to become a leader in new industries and enhance its global competitiveness. The plan also includes measures to support the development of the Northern Metropolis, a key area for innovation and technology growth.
Lee's address also mentioned the importance of reviewing the television practice code to help local broadcasters adapt to modern industry trends. This is part of a broader effort to position Hong Kong as a global mediation capital and to prioritize youth home ownership.
To support these initiatives, the government plans to introduce a new training visa as part of a series of measures aimed at attracting talent to Hong Kong and enhancing the city's workforce.
Additionally, the policy address included plans to boost tourism, with a target of HK$126 billion by 2030. The government aims to achieve this through film tourism and major sporting events, such as higher-level tennis tournaments at the redeveloped Victoria Park.
Lee also pledged reforms in building maintenance following a fatal fire in Tai Po. The government will conduct a legal study on criminalizing bid-rigging in major building maintenance works and submit a proposal to the Legislative Council this year.
Overall, the five-year plan sets 22 major indicators, with five being binding targets. Lee stressed the need for accountability if these targets are not met, underscoring the government's commitment to achieving its ambitious goals.
