Finance chief says he will engage with public and ‘draw on collective wisdom’ while making sure coming budget aligns with five-year plan
Hong Kong authorities have launched public consultations for the next budget, with the finance chief saying it will focus on how the city can boost economic development and better integrate into the nation’s latest five-year plan.
Financial Secretary Paul Chan Mo-po on Wednesday highlighted several key issues for the 2026-27 budget, including how the city could further broaden and deepen its economy, accelerate innovation and technology, upgrade its industrial structure and strengthen its integration and contribution to national development.
He said other goals included creating more high-quality jobs and ensuring the benefits of economic growth and diversification were widely shared across the community.
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Next year marks the beginning of the latest five-year plan, opening a new chapter not only for mainland China but also for Hong Kong and Macau.
In October, Beijing released details of the plan, which envisions a new phase in Hong Kong’s efforts to advance its economic and social development while continuing the “eight-centres” strategy set out in the previous blueprint.
The strategy defines Hong Kong’s role in areas such as finance, trade and shipping, and talent development.
“In 2025, despite considerable external challenges, Hong Kong’s economy has demonstrated strong resilience and made steady progress,” Chan said.
He also said the government’s efforts had started to “bear fruit” in terms of cementing and enhancing the city’s status and competitiveness as an international financial centre and in driving economic and innovation and technology development.
“These developments are creating favourable conditions for Hong Kong’s continued advancement,” Chan said.
“As we prepare the new budget, we aim to gather views from different sectors, engage with the public and draw on collective wisdom.
“We welcome all members of the community to actively share their views so that we can work together to build a better and more vibrant Hong Kong.”
Chan is scheduled to deliver his annual budget speech in February next year.
Tam Yiu-chung, Hong Kong’s former sole member of the National People’s Congress Standing Committee, the country’s top legislative body, told media earlier on Wednesday that the thrust of Hong Kong’s efforts to align with the five-year plan was on “taking a proactive approach”.
“Proactive engagement means that everyone should think and plan how to raise issues … It is not passively waiting for instructions from the central government or being afraid to raise proposals,” he said.
On Tuesday, Chinese President Xi Jinping urged Hong Kong to “proactively align” with the five-year plan at a meeting with Chief Executive John Lee Ka-chiu during the latter’s annual duty visit to Beijing.
During the meeting, Lee told the president that Hong Kong’s account would return to a surplus in the next financial year.
The government recorded a deficit of HK$56.8 billion (US$7.30 billion) in the first seven months of the 2025-26 financial year, while its reserves stood at HK$597.5 billion as of October.
Chan earlier forecast that the government’s operating account would return to a surplus in 2026-27 after recording a deficit for three consecutive years.
The local economy expanded by 3.3 per cent in the first three quarters, year on year, driven by double-digit growth in merchandise exports, improved local demand and the stabilisation of the retail and catering sectors.
The minister said key priorities included broader economic development, faster adoption of innovation and technology, upgrading industrial structures, creating high quality jobs and strengthening the city’s integration and contribution to national development.
Lee also said Hong Kong would seize opportunities under the five-year plan and push for high-quality development to make the city safer and more prosperous.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
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