Development key to improving livelihoods amid global uncertainty, says John Lee

Chief Executive John Lee Ka-chiu said strengthening Hong Kong’s development remains a key priority for improving people’s livelihoods, particularly as global uncertainties continue to intensify.

Lee said that although major economies are generally expected to continue expanding this year, the global economic outlook remains uncertain amid complex and evolving geopolitical tensions.

He noted that such instability affects the monetary policies of major economies and dampens investment confidence.

Despite these challenges, Lee pointed to emerging opportunities in the global economy. He said the rise of the Global South, the restructuring of global trade patterns, the rapid development of artificial intelligence and digital transformation, and the push for sustainable development are injecting new vitality into the world economy.

Lee also highlighted that this year marks the beginning of the country’s 15th Five-Year Plan, describing it as a crucial period for Hong Kong to chart its development direction for the next five years.

He said Hong Kong can leverage opportunities within the national industrial ecosystem to achieve “leapfrog development” in emerging industries.

“The ultimate goal of development is to let citizens live better lives while consolidating Hong Kong's competitiveness,” Lee said.

Lee added that local consumption and the business environment have improved this year, while falling interest rates are benefiting the asset market and helping to drive growth in consumption and investment.

He said the government would work with “greater intensity” to improve public well-being and ensure that citizens share the benefits of economic growth.