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Hong Kong could leverage its unique capitalist market strengths to pioneer commercial aerospace development and high-end maritime services, according to former Chief Executive Leung Chun-ying. He added that the city’s first Five-Year Plan should focus on strategic decisions that align closely with national goals.
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His remarks came after the government launched the two-month public consultation for the city’s five-year blueprint, which aims to be released in the third quarter of this year.
Leung, who is also a vice-chairman of the Chinese People’s Political Consultative Conference, emphasized on a radio program that Hong Kong should prioritize and make definitive choices. The core objective is to cater to the country’s needs by leveraging the city’s distinct strengths and capabilities.
He said the city must align precisely with national goals across four key areas: accelerating the development of a financial powerhouse, consolidating and upgrading its status as a shipping center, reinforcing its trade hub role, and strengthening innovation and technology. Leung noted that these four pillars will support Hong Kong’s economic growth and create ample career opportunities for young people in the city.
On aerospace development, the former city’s leader drew a parallel to the rapid rise of Elon Musk’s SpaceX in the United States, attributing its success to the market forces of a highly market-oriented, capitalist society that swiftly mobilized national capital, talent, and technology.
He stressed that among all cities in China, Hong Kong uniquely possesses these capitalist market strengths, making it the most qualified to replicate this financing model and drive commercial aerospace development.
He said Hong Kong is well-placed to capture related businesses, including satellite insurance, financing, and management. Sustained development over the next one to two decades would allow aerospace, an emerging future industry, to work alongside aviation and maritime transport to significantly expand the scope of Hong Kong’s shipping sector.
Addressing financial integration, Leung pointed out that the national 15th Five-Year Plan outlines the accelerated development of Shanghai as an international financial center, while its Hong Kong chapter pledges support to consolidate and elevate Hong Kong’s own status as a global financial hub.
He called for a careful study on how the two cities should divide their responsibilities and cooperate when positioning themselves on the global stage.
