As the chief executive works on both his policy address and a five-year plan for the city, more boldness, reforms and innovation are needed
3-MIN READ3-MINAlice WuAlice Wu is a political consultant and a former associate director of the Asia Pacific Media Network at UCLA. Published: 9:30am, 17 Aug 2026It made perfect sense for Hong Kong Chief Executive John Lee Ka-chiu to hold public consultations on both the city’s first five-year plan and the last policy address of his current term at the same time. Many have been putting forward views that warrant serious consideration.It is clear that Lee needs to be bolder when it comes to the “new chapter” he promised in 2022 when he was elected. The Northern Metropolis is only one part of the city’s transformation; his coming policy address must lay out the rest.Hong Kong is well established as a global financial centre but we still need audacious changes. The good news is the groundwork has been laid. We are already the world’s largest offshore yuan trade settlement centre, and the recent launch of offshore Chinese government bond futures in the city is another step that helps cement our role and international status.Yet more needs to be done to take advantage of yuan globalisation, a key plank of Beijing’s plans for Hong Kong under the 15th national five-year plan. Market participants and policy experts have pushed for expanded yuan products, commodity trading infrastructure, a diversified talent pool and fintech innovation.We cannot rest on our laurels or wait to be spoon-fed. Taking the ball and running with it is this city’s strongest trait. If we are ever tempted to be nostalgic, this is what we need to focus on – our ability to create opportunities in changing times and amid constraints. The financial sector is ready. The question is whether the rest of us are.
