Hong Kong unveils 5-year plan to double innovation spending, lift new industries to 5.5% of GDP

Hong Kong Chief Executive John Lee announced the city's first five-year blueprint, aligned with Beijing's national strategy, targeting a near-doubling of innovation spending and raising manufacturing/new industries to 5.5% of GDP. This marks a policy shift toward long-term economic planning, signaling deeper integration with mainland China's industrial priorities. The plan's binding versus aspirational nature remains unclear, and implementation will depend on fiscal capacity and private-sector uptake.