Lawmakers from the Business and Professionals Alliance for Hong Kong (BPA) have called on the special administrative region government to accelerate economic reforms in the city’s upcoming Budget.
The proposals include fostering the Northern Metropolis’ development, cultivating new industries to better align with national strategies, and improving residents’ livelihoods.
The business-focused party on Friday unveiled its recommendations for the government’s 2026-27 Budget, which is scheduled to be presented by Financial Secretary Paul Chan Mo-po on Feb 25.
Buoyed by robust equity market activity and strong foreign-exchange gains, the SAR government expects higher tax revenues and a sharply reduced deficit this fiscal year. The BPA urged the government to seize this opportunity to make economic reforms and implement new growth drivers.
The party also called for a high-level task force to implement policies tied to the country’s upcoming 15th Five-Year Plan (2026-30), and to leverage the city’s status as an international financial center.
The party recommended creating a financial development white paper for Hong Kong, with the aim of matching the world’s highest standards and catching up with London and New York.
Jimmy Ng Wing-ka, BPA leader and Legislative Council member, said the key proposals also include accelerating Northern Metropolis development, as well as fostering innovation and technology industries.
He called for a platform that would connect businesses in the Guangdong-Hong Kong-Macao Greater Bay Area with Northern Metropolis needs, which could “better integrate upstream tech enterprises and the manufacturing sector in the region”.
For faster Northern Metropolis construction, the party suggested implementing more-flexible land policies, along with issuing specialized infrastructure bonds that can draw overseas sovereign funds and ease budget pressures.
Regarding cultivating new industries, party members encouraged expanding the applications of low-altitude flying technologies, including setting up more drone pilot zones, and enhancing investment in the commercial aerospace field.
“We also proposed the launch of a mid-to-long-term plan for new industrial development, commissioning permanent consultants for research and optimization to ensure effective implementation and industry growth,” Ng said.
BPA member Ray Wong Wing-wai suggested establishing a dual-currency commodity trading platform denominated in both renminbi and US dollars, to reinforce the city’s financial prowess.
Wong, also a LegCo member, added that the government should launch funds to support low-carbon manufacturing, transforming the demand for green development into tangible commercial opportunities.
Hong Kong should amplify its advantages in the trade and logistics fields, such as by setting up a cross-border supply chain management center and expanding trade investment capacity, the group added.
Contact the writer at gabylin@chinadailyhk.com
