'HK has strengths that NYC, Silicon Valley don't have'

Financial Secretary Paul Chan said he's optimistic about Hong Kong's future development, citing its advantages over New York and Silicon Valley because of its close proximity to the Greater Bay Area (GBA). Chan on Friday joined a dialogue session at the Caixin Summer Summit 2026 in Admiralty, where he also noted the city's upcoming five-year plan would offer clear directions for the SAR to thrive further. He said technological innovation holds a crucial position in the country's 15th Five-Year Plan, and that China has several major innovation hubs including the GBA, the Yangtze River Delta and the Beijing-Tianjin-Hebei cluster. "For Hong Kong, we need to play to its strengths and leverage the advantages and synergies with our other 'brother' cities in the GBA," he told participants. "So in this case, if we compare ourselves with peers overseas, we are not just an international financial centre like New York, as we also have technological innovation and manufacturing capabilities. "So we are bigger than New York and Silicon Valley combined, as we have the advanced manufacturing capabilities that they don't have." He noted the city's strong exports in the first four months of the year, rising 35 percent year on year boosted largely by shipments in artificial intelligence and telecommunication equipment. "Behind the numbers, it reflects a deeper story where the global reliance on advanced manufacturing and intelligent equipment as well as the mainland's strong supply chains are forming a new trade cycle," he said. The finance minister also said Hong Kong's upcoming five-year plan would take into consideration an evolving external environment and geopolitics, as well as the global green transition and technological revolutions. Chan called on various industries and sectors to contribute to the city's development blueprint, with public consultation set to begin on Monday. Edited by Edmond Fong