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Hong Kong’s financial district can no longer be sole driver of growth, minister says

  • Building on leader’s recent policy address, Paul Chan argues city must have northern and southern engines of growth
  • Not only will planned metropolis along mainland China border add flexibility to urban planning, ‘dumb-bell’ approach aligns with national goals, he says

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The northern New Territories in Hong Kong, with Shenzhen in the distance. Photo: Winson Wong

A planned new urban centre along the border with mainland China will become the second great economic engine of Hong Kong, complementing the financial district that has historically defined the city’s identity, the financial chief has said.

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Having one driver of growth in the north and the other in the south to create a “dumb-bell” pattern would also allow for more flexibility in city planning, Paul Chan Mo-po wrote on his blog on Sunday.

The financial secretary argued that Hong Kong had a “golden window” of opportunity to embrace “new thinking” now that stability had been restored by the national security law.

Chan said the ambitious plan for a Northern Metropolis that leader Carrie Lam Cheng Yuet-ngor laid down in her policy address last week would not only further align the city with national development goals but also free up much-needed land for housing and offices.
Financial Secretary Paul Chan. Photo: May Tse
Financial Secretary Paul Chan. Photo: May Tse
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The new urban centre will stretch across Yuen Long and North districts, encompassing about 300 sq km, or roughly a quarter of Hong Kong’s overall size.

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