Lawmaker urges fiscal reform to align with Hong Kong's first five-year plan
Hong Kong lawmaker Li Ho-man calls for multi-year budgeting, flexible funding, and cross-departmental coordination to support the city's first five-year development plan, as announced by the city leader.
Lawmaker Li Ho-man has called for significant changes to Hong Kong's fiscal arrangements to align with the city's first five-year development plan, unveiled last month by Chief Executive John Lee in his 2026 policy address.
In an interview with RTHK's programme 'Yee Ching Four Directions', Li, a member of the Legislative Council representing the election committee, said the introduction of the five-year plan means Hong Kong's development direction will become more long-term, requiring a corresponding shift in fiscal policy.
Li proposed that the current system of annual budgets should be extended to cover three to five years of financial planning. He argued that instead of dividing up a fixed annual budget among departments, certain development strategies and priorities should receive preferential financial support. Funding allocations, he said, should be flexible and adjusted on a rolling basis to match the pace and changes in the five-year plan's implementation.
The lawmaker also stressed the need for changes in inter-departmental collaboration. Under the thematic direction of the five-year plan, Li said, some departments should take the lead and coordinate efforts, requiring a redefinition of their roles and responsibilities. A leading department, he argued, must not only bear responsibility but also have the authority to mobilise resources from other departments, otherwise it would be difficult to play a leading role.
Furthermore, Li said that under the five-year plan, Hong Kong must develop cross-regional capabilities, integrating not only into the Greater Bay Area but also into the national framework of collaboration.