Hong Kong Chief Executive John Lee announced the city's first five-year plan, focusing on expanding offshore yuan usage and cross-border investment with the mainland. The government intends to expand offshore yuan investment and risk management products, Lee said at a Hong Kong Association of Banks event. The territory will also widen mutual market access to projects including Stock Connect, Bond Connect and Wealth Management Connect.

Developing commodity trading and encouraging innovation and technology through finance are among the city's goals. The planned Northern Metropolis, near the mainland Chinese border, will integrate university areas, industry and technology, and provide an environment suitable for living, working and traveling. Lee expects to deliver the plan at a Legislative Council meeting on Sept. 16 before his policy address.

The debut five-year plan aims to sync Hong Kong's priorities with mainland China's 15th Five-Year Plan under a "market-led and government-guided" approach. Hong Kong Securities and Futures Commission CEO Julia Leung said the regulator will focus on managing risks and opportunities during the finance industry's adoption of artificial intelligence, while continuing to support offshore yuan usage.