AsianFin -- Hong Kong’s Chief Executive, John Lee, on Wednesday outlined plans to accelerate the city’s economic growth and cultivate emerging industries, including artificial intelligence and higher education, as the city seeks new engines of development to maintain its international competitiveness.

The initiatives are part of a broader push to transform Hong Kong into a diversified economic powerhouse, particularly near its border with mainland China.

Lee, facing pressure to differentiate Hong Kong from regional rivals and major Chinese cities, emphasized the need to restore the city’s appeal as a dynamic hub for innovation and talent. His remarks come after years of political unrest and a tightening grip from Beijing, which have challenged Hong Kong’s image as a free-wheeling financial center.

“My ultimate objective in governance is to improve people’s livelihood,” Lee said. “The well-being of our people is intertwined with the health of our economy. Economic growth is the foundation of improving livelihood.”

In his annual policy address, Lee announced that he would personally lead a committee to develop the Northern Metropolis, a long-planned project first proposed by former Chief Executive Carrie Lam in 2021. The ambitious initiative envisions creating a high-tech IT hub and a university town near Shenzhen, one of China’s leading technology centers. The development is expected to generate 650,000 jobs and accommodate up to 2.5 million residents, aiming to bolster Hong Kong’s long-term economic resilience.

Beyond the Northern Metropolis, Lee pledged to promote innovation and entrepreneurship across multiple sectors, including artificial intelligence, biotech, and advanced manufacturing. He also highlighted plans to enhance the city’s higher education ecosystem, encouraging collaboration with mainland institutions and global partners to attract talent and investment.