Hong Kong has a chance to think bigger about its place in the world

The Hong Kong government has launched a public consultation on the city’s first five-year development plan, a blueprint aimed at aligning with China’s newly approved 15th five-year plan. Officials have promised a “macroscopic, strategic and forward-looking” road map that will guide Hong Kong’s economic and social development for the rest of this decade.

That invitation to think in five-year horizons is precisely why Hong Kong must now think bigger about its place in the world – not only as “Asia’s world city” but as a serious contender to become Asia’s multilateral hub.

The United States, long the anchor of the multilateral system, is stepping back at a speed and scale unseen in the post-war era, withdrawing from organisations, slashing funding and abandoning values it once championed.

China has started moving into more of a global leadership role. It has helped to build a parallel ecosystem of institutions, from the Asian Infrastructure Investment Bank and the New Development Bank to the more assertive Shanghai Cooperation Organisation.

Meanwhile, the United Nations has embarked on a decentralisation drive under the UN80 reform agenda announced in 2025. Faced with funding cuts, agencies are moving posts out of New York and Geneva. The UNDP alone has announced the relocation of about 400 positions to Germany and Spain, while other agencies are exploring new hubs in Bangkok, Nairobi and Dubai that could increase their exposure to developing economies.