In this feature, Professor Heiwai Tang, Associate Vice-President of HKU Business School and Professor (by-courtesy) at HKU School of Governance and Policy, examines Hong Kong’s economic transformation at a critical juncture. As the city prepares its first five-year plan, he highlights the need to move beyond an overreliance on financial services and develop new growth engines — particularly through innovation, industrial upgrading, and stronger integration with the Greater Bay Area.