HONG KONG -- Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday that Hong Kong needs to have its own strategic planning for formulating new development directions to align with the nation's 14th Five-Year Plan (2021-2025).

Chan said in his blog that Hong Kong needs to formulate its development directions, from the financial market to other disciplines, to seize the opportunities of development.

Chan believed that Hong Kong would have to do a good job in collaboration when it comes to bringing together policies, industries, markets and more importantly, vision and mindset.

"It's the only way that we can, in a complex and interactive market, mobilize the entire society's strengths and resources as much as possible for Hong Kong to have a better development under the country's development blueprint," Chan wrote.

The finance chief also identified opportunities in developing Hong Kong's bond market as well as green and sustainable finance, and providing asset management services for the mainland's growing middle class.

He added that Hong Kong also needs to make greater efforts in developing the offshore renminbi market to speed up the currency's internationalization process.