As Hong Kong begins drafting its own five-year plan for the first time, discussion has spread across sectors. The city has appeared as an item in national five-year plans before, but has never drawn up an independent plan of its own.

At the center of the debate is Hong Kong's industrial mix. How to broaden a structure concentrated in finance, trade, logistics and professional services has long been the standing question.

Items expected to carry weight include research and development, recruitment of international talent, and the Northern Metropolis, a long-term project to develop land bordering Shenzhen for housing and industry.

Fiscal questions follow. A revenue base long dependent on land sales has wobbled with the property market, and securing stable funding is cited as the factor that will determine whether the plan can be carried out.

Some in the city warn against a plan driven by indicators, arguing that predictability of institutions and consistency in the rule of law hold capital and talent better than numerical targets.

Hong Kong's standing as an international financial hub shifts with capital flows. U.S. interest rates, the pace of renminbi internationalization and the policies of competing regional cities all act at once.

The draft is to be finalized after consultation. How many of its items translate into actual budget lines and ordinances will be the measure applied to it.