Factsheet series: Hong Kong’s debut 5-year plan and 2026 policy address

The finance minister on Friday vowed to make diplomatic efforts and diversify import sources to address recent energy price volatility amid geopolitical uncertainties in the Middle East. Finance Minister Koo Yun-cheol made the remarks during a meeting of economy-related ministers in the central city of Sejong, pointing out that global oil prices have recently risen sharply amid geopolitical tensions. "The government intends to remain vigilant and maintain an emergency response system to stably manage the supply of energy sources and their prices," Koo said during the meeting. Koo added that the energy supply is expected to remain stable for the time being due to the government's proactive diplomatic efforts, diversification of import sources and a strategic swap of oil reserves. "We will operate a monitoring team with the oil refining industry to check the supply of crude oil on a daily basis and take necessary measures promptly," the finance minister said. During the meeting, the government said the country will extend its fuel tax cut scheme by another two months through November to eas

President Lee Jae Myung was set to hold a press conference Friday to address pending issues in an apparent attempt to resuscitate his approval ratings that have fallen to their lowest level amid controversies surrounding government policies. The press conference, to be held under the slogan of "people's wishes and lives will be more closely heeded," is scheduled to run for 90 minutes from 10:30 a.m. It will mark the seventh press conference by the president since he took office in June 2025 but a rare one, given that most of his previous pressers were held in and around special occasions, such as the first year anniversary of his administration. The event, announced three days earlier, comes after Lee saw his approval ratings decline to the lowest levels in the mid-30 percent range in recent weeks, especially among young voters. During the conference, Lee is expected to face media questions about his and his ruling party's push for a constitutional revision, as well as issues involving his suspended trials. The president and the ruling Democratic Party have been calling for a constitution

Korea will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East, the finance ministry said Friday. The Ministry of Finance and Economy said the decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, citing the need to ease the public's burden from fuel costs. Under the measure, the current tax reductions of 15 percent for gasoline and 25 percent for diesel and butane, originally set to expire at the end of this month, will remain in place through the end of November. "We have decided to maintain the current tax cut scheme, considering the country's capacity to address a possible increase in oil price volatility," the finance ministry said in a release. The country has decided to maintain larger tax cuts for diesel, which is essential for industrial and logistics activities, and butane, which is widely used as fuel for small trucks, it added.

Foreign investors ended their seven-month sell-offs of Korean stocks in August amid extended geopolitical risks and woes over artificial intelligence (AI) profitability, data showed Friday. Offshore investors scooped up a net 340 billion won ($246 million) worth of local stocks last month, snapping their selling binge for seven consecutive months, according to the data from the Financial Supervisory Service (FSS). Following their net purchases in August, offshore investors owned 2,281 trillion won worth of local stocks, or 34.8 percent of total market capitalization. By country, investors from the United States were the top buyers in August by purchasing a net 13.4 trillion won, followed by Ireland with 3.2 trillion won of buying, the latest findings showed. In the local bond market, foreign investors sold a net 3.94 trillion won worth of local debt last month. Their holdings of Korean bonds stood at 330 trillion won as of end-August, accounting for 11.4 percent of listed bonds here, the FSS revealed.

President Lee Jae Myung said Friday that he has “no intention whatsoever” of seeking reelection, drawing a clear line between his push for a constitutional amendment allowing presidents to serve consecutive terms and his own political future. “Under the Constitution, it is impossible for me to seek reelection through a constitutional amendment and I have repeatedly made clear through various channels that I have never even considered seeking reelection,” Lee said during a press conference. He described demands that he pledge not to seek another term as a “political offensive” aimed at creating the impression that he had considered reelection before abandoning the idea. “Nevertheless, I want to make it absolutely clear once again on this occasion,” Lee said. “I have no intention whatsoever of seeking reelection.” Lee has advocated constitutional revision to introduce a system allowing presidents to serve consecutive terms, saying it would help ensure policy continuity and stability in state affairs.

President Lee Jae Myung's approval rating dropped to 37 percent, hitting a new low for the fourth consecutive week since he took office in June last year, a poll showed Friday. The survey, conducted by Gallup Korea from Tuesday through Thursday on 1,002 people aged 18 and older, showed that the positive assessment of Lee's performance fell 1 percentage point from the previous week. His disapproval rating rose 5 percentage points to 56 percent, exceeding his approval rating by 19 percentage points and marking the highest level since his inauguration. Among those who negatively assessed Lee's performance, 20 percent cited his real estate policies, followed by personnel appointments at 16 percent, and economic and livelihood issues at 9 percent. The pollster noted that real estate issues have topped the list of reasons for negative assessments since late July, while personnel appointments came second following the recent Cabinet nominations. Lee's nominations for justice minister and gender equality minister have faced backlash in recent weeks, with both nominees embroiled in controversies o

The Supreme Court has upheld a lower court's four-year prison sentence for a former Army soldier who was indicted for leaking military secrets, including materials related to joint South Korea-U.S. military exercises, to China, judicial officials said Friday. The top court also confirmed a 20 million-won ($14,500) fine and the forfeiture of 19.07 million won for the former soldier, whose identity was withheld, in a ruling last month, saying there was no error in the lower court's ruling. The defendant allegedly met a Chinese national, whom he had gotten to know through social media, in Beijing in August 2024 while serving as an Army sergeant. The Chinese national, who claimed to be an official from a Chinese intelligence agency, asked him to provide classified military information, and the defendant accepted the request. The defendant then provided military secrets, including materials related to joint South Korea-U.S. exercises, the U.N. Command and South Korean military drills, on seven occasions through February 2025 in exchange for approximately 17.26 million won. Investigators foun

A Seoul court was set to hold hearings Friday to decide whether to issue arrest warrants for eight current and former executives of domestic petrochemical companies suspected of fixing prices of products for several years, resulting in massive illicit profits for their companies. The Seoul Central District Court was scheduled to hold the arrest warrant hearings for the eight individuals, including Kim Yoo-shin, CEO of OCI, and Jang Young-soo, former CEO of PKC, accused of violating the fair trade law. The court's decision is expected to be made as early as later in the day. Prosecutors suspect that seven companies — LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid — colluded for several years to raise prices for eight petrochemical products, including polyvinyl chloride (PVC), plasticizers, caustic soda and hydrochloric acid. The companies are suspected of making illicit profits totaling several trillions of won by taking advantage of supply disruptions in naphtha caused by the Middle East conflict. PVC, primarily made from naphtha, is a synthetic pl

President Lee Jae Myung has designated a town in the southwestern county of Yeonggwang as a special disaster zone eligible for government support after torrential rains battered the region, a presidential spokesperson said Friday. The designation of the town of Baeksu late Thursday came after heavy rains pounded the area from late August to early September, enabling government financial support for post-disaster rebuilding, delayed payment of taxes and discounted utility fees, presidential spokesperson Kang Yu-jung said. The government will promptly finalize rebuilding plans to help residents in the affected area return to normal as soon as possible, Kang added.

Marco Tapia was killed when the wrong address was targeted in a botched organised-crime shooting. A gun found at the scene has been linked to four Melburnians.

Download the PDF This is the second part of a Factsheet series on Hong Kong’s debut five-year plan and the 2026 policy address. Click here for part one. The series was produced with support from the Hong Kong SAR government. To see the South China Morning Post’s coverage of the five-year plan, click here. This Factsheet will be available in the SCMP print edition on September 21. You can find it at newsstands and convenience stores. For any inquiries, contact [email protected].