Following several decades of rapid economic expansion, development in Hong Kong has arrived at a new crossroads. The pace of economic growth is no longer as rapid as during earlier decades, competition with other East Asian societies has grown more acute and many of the territory’s recurrent, sometimes hidden, social problems appear to be undermining selected aspects of Hong Kong’s quality of life. And Hong Kong’s political tensions with the central government in Beijing have become more confrontational since its return in 1997 to Chinese political sovereignty. This article: (1) summarizes the current state of social development in Hong Kong; (2) identifies the major social, political and economic challenges that confront Hong Kong at the beginning of a new development decade; (3) compares selected aspects of Hong Kong’s social development with that of other East Asian societies; and (4) suggests a variety of policy options that are available to leaders in Hong Kong’s for promoting a more balanced approach to social and economic development. The article also illustrates the use of social reports and social reporting in advancing development assessment and planning.