Editorial | Hong Kong’s move to craft a 5-year plan marks a paradigm shift
The government’s laissez-faire ethos has become less suited to the increasingly complex economic and geopolitical environment
For decades, Hong Kong prided itself on a laissez-faire ethos, with the government setting rules for a level playing field for businesses and intervening only when necessary. But the approach has become less suited to an increasingly complex economic environment amid intensifying geopolitical tension and technological rivalry.
Under the national framework unveiled last October, Hong Kong is positioned as a high-end talent hub as well as an international financial, shipping and trade centre. It also emphasised stronger cooperation between the city and the mainland in economy, trade, science and technology, and culture. The specific roles demand a more focused and coordinated approach that enables the authorities to work closely with different sectors to deliver.
It may sound odd for the world’s freest economy to map out a development plan. But this need not be seen as interventionism. The government was already proactively responding to Beijing’s expectations of Hong Kong as a top financial centre and a bridge to the world during the previous five-year plan. The latest move signals the government’s commitment to a more coordinated response. It is not about micromanaging individual business decisions and planning every outcome but providing clearer targets and focus.