Hong Kong needs the people’s wisdom for its 5-year plan to succeed
The city can fuse market dynamism with strategic direction – but the key is support from the private sector and the public
For decades, Hong Kong thrived as the world’s freest economy without five-year plans, while mainland China rose to become the world’s second largest economy through them. Now Hong Kong has the rare advantage of both: market dynamism and strategic direction. Harnessed through the collective wisdom of the people, this combination can deliver more than what the market or planning alone can achieve.
Mainland China’s strength is scale; Hong Kong’s is distinction: the city does not need an all-encompassing plan. The mainland’s five-year plans are comprehensive by necessity, reflecting the scale and scope of the world’s second largest economy.