Hong Kong needs the people’s wisdom for its 5-year plan to succeed

Dr Jane Lee, MH, JP, is president of Our Hong Kong Foundation and founding CEO of Hong Kong Policy Research Institute.For decades, Hong Kong thrived as the world’s freest economy without five-year plans, while China" class="entity-link entity-location" data-entity-id="12537" data-entity-type="location">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.Hong Kong is preparing its first five-year plan to dovetail with the national 15th five-year plan, covering key areas from land and industry to finance and innovation. The real task is not to mirror the national blueprint, but to define how Hong Kong can make unique contributions to national growth while strengthening its growth model and preserving the distinct way it operates.China" class="entity-link entity-location" data-entity-id="12537" data-entity-type="location">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.