Why does Hong Kong need a 5-year plan – and will it crimp its free-market economy?

Reflecting on the balance between state planning and free-market dynamism, Tang emphasizes, 

“The market is almost always right, but it's not always right. We should not be the last defender of laissez-faire, which has created a lot of prosperity for many people but has also created a lot of long-term structural problems that cannot easily be overcome by market forces.” 

The article highlights how strategic economic planning can help Hong Kong address long-term structural challenges, diversify its economy, and foster new growth engines through Greater Bay Area integration.

Read the full article here.