My latest #ThoughtoftheDayonChina: Why Hong Kong should have its own Five-Year Plan and how it should be drafted

Postscript

On February 2, Chief Executive John Lee announced that the Hong Kong Special Administrative Region would formulate its very own Five-Year Plan for the first time, with a view to fully aligning with the mainland’s 15th Five-Year Plan. This is a welcome move—and one that should have happened long ago.

After moving back to Hong Kong in November 2022, I have argued on various occasions that Hong Kong should follow the mainland’s example and adopt a five-year plan, or even longer-term development strategies. I later devoted a dedicated column in Ming Pao to advocating this idea.

My reasoning was simple: if the pro-establishment camp is firmly looking north to Beijing, it ought to learn practices that genuinely benefit Hong Kong, rather than bureaucracy and formalism. More importantly, a medium-to-long-term plan can help build social consensus and tackle Hong Kong’s deep-rooted, structural problems.

In contrast, the Chief Executive’s annual Policy Address tends to focus heavily on short-term targets for the coming year, lacking strategic medium-to-long-term thinking and guidance on lasting challenges such as housing and widening wealth inequality.

To my understanding, Hong Kong’s reluctance to take this step stemmed partly from the historical and ideological “original sin” attached to five-year plans, which many still associate with the planned economy. There were also concerns that introducing such a plan would fuel perceptions that Hong Kong was being fully integrated into mainland development frameworks.

These worries are unnecessary. The mainland’s five-year plans today bear little resemblance to the rigid planned-economy targets of the past. Besides, setting medium-to-long-term economic goals and tasks is a normal and legitimate practice for any country or region.

While the decision to develop a Five-Year Plan is hard-won, the way it is designed will present an even greater challenge. The Hong Kong Government lacks the expertise and resources in this field, and simple imitation would be counterproductive. I am republishing my earlier Ming Pao article for reference. The English translation is below.

Ming Pao Column published on 27/11/2024

Wang Xiangwei

Early last year, I was invited to a regular symposium hosted by local Hong Kong Chinese business tycoons, scholars, and senior executives of European and American enterprises, where I shared my views on Hong Kong’s prospects, Beijing -Hong Kong relations, and the future development of the Chinese mainland. Due to the observance of the Chatham House Rule, I am unable to disclose the name of the organization or