Hong Kong's John Lee pledges five-year plan won't undermine capitalist system

Hong Kong's chief executive John Lee has assured that the city's upcoming five-year development plan will not alter its capitalist foundations or the "one country, two systems" framework, directly addressing concerns about mainland-style planning taking root in the financial hub.

In an opinion piece published in the South China Morning Post, Lee wrote that the blueprint "will uphold Hong Kong's rule of law and capitalist system, implement the Basic Law and adhere to 'one country, two systems' without distorting Hong Kong".

Defending the planning approach

The city leader used the article to counter apprehension that adopting five-year plans, a practice in mainland China for over seven decades, signaled Hong Kong's departure from its long-hailed laissez-faire economic system. "I have also been asked whether formulating a five-year plan would change Hong Kong's original system. The answer is no," Lee wrote.

Lee stressed that the blueprint, while focusing on the economy, would ultimately "enable citizens to flourish" by creating employment opportunities and upward mobility. The intervention comes as Hong Kong navigates its economic future amid questions about the extent of mainland influence on the territory's governance and business model.

Source: South China Morning Post