Hong Kong unveils first 5-year plan with binding targets, denies shift to planned economy

Hong Kong Chief Executive John Lee announced the city's first five-year plan, to be released alongside his policy address, featuring both binding and aspirational targets. Lee stressed the plan does not signal a move toward a planned economy, aiming to reassure markets and residents. The plan's binding indicators mark a notable governance shift for Hong Kong, which has traditionally avoided such long-term economic planning.