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

As the government completes a public consultation exercise to craft the city’s own five-year plan to align with national development, the first of this five-part series looks at key questions, starting with the need for such a blueprint. Economist Heiwai Tang has a line he likes to use on free-market purists: “The market is almost always right, but it’s not always right.” While Hong Kong has long been ranked the world’s freest economy, Tang, an associate dean at the University of Hong Kong’s...