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Yes that's what it means - accountability system =問責制, i.e. if something goes wrong, the head of the relevant organisation will be held accountable. For example, after the SARS outbreak, both the Chairman and CEO of the HK Hospital Authority stepped down, and after 500K people took to the streets on 1 July 2003 to voice their objection to the proposed anti-subversion bill, the then Secretary for Security resigned (though she denied it had to do with the demonstration).

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