Hofstede' new dimension is based on the study of Michael Bond in Hong Kong which had noted that Hofstede’s previous four cultural dimensions did not adequately reflect Asian perspectives on culture.  It also reflects the time orientation of Kluckhohn and Strodbeck.
 
But, not just a time situation.  As Hofstede notes:

"Long Term Orientation stands for the fostering of virtues oriented towards future rewards, in particular perseverance and thrift. It’s opposite pole, Short Term Orientation, stands for the fostering of virtues related to the past and present, in particular, respect for tradition, preservation of ‘face’ and fulfilling social obligations.”

From Hofstede (2001), Culture’s Consequences, 2nd ed., p 359

Traits of Long Term / Short Term

High Long Term	Low Long Term (i.e. Short Term)
emphasis on persistence	emphasis on quick results
relationships ordered by status	status not a major issue in relationships
personal adaptability important	personal steadfastness and stability important
face considerations common but seen as a weakness	protection of one’s face is important
leisure time not too important	leisure time important
save, be thrifty	spend
invest in real estate	invest in mutual funds
relationships and market position important	bottom line important
good or evil depnds on circumstances	belief in absolutes about good and evil