The Chief Secretary for Administration of the Hong Kong Special Administrative Region, Carrie Lam, stated today at the Population Policy Consultation Forum that Hong Kong is experiencing an aging population, and the labor force will see negative growth in four years, making it difficult to further enhance productivity and maintain Hong Kong's annual economic growth of 4%.
Carrie Lam indicated that economic contraction will affect tax revenue and weaken the ability of the SAR government to meet the healthcare needs arising from the aging population trend, as well as to address poverty issues. Since the commencement of the population policy consultation, over 600 submissions have been received, with Carrie Lam citing opinions suggesting that the retirement age could be flexible, and some hope that the SAR government can take a leading role.
Carrie Lam expressed her understanding that the issue of importing labor is somewhat sensitive and reiterated that the SAR government is still exploring how to make the current import labor system more effective and aligned with Hong Kong's economic development needs, without compromising the interests of local workers.
