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Solving deep-rooted conflicts is key to encourage childbearing

¡iĶ¤å¡jA survey conducted by the Hong Kong Women Development Association has revealed that nearly 60 per cent of the respondents do not want to have a baby. Over 90 per cent of them cited financial pressure as the main reason, which is higher than the corresponding figure in 2019. Younger generations in Hong Kong have been suffering from the consequences of deep-rooted problems such as land, housing, and income disparity. Coupled with the facts that Hong Kong is among the least affordable cities in the world and that social mobility is declining rapidly, the young people of Hong Kong will inevitably be less willing to have children. Population ageing and weakened competitiveness will surely follow as a result. To encourage childbearing and build a better Hong Kong together, the government should focus its long-term plans on creating a stable environment where people can work and live in peace.

The continuous decline in the willingness of Hong Kong people to have children is, in fact, a reflection of the city's grave socio-economic issues and ever-increasing pressure in life. For instance, it is already well-known that property prices in Hong Kong are the most expensive in the world, and it is becoming more and more difficult for young people to become homeowners. According to the Legislative Council Secretariat's research report "Socioeconomic implications of home ownership for Hong Kong", it is easier for younger people aged under 35 to become a homeowner in 1997. At that time, the number of these young homeowners was as high as 198,100, accounting for 22.1 per cent of total homeowners. As housing affordability continues to drop, the average age of first-time home buyers has already risen to 44 years old in 2019. For the younger generations, childbearing can only give way to their struggle for home ownership. Some of them might even give up on having a baby altogether.

Rising to 0.539 in 2016, Hong Kong's Gini coefficient is also among the highest in the world. According to the Economist Intelligence Unit's "Worldwide Cost of Living 2020" report, Covid-hit Hong Kong is still the most expensive city to live in the world after comparing the costs of living of 133 cities around the globe. Apart from expensive home prices and rents, other daily living expenses such as the costs of meals and food ingredients are also among the highest in the world.

Apart from the ever-rising costs of living, Hong Kong's failure to innovate and diversify its uniform economic structure has led to a lack of upward social mobility for the younger generations. This has resulted in real income levels that cannot catch up with rising home prices and inflation for young people, and has in turn made many pessimistic about their future prospects. Raising children is a great responsibility that requires much sacrifice. Olympic gold medalist Lee Lai-shan once said in a classic TV commercial that "it costs 4 million dollars to raise a child". As it would most likely cost more than that in today's terms after taking inflation into account, it is understandable if young people would back off from having children.

Signs of population ageing are already showing in Hong Kong. The city's public finances and healthcare system will be under even greater pressure if the fertility rate remains low. Like Japan, problems stemmed from sub-replacement fertility will eventually hamper the sustainable development of both the economy and society. Focusing solely on family-friendly policies will have little effect in remedying the situation. The key to boosting the fertility rate in Hong Kong is to resolve the current deep-seated contradictions. The burden on the public needs to be relieved, and young people's confidence in the future must be restored.

In a meeting with the Hong Kong delegation during China's "two sessions" this year, Vice Premier Han Zheng emphasised that the central government fully and comprehensively supports the Hong Kong government and citizens in areas such as epidemic prevention, the financial sector, innovative technologies, the service industry, the shipping industry, etc. The central government also offers support to the Chief Executive and the Hong Kong government in making long-term plans to resolve socio-economic problems such as income disparity and housing.

With the strong support of the central government, the Hong Kong government should demonstrate its leadership and work together with the community to solve the problems of land and housing in Hong Kong. The authorities should also seize the opportunities that are presented by the development of the Greater Bay Area and accelerate the transformation and upgrading of Hong Kong's economy. More family-friendly measures that encourage childbearing should also be rolled out. By eliminating the obstacles that lie in the young people's path to having children, the vitality of Hong Kong will truly be restored.¡´Jeffrey Tse

Exercise

1. °í¥§¨t¼Æ

2. ¤H¤f¦Ñ¤Æ

3. ªÀ·|¬y°Ê

4. ¥i«ùÄò©Ê

5. ³h´IÄa®í

Answer

1. Gini coefficient

2. population ageing

3. social mobility

4. sustainability

5. income disparity

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