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Following is the speech by the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, at the Employers' Luncheon 2016 organised by the Hong Kong Baptist University today (February 4):
Professor Roland Chin (President and Vice Chancellor, Hong Kong Baptist University), Dr Philemon Choi Yuen-wan, distinguished guests, ladies and gentlemen,
It gives me great pleasure to join this year's Employers' Luncheon, which happily coincides with the Hong Kong Baptist University's 60th anniversary. Happy birthday, Baptist University!
Let me first thank Baptist University for organising this annual event to enable young students to learn from employers of different sectors. My gratitude also goes to the many civic-spirited employers for sharing their industry knowledge, experience and wisdom with our young people on this occasion.
Young people are our hope and leaders of tomorrow. The current-term Government attaches great importance to the whole-person development of our young people because human capital is Hong Kong's single most valuable asset and therefore every youth counts.
The Hong Kong SAR Government has been investing heavily in education, with spending in education accounting for a significant 22 per cent (HK$71.4 billion) of the Government's annual recurrent expenditure, representing the lion's share of all policy areas.
Hong Kong is facing the double challenge of an ageing population and a dwindling workforce. This means young people will come to play an increasingly prominent role in all aspects of our society's development.
The population of people aged 65 or above in Hong Kong now stands at 1.12 million, meaning one out of seven Hong Kong residents is a senior citizen. These figures will rise to a high of 2.52 million in 2044 and 2.58 million in 2064, translating into a ratio of one in three.
On the other hand, our total labour force (excluding foreign domestic helpers who add up to 341 000 now) is projected to peak at 3.65 million in 2018 and will then taper off to 3.43 million in 2031 and dip further to a low of 3.11 million in 2064. Alarmingly, the labour force will shrink by half a million in 50 years.
This reminds us that for Hong Kong to remain a competitive and vibrant international economy as well as a global business and financial hub, we must properly nurture, carefully groom and fully equip our youth and give them ample room to develop their potential. We cannot afford to and must not leave anyone behind.
The Washington-based Heritage Foundation has just announced that Hong Kong remains, for the 22nd consecutive year, the freest economy in the world. The Government will continue to uphold the free market principles by providing a favourable business environment, ensuring free trade and fair competition, maintaining a simple and low tax regime, and keeping an efficient public sector.
We will step up investing in our physical and social infrastructure to maintain Hong Kong's long-term competitiveness and meet the needs of a fast ageing society.
As a result, there are and will be immense potential and abundant opportunities for career development in some fields which our young people may not be fully aware of. These sectors can be summed up by the abbreviation "ABC". "A" stands for aviation and airport, "B" for building services and "C" for care, including health, community and elderly care.
Hong Kong's airport island at Chek Lap Kok currently provides direct employment for 65 000 people. If the proposed three-runway system takes off within the next decade, the number of direct jobs at Chek Lap Kok would more than double.
With many of our infrastructural projects in progress and gathering momentum in the years ahead, coupled with our ambitious housing programme, both public and private, there are and will be plenty of job opportunities in the building sector. Indeed, Hong Kong is entering a golden era of building boom with bright employment prospects. The overall (public and private) construction expenditure of Hong Kong over the next 10 years is expected to stay at a high level of HK$200 billion per year.
Turning to care: an ageing population will lead to huge demands for health care, community, institutional and home services for the elderly. For the financially better off elderly, there will be a growing silver-hair market with substantial demand for leisure, pleasure, investment and insurance services.
Apart from "ABC", our traditional economic pillars including business and financial services, tourism and logistics will need fresh blood all the time. With the Mainland becoming a world-class economic powerhouse and the nation's ambitious Belt and Road Initiative, Hong Kong is well placed to play the role of a "super-connector" and more job and career opportunities will flow.
To seize these opportunities and to succeed, our young people must fully equip themselves, be prepared to embrace challenges, keep an open mind and a strong sense of modesty and, last but not least, engage in continuing education and life-long learning in order to move up the career and social ladders.
On this note, let me wish all of you a fruitful and memorable luncheon. My best wishes also for a happy, healthy, harmonious and prosperous Year of the Monkey. Thank you.
Ends/Thursday, February 4, 2016
Issued at HKT 15:25
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