The Aging Society – Hong KongThe aging society βHong KongThe development of technology and economy leads to the problem of an aging society. In Hong Kong, according to the report published by the government from 1981 to 2012, the proportion of the elders had increased sharply form 7% to 14% and it is expected to carry on the trend to further increase to 22% in 2022. A lot of young couples do not dare to have a baby after getting married in light of affordability and lacking of leisure time, making the number of birth rate keep declining in recent decades. Aging problem appears to be more prominent and generates a lot of negative impacts on the society.
The demographic shift exposes our society to several potential predicaments. First, tremendous financial burden from the high demand of social insurance and pension services. It is more likely for elderly people to suffer from illness in comparison to their younger counterparts which implies that the aging problem will greatly increase the medical expenditure of the government and the burden of the society. At present, public hospitals spend $4200 on every patient per day. In other words, more than a hundred thousand is spent on every person per month. Elder patients at 65 or above consume more than 50% extra, meaning that medical financial burden on these group of citizens is considerable. In 2011, the authority spent 399 million on the healthcare expenses which has accounted for 16.5% of routine expenditure. Carrie Lam Cheng (2012), Administrative Secretary, stated “In 2041, there will be one elderly among three people, so the medical and social welfare expenditure is estimated to jump up to 40%.” Therefore, if the government cannot implement an effective policy to solve this problem, it will increase more pressure on the government and the taxpayers.
Also, productivity is a major factor determining whether a society is prosperous or not. The increase of aged people will have a remarkable negative impact on the economic development in the future. In Hong Kong, the average retirement age is sixty-five years old. On the other hand, fewer young people enter the labor market, declining the number of labor force in Hong Kong. Although some people suggest postponing the retirement age, when times is gone by, there will still not be enough young people to replace positions. Therefore, the problem remains indecipherable. Reduction of the number of working forces will decrease the productivity and further affect the gross domestic product (GDP) of Hong Kong. Thus, Hong Kong may lose the competitive advantage in international trading status.
The Economic and Social Question
So, this is why the government and its allies are pursuing the Economic and Social Question. It is also a means to avoid any serious questions about the current situation in Hong Kong, particularly the negative impact of the Hong Kong International Investment Board, the Financial Stability Board, and the economic regulation that the previous administration of the previous government had on Hong Kong and its real estate sector.[7] This is a major issue with the national economy and a major focus on Hong Kong.[8] As the recent economic crisis has proven, there will also be economic and financial changes that would negatively affect the state of the economy in Hong Kong.
While the authorities have continued to increase and strengthen their authorities’ regulatory powers and the use of public-private partnership for their purposes, they have been in the process of doing far too much in the area. And in fact their actions and policies towards the national economy are a part of the national character of Hong Kong, which is already very much in flux due the economic situation. What does it mean for the country, for Hong Kong’s future of growth and prosperity, and for Hong Kong’s overall prosperity?
C. Evaluation of the Economic and Social Question
According to the economic and social question, Hong Kong will have its own economic situation, both in terms of its industrial potential and in terms of its economic viability.
According to the recent economic crisis, Hong Kong’s economic potential for growth and prosperity depends on a series of factors including:
β An increase in the proportion of China’s population,
β A more concentrated and high-quality labor force
β A higher standard of living among its citizens as compared to the rest of the world
β Increased consumption of its consumers and the production of consumer goods
β The growth of its foreign investment
β Growth in public investments in local industries
β The growth of its exports and foreign direct investment
β The increase in its production capacity
β The increase of its population in Taiwan
β A decline in the volume of foreign aid
β The decrease in Hong Kong’s exports compared to their size
β The increase in the number of Hong Kong-based foreign tourists
The overall economic and social situation of Hong Kong will depend on the level of government policies by the local authorities:
β As outlined in the Economic and Social Question, the central government is now under pressure to take measures that could affect the economic, financial and social situation in Hong Kong and the economic and political stability in its state.[9] But a decision on this basis, as determined by the government itself, is expected to come later this year. (As outlined in the Economic and Social Question, government may either impose a number of monetary or political measures based on political will.[10]) However, as of now, the government has continued to make significant changes in financial policies to accommodate the growth of the Hong Kong economy. The central government has announced that it will increase the number of financial transactions of Hong Kong residents with financial institutions to 3,500 by 2020 and 5,500 by 2040.[11])
β Monetary controls on
The Economic and Social Question
So, this is why the government and its allies are pursuing the Economic and Social Question. It is also a means to avoid any serious questions about the current situation in Hong Kong, particularly the negative impact of the Hong Kong International Investment Board, the Financial Stability Board, and the economic regulation that the previous administration of the previous government had on Hong Kong and its real estate sector.[7] This is a major issue with the national economy and a major focus on Hong Kong.[8] As the recent economic crisis has proven, there will also be economic and financial changes that would negatively affect the state of the economy in Hong Kong.
While the authorities have continued to increase and strengthen their authorities’ regulatory powers and the use of public-private partnership for their purposes, they have been in the process of doing far too much in the area. And in fact their actions and policies towards the national economy are a part of the national character of Hong Kong, which is already very much in flux due the economic situation. What does it mean for the country, for Hong Kong’s future of growth and prosperity, and for Hong Kong’s overall prosperity?
C. Evaluation of the Economic and Social Question
According to the economic and social question, Hong Kong will have its own economic situation, both in terms of its industrial potential and in terms of its economic viability.
According to the recent economic crisis, Hong Kong’s economic potential for growth and prosperity depends on a series of factors including:
β An increase in the proportion of China’s population,
β A more concentrated and high-quality labor force
β A higher standard of living among its citizens as compared to the rest of the world
β Increased consumption of its consumers and the production of consumer goods
β The growth of its foreign investment
β Growth in public investments in local industries
β The growth of its exports and foreign direct investment
β The increase in its production capacity
β The increase of its population in Taiwan
β A decline in the volume of foreign aid
β The decrease in Hong Kong’s exports compared to their size
β The increase in the number of Hong Kong-based foreign tourists
The overall economic and social situation of Hong Kong will depend on the level of government policies by the local authorities:
β As outlined in the Economic and Social Question, the central government is now under pressure to take measures that could affect the economic, financial and social situation in Hong Kong and the economic and political stability in its state.[9] But a decision on this basis, as determined by the government itself, is expected to come later this year. (As outlined in the Economic and Social Question, government may either impose a number of monetary or political measures based on political will.[10]) However, as of now, the government has continued to make significant changes in financial policies to accommodate the growth of the Hong Kong economy. The central government has announced that it will increase the number of financial transactions of Hong Kong residents with financial institutions to 3,500 by 2020 and 5,500 by 2040.[11])
β Monetary controls on
The aging problem cannot be neglected. The government should implement an effective childbirth encouragement policy as soon as possible. Two solutions are suggested as follows.
The first one is introducing the maximum working hour. Hong Kong beats others countries in competing the longest working hours. . A University