No quick fix for city's aging workforce

What other options?

The third policy dimension is concerned with attracting overseas talent and importing manual workers as a quick fix in the medium term.

ASEAN+3 Macroeconomic Research Office says labor and talent shortages may increasingly constrain Hong Kong’s economic growth and undermine the city’s competitiveness as a vital financial and business hub. It suggests the government conduct sustained talent attraction and labor recruitment efforts, and develop a comprehensive policy package, such as economic and social inclusion, affordable housing for foreign workers, and finding new jobs for affected local workers.

OHKF’s Siu says the SAR government can learn from the examples of other Asian regions: “Japan and South Korea are expanding their immigration policies to include more open employment visa regimes and support for multicultural families. Singapore offers various programs and incentives to enrich its labor force while Taiwan has implemented policies aimed at enticing foreign workers through health insurance.”

“Singapore is very strategic by examining what type of talent and labor it requires to fit its future economic development 5 to 10 years ahead,” Tang explains. “The city-state imports workers from India, Malaysia and Indonesia to fill manual jobs in construction, infrastructure building, food and catering industry. Its education system nurtures talent locally, while the government continues to attract specific talent globally.”