In Japan today, manufacturers sell more adult than baby diapers. As the population ages, some market segments will grow while others shrink; at best, the overall economic effect will likely be neutral. But, under orders to Do Something, desperate Hong Kong bureaucrats latch on to the possibility that an aging population could serve to boost the local economy. They were given a buzzword, and they are going to make sure their bosses hear it back…
The Working Group has proposed 30 measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements”, and unleashing “silver productivity”.
Among the detailed list of measures: ‘The exhibition industry will enhance silver economy elements in exhibitions’, plus a range of initiatives involving public-sector bodies facilitating things. Meanwhile, private-sector providers will – as in Japan – adapt to change and grab opportunities wherever they can without any government guidance.
In fairness, the Deputy Chief Secretary more or less admits that there’s no point in the government expecting these ideas to generate additional GDP growth. The main hope is in getting more people in their 60s to continue working in a tightening labour market.
Joel Chan notes that the labour participation rate in Hong Kong was around 61% until 2019, since when it has declined to 56.8% – ‘the lowest since records began in 1985’.
HKFP reports that Hong Kong Chief Executive John Lee, answering questions from the press, implies that journalists ‘break the law and evade taxes’ and refers to the HK Journalists Association as some sort of enemy…
“Journalists or any other profession have no privilege to evade taxes,” Lee [said].
He also said a “real professional group” should improve the profession it belongs to instead of pressuring the government.
“Tolerating members who break the law and evade taxes while pressuring the government will only expose the group’s own maliciousness,” the chief executive said.
The tax authorities haven’t even concluded their audit process yet. And what sort of pressure is the HKJA applying?
lol are these the same olds we were encouraging to move to a ghetto in Guangdong a couple of years ago because we didn’t want to take care of them?
Best thing we can do for the silver economy is to help the domestic helpers to upskill with training, better pay and (shock horror) the prospect of residency for those who specialise. But then Consuela might bring her kids here, and that would never do…
1. Seeing as how 99% of HK oldies dye their hair, it should really be called the Shiny Black Economy.
2. I wonder if a U-Turn on the planned JoyYou Card restrictions might on the cards, now that the govt is trying to get the over-60s out and about more.
The CE is perhaps referring to Channel C and HKJA’s vigorous defence thereof. Innocent until proven guilty but standing up for Channel C is like coming out for Jeffrey Epstein.
@C is for… I had to look up this Channel C. (Yeah, whatever…) But what has that got to do with taxes and civil servants who deviate from their usual job to persecute local journos instead?
“The exhibition industry will enhance silver economy elements in exhibitions”
For a fraction of a second I read that as meaning groundbreaking exhibitions along the lines of King of Kowloon — then the realization it’s about having an Ensure® booth at food fairs.
The elderly are spending, but advancing years means its on docs and meds instead of bars and clobber.
Again an example of uncoordinated policies in view of the frequent hand wringing over the significant inadequate fiscal provision of the majority for retirement years.
Thought HK already had “Silver Industry” for decades? Those poor old, bent over seniors collecting cardboard all over the place?