Lack of opportunities in Hong Kong creating a generation without hope
Janet Pau calls for a rethink of Hong Kong's job creation strategy to address young people's frustration with social and personal stagnation - the real driving force behind the Occupy protests
Many of Hong Kong's young generation have been cleared off the streets in the Occupy Central movement. The future path they face is uncertain.
Critics of the movement have questioned why students and young graduates are more passionate about protesting than studying hard, finding a decent job and getting on with their lives.
But the majority of this young generation, born in the 1980s and 1990s, do not see this formula, endorsed by their parents' generation, as a ticket to a brighter future. What they do see is the widening wealth gap and a lack of future opportunities for themselves and others around them.
Hong Kong is no longer the fast-growing economic miracle it was in the 1980s, when it tripled its per capita gross domestic product in just over a decade, to US$18,000 in 1992. With a GDP per capita of over US$38,000 today, on a par with other advanced economies, it now faces the challenges of a high-income society that is experiencing slower growth, ageing demographics and unaffordable living costs, where the median home price is 15 times the median annual household income.
Hong Kong has almost full employment, with a jobless rate of just above 3 per cent. This means that those looking for work are generally able to find it and that the economy faces a labour shortage. But the unemployment rate of those aged below 25 is far higher, at almost 8 per cent.
Beneath the surface of a tight labour market are three key issues of concern. First, Hong Kong's industry structure is weighted towards finance, property, professional and trade-related service industries, which demand high-end labour. Yet skill gaps exist, as employers bemoan the difficulty in hiring enough workers with the right skills and training, even within the university-educated talent pool.
Chief among core skills that employers say many graduates lack are language, client management, communication and critical thinking skills. At the same time, local graduates face increased competition from qualified talent from elsewhere.
