Ken Chu

Opinion | How Hong Kong can stem the brain drain and compete in the global battle for talent

The city must help young people reach their potential and instil a sense of belonging, while increasing university places for non-locals, letting them stay longer after graduation

It could also raise the retirement age, learn from rival cities in offering incentives and rope overseas trade offices into the recruitment drive

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Passengers check the flight schedule in the departure hall at Hong Kong International Airport on September 10. People in their early 20s have emerged as the main group of Hongkongers who have left the city over the past five years. Photo: Yik Yeung-man

Ken Chu

Published: 6:45am, 20 Sep 2022

Despite the Covid-19 pandemic, the global battle for talent rages on – because human capital is now considered the most crucial factor in driving competitiveness, innovation and productivity in the increasingly digitalised and technology-based world economy.

Hong Kong must double down on its efforts to retain, nurture and attract talent, particularly as the 14th five-year plan clearly declares Beijing’s commitment to supporting this city in developing as an international innovation and technology hub. To meet expectations, Hong Kong must cast a wide net.

If we do not take drastic and swift measures, Hong Kong will face an unprecedented talent crunch, exacerbated by our rapidly ageing population, steadily falling birth rate and growing exodus. Those aged 65 and older already make up just over 20 per cent of the population, a proportion expected to rise to 29 per cent in 2034.

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Chief Executive John Lee Ka-chiu has vowed to attract foreign talent to Hong Kong’s medical, innovation and high-end technology sectors. He also pledged to support our talented local young people by resolving the problems they encounter in education, housing and career development.

Lamentably, a survey last year found that more than one in four local secondary school leavers wanted to study abroad. According to Unesco, more than 36,000 Hongkongers are already doing so. Put together, the numbers represent a significant pool of future talent.

Helping our young people here, or those back after an education overseas, to reach their potential is one way to shore up the talent pool. We can also instil a sense of belonging so they can’t be easily “poached” by rival cities.

According to the Census and Statistics Department, 113,200 residents left between mid-2021 and mid-2022, compared to 89,200 in the previous 12 months. This contributed to a 1.6 per cent population decline, the biggest since 1961. The British National (Overseas) visa scheme, which has drawn more than 140,500 applications, is expected to accelerate the outflow.