Missing links in government's population policy consultation paper

Economists might tell us the wealth of Hong Kong is built on four Ps: people, participation, productivity and poppycock.

The long-awaited consultation paper of the steering committee on population policy is out at last. It was unveiled at a media conference last week by Hong Kong's superwoman, Chief Secretary Carrie Lam Cheng Yuet-ngor, who chaired the committee.

Lam is so nicknamed because she is charged with the unenviable task of steering a number of committees on disparate issues, from rubbish dumps to electoral reform. She is spreading herself rather thin.

Still, if anyone knew how to conduct a media conference, she did. Fluent in Chinese and English, she revealed the challenges ahead with ne'er a micro twitch to her face. Micro twitches are a dead giveaway of hidden fears.

Essentially, the city's ageing population and low birth rate mean that in 30 years, one in three people will be over 65.

Labour force participation will also drop dramatically, thereby further endangering the already narrow tax base.