Raising Hong Kong’s birth rate is an economic imperative

Hong Kong’s first five-year plan and latest policy address have put demographic sustainability on the public agenda. Among the measures announced are an extension of the newborn bonus scheme and increased financial support for the second and subsequent children. These are welcome steps. But the fertility debate should not be reduced to whether a bonus is large enough to change family decisions. The bigger challenge is whether Hong Kong can remain dynamic and competitive while its younger...