‘Sleepless nights’ for Hong Kong finance chief over economic prospects for young generation
Christmas Eve article by Financial Secretary Paul Chan expresses worry that economic growth is failing to make young residents happy
Hong Kong’s young people are unhappy despite economic growth, mainly due to sky-high property prices and rents, Financial Secretary Paul Chan Mo-po said on Sunday.
In an article posted on his blog on Christmas Eve, Chan said ever-increasing rents and property prices had imposed a heavy burden on Hongkongers and stunted the development of start-ups and entire industries.
“It gives me sleepless nights and a low appetite,” he said.
Many residents, especially the young, were under immense pressure due to stagnating salaries and long working hours, Chan said, recounting past discussions with grass-roots families and other locals.
A pessimistic view of the future was also a common feature, he added.
