Subject: MOTION ON “PROMOTING THE DEVELOPMENT OF HONG KONG’S SILVER ECONOMY TO ALIGN WITH NATIONAL STRATEGIES”
President, I am very grateful to Mr HUNG Kam-in for moving this motion. Population ageing is a long-term social trend both globally and in Hong Kong. Our country has now taken the silver economy as an integral part for addressing ageing and driving high‑quality economic development. To align with this national strategy, Hong Kong should not only be grounded in local practical needs, but also strengthen long-term planning and promote the silver industry in an orderly manner.
In respect of medium- to long-term planning, the SAR Government has successively established the Working Group on Promoting Silver Economy and the Working Group on Ageing Society Strategies, and has introduced a number of initiatives, fully demonstrating its firm resolve to develop Hong Kong’s silver industry and elderly care services. However, in order to further optimize the relevant economic ecosystem and consolidate the existing high-quality resources in the Greater Bay Area, I have the following few suggestions.
Firstly, President, the silver-haired group must have stable financial income in order to unlock their consumption potential. For this reason, my first suggestion is that the Government should enrich financial planning options beyond the “Retire 3”. In collaboration with the banking and insurance sectors, it should introduce stable financial products such as silver annuities and retirement-themed bonds meeting the elderly’s core needs for “capital preservation and stable returns”. At the same time, existing services such as reverse mortgages and fixed deposits exclusive to the elderly should be enhanced to better align with the practical use cases of the elderly.
On the basis of the upgrading of financial products, continued efforts should be made to improve the service chain. For this reason, my second suggestion is that the Government should take the lead in building a dedicated elderly financial service platform, with service points at community elderly care centres and other locations to provide one-stop services such as home visit for account opening, business consultation and age-friendly operation guidance, thereby resolving the difficulties of elderly people who are advanced in years or mobility-impaired when handling financial services.
To safeguard the financial security of the elderly, my third suggestion is that the Government should encourage local financial institutions to continue to actively fulfil their social responsibilities, and in collaboration with the community, regularly organize activities such as scientific popularization of financial management, fraud prevention and publicity. During my recent visits to the districts to promote the spirit of the “two sessions”, I collaborated with the Investor and Financial Education Council to explain and popularize knowledge of financial fraud prevention to local elderly residents, and assist the elderly in leveraging financial management tools. Such activities were well received by the elderly.
As lifestyles evolve, the demand among the elderly for wellness, fitness, cultural tourism, consumption, etc. continues to rise. By capitalizing on the existing resources and connectivity advantages of the Guangdong-Hong Kong-Macao Greater Bay Area, vast room for development can be brought to the Hong Kong market. Therefore, my next suggestion is that the Government should, through subsidies, grants, venue support and other means, encourage travel agencies, hotels and the catering industry to create high-quality, integrated wellness tourism itineraries for the silver-haired group with resources in the Greater Bay Area. At the same time, it should offer exercise courses dedicated to the elderly, and organize senior expos and cultural festivals, so as to expand the social and consumption scenarios of the elderly and stimulate the silver consumer market.
Gerontechnology also plays a vital role in smart elderly care. Facilities such as fall detection and companion robots can effectively improve the quality of life of the silver-haired group. However, current prices of these products are relatively high, and funding is insufficient, placing an additional financial burden on the elderly. For this reason, my next suggestion is that the Government should increase the level and scope of relevant funding, so that technology can benefit more elderly people, while driving the development of the senior-friendly product market.
In respect of care services, Hong Kong lacks the concept of retirement communities. In contrast, in Mainland cities, there are already one-stop retirement communities in mature operation that integrate healthcare, cultural and recreational, smart and other services, providing an excellent model for Hong Kong’s reference.
Under the Housing Society, there is the Tanner Hill Joyous Circle, which provides a professional care home for the elderly, but similar high-quality options remain scarce. Therefore, in my last suggestion, I hope the Government will consider using incentives such as land premium concessions and bonus plot ratio to encourage private developers to invest in high-quality, senior-friendly residential development, thereby enriching the housing options of the elderly.
President, the silver economy encompasses multiple fields including finance, culture and tourism, and elderly care. Relevant planning must be forward-looking. Moreover, development is inseparable from cross-departmental and cross-sector collaboration. I hope that in the first five-year plan currently being drafted, the Government will refine the top-level design and build a diversified and sustainable silver industry system.
I support the original motion and the amendment. I so submit.