Your Voice: Hong Kong’s shrinking economy and redefining failure (short letters)
This week, students discuss what can be done about the declining economy and how the fear of failure stops us from living and succeeding.
Financial Secretary Paul Chan Mo-po’s latest budget plans aim to address Hong Kong’s deficit. Photo: EPA-EFEHave something to say? Send us a letter using this form.
The economy must grow
Vincent Chung Cheuk-hang, PLK Tang Yuk Tien College
Hong Kong is facing a deficit – when the government’s spending exceeds its revenue – of more than HK$80 billion. This is a sharp departure from the city’s historically strong financial position.
While the situation can be attributed to pandemic relief efforts and evolving conditions, we must not overlook Hong Kong’s economic structural challenges.
One major issue is the city’s heavy reliance on land sales and real estate revenue, which have declined significantly due to weakened demand and falling property prices.
Hong Kong’s ageing population and shrinking workforce are also putting further strain on public finances, driving up healthcare and social welfare costs and reducing tax revenue.
Cutting essential public services is not a viable solution. The government must exercise greater fiscal discipline, allocate resources effectively and diversify revenue sources.
Hong Kong should also refine its tax policies, promote innovation-driven industries and attract global businesses to strengthen its economic foundation. Restructuring taxes and investing further in hi-tech sectors could also help.
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The virtual world’s pros and cons
Cherry Li Wing-tung, Leung Shek Chee College
Excessive time spent in the digital realm can lead to less meaningful real-world interactions. It could potentially cause an individual to have anxiety and stress about socialising face-to-face.
However, some tech has pros, namely gaming and online communities.
First, gaming can enhance focus and promote ambition and drive. Users receive badges or awards upon achieving milestones, motivating them to reach targets and goals. Online competition with friends can also be encouraging. Gaming is cost-effective and convenient, accessible anytime and anywhere.
Online communities can become support systems. Platforms enable users to find help, share success stories, offer opportunities to seek advice and learn from diverse perspectives. Connecting with individuals from various backgrounds and professions can provide valuable insight and direction for the future.
Interacting with people from different countries can improve our communication skills and broaden our understanding of other cultures and lifestyles. The virtual world can be a beneficial space that expands our horizons.
Redefine failure and success
Benjamin Liu, Pui Kiu College
The finding that 48.3 per cent of young people in Hong Kong rate themselves high on a failure index resonates deeply with my daily observations and personal experiences in our high-pressure academic environment.
Many students lack the support system and mindset to bounce back from setbacks. In our achievement-oriented society – where academic excellence often overshadows personal growth – the fear of failure has become paralysing for many of us.
Two crucial factors are the societal definition of success and family expectations.
The narrow focus on academic achievements and future earning potential has created an environment where many talented individuals feel inadequate simply because their strengths lie in non-traditional areas.
The Christian Service’s Fail Forward programme is promising, but I believe we need more. Integrating resilience-building into our core curriculum and broadening the definition of success would be invaluable for students like myself.
As we navigate an increasingly complex world, young people need a support system that recognises failure as a stepping stone to growth rather than a final verdict on our worth.
Why many Hong Kong youth feel like failures – and how to build resilience instead
Financial challenges
Remy Siu Wing-shun, St Paul’s Secondary School
The Hong Kong economy has experienced a considerable downturn due to various factors, including the Covid-19 pandemic.
Stringent health restrictions caused numerous businesses – especially small-scale shops, hotels and restaurants – to stop operations or shrink their services. This resulted in a sharp decline in customers and sales, making it difficult for these businesses to sustain themselves.
Political instability, marked by recent protests and clashes, created a period of unrest, leading to less spending by both residents and visitors.
Hong Kong’s notoriously high cost of living puts immense pressure on families who struggle to manage their expenses.
This sense of uncertainty and financial instability has encouraged individuals to prioritise saving over spending, slowing economic growth.
Finally, disruptions to the global supply chain and rising inflation have presented significant challenges for local businesses.
Collectively, these factors have created a difficult economic environment in Hong Kong, with adverse effects on employment and the living standards of many residents.