Hong Kong to offer more support for families with newborns

HONG KONG, Oct. 25 (Xinhua) -- China's Hong Kong Special Administrative Region (HKSAR) will implement a raft of measures to encourage childbearing amid a low birth rate, HKSAR Chief Executive John Lee said Wednesday.

A one-off cash bonus of 20,000 Hong Kong dollars (about 2,556 U.S. dollars) will be provided for each baby born on Wednesday or after in Hong Kong to a parent who is a Hong Kong permanent resident, and this measure will last for three years, Lee said in a policy address.

Other incentives include a 20-percent rise in deduction ceiling for home loan interest or domestic rents, and priority arrangement for subsidized sale flat and public rental housing allocation.

Hong Kong's birth rate remains at its lowest level. The average parity of local couples dropped to a record low of 0.9 in 2022.

Meanwhile, Hong Kong has among the longest life expectancies in the world. The proportion of elderly persons aged 65 and above will increase from 20 percent of Hong Kong's population to nearly one-third by the end of the next decade. (1 U.S. dollar equals 7.82 Hong Kong dollars)