Caixin
Nov 26, 2020 06:04 AM
ECONOMY

Hong Kong to Create 2,000 Jobs for Local Youth in Greater Bay Area

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What’s new: The Hong Kong government will launch a program to create 2,000 jobs for the city’s youth in the Greater Bay Area, including 400 IT jobs.

The Greater Bay Area Youth Employment Scheme comes amid a rising jobless rate in Hong Kong, especially for young people. Unemployment among those between 20 and 24 years old in Hong Kong hit 19.7% between August and October this year, while the overall rate was 6.4%.

Hong Kong Chief Executive Carrie Lam said the youth unemployment rate may remain in double digits for some time.

“On the other hand, with a population of 70 million and huge development potential, the Greater Bay Area can provide career development opportunities for our young people,” she said.

The background: The idea to create the Greater Bay Area was raised in 2009 by the local governments of Hong Kong, Macau and Guangdong province, aiming to capitalize on the region’s already strong finance, manufacturing and technology capabilities to build an economic and innovation hub that could eclipse the San Francisco Bay area, Greater New York and Greater Tokyo.

The region includes some of China’s most dynamic cities, home to the country’s manufacturing base and tens of thousands of high-tech companies. The region accounts for less than 1% of China’s territory and 4% of its population but generates nearly 10% of national gross domestic product.

Promoting Hong Kong youth’s integration into the mainland has been on Beijing’s agenda. In a speech commemorating the 40th anniversary of the establishment of the Shenzhen special economic zone last month, President Xi Jinping said there should be more cooperation within the Greater Bay Area to attract young people from Hong Kong and Macao to the mainland and “increase their sense of belonging to the motherland.”

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

Related: Key Takeaways From Xi Jinping’s Shenzhen Remarks

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