Trip.com Founder Puts $64 Million Behind Bold Fertility Pilot in Hong Kong
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James Liang, co-founder of Chinese online travel giant Trip.com Group Ltd., is committing HK$500 million ($64 million) of his personal fortune to launch a Hong Kong-based foundation aimed at addressing one of China's most pressing demographic threats — falling birth rates.
The entrepreneur-turned-demographer will channel the funds through the newly created Generations Fund. The initiative will test policy ideas ranging from direct subsidies to cultural advocacy, using Hong Kong as the springboard for tackling China’s mounting demographic pressures.
The fund’s first initiative will offer HK$50,000 to full-time Ph.D. students in Hong Kong who have a child on or after Jan. 1, 2026. Applicants will only need to provide proof of birth and university enrollment, with a decision promised within 14 working days.
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- James Liang, co-founder of Trip.com, is launching the HK-based Generations Fund with HK$500 million ($64 million) to address China's declining birth rates.
- The fund's first initiative offers HK$50,000 to full-time Ph.D. students in Hong Kong who have a child from Jan. 1, 2026; it also includes a cultural prize up to 1 million yuan.
- Hong Kong's fertility rate rose slightly to 0.841 in 2024 after government measures, but remains below replacement level.
- Trip.com Group Ltd.
- Trip.com Group Ltd. is a Chinese online travel giant co-founded by James Liang. The company implemented an annual bonus of 10,000 yuan per child for eligible employees, continuing until the child turns five. This initiative reflects Liang's broader commitment to addressing falling birth rates, a demographic challenge he believes requires systemic societal change beyond corporate efforts.
- 2021：
- Hong Kong's total fertility rate dropped to 0.772.
- 2023：
- Hong Kong government introduced a HK$20,000 newborn bonus and housing incentives.
- 2023：
- Trip.com introduced an annual bonus of 10,000 yuan per child for employees with more than three years at the firm, to continue until the child turns 5.
- 2024：
- Hong Kong's total fertility rate slightly increased to 0.841, with 36,700 births recorded.
- 2024：
- Fertility rate on the Chinese mainland remained at historical lows, around 1.0–1.1.
- 2025：
- James Liang launched an interview series featuring mothers with multiple children.
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