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Hong Kong population living in poverty declines to six-year low

HONG KONG – The number of Hong Kong people living in poverty fell to a six-year low as the city created more jobs by diversifying its economy, Chief Executive Leung Chun-ying said at a conference today (Oct 10).

People walk near a dollar sign outside a money exchange shop in Hong Kong, Oct 8, 2015. Photo: AP

People walk near a dollar sign outside a money exchange shop in Hong Kong, Oct 8, 2015. Photo: AP

HONG KONG – The number of Hong Kong people living in poverty fell to a six-year low as the city created more jobs by diversifying its economy, Chief Executive Leung Chun-ying said at a conference today (Oct 10).

Those below the poverty line – an individual earning less than about HK$3,500 (S$630) a month, or a family of six with a monthly household income of under HK$18,800 – dropped 1 per cent to 960,000 at the end of last year, Mr Leung said. That reduced the rate to 14.3 per cent from 14.5 per cent. Chief Secretary Carrie Lam is chairman of the Commission on Poverty, which was convened by the government in December 2012.

“We will continue to strengthen education and training, develop the economy to create more jobs,” Mrs Lam said. “We will start innovative programs to help solve some of the problems that Hong Kong is facing today.”

Hong Kong has more people with net assets of at least US$10 million (S$14 million) among 30 cities tracked by New World Wealth, a Johannesburg-based market-research company, according to a study released last year. Mrs Lam said problems facing the city were rising as the population ages, with more poverty observed in districts with a higher concentration of seniors. Hong Kong is expected to add 60,000 seniors per year for the next two decades, according to Mrs Lam.

“The ageing of Hong Kong’s population is an urgent matter,” said Mrs Lam. BLOOMBERG

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