Any society which hopes to prosper relies on a constant source of talented young people with fresh ideas and enthusiasm to keep the economy evolving. Just as crucially, it needs a steady inflow of investment capital to underwrite new ventures and keep the wheels of business turning. Hong Kong has always been fortunate in that respect, but in common with communities the world over, the city is faced with the dual problems of an ageing population and declining scholastic achievement among school leavers. And while the financial situation remains in the doldrums throughout the region, the once-steady flow of investment funding has slowed to a trickle.

These are fiercely competitive times in the global economy - every country now tries to attract highly trained professionals and overseas investment. Venture capitalists and professionals with the right skills have their pick of places to live and set up new enterprises. Elsewhere they are welcomed with open arms, offered tax breaks, and various other inducements to help set them up in business, hoping they can create permanent jobs for local workers.

Here in Hong Kong, we still seem to cling to the old, much mistaken belief, that every migrant who arrives adds to the strain on the job market and welfare services. The SAR simply must change its "goal-keeper" attitude and recognise that the community can benefit significantly from new blood. It is quite wrong to assume that newcomers threaten the economy - many have a great deal to contribute to the city, and indeed it will be a much harder struggle without them.

This is strikingly apparent when we consider that the educational level of about half the Hong Kong population is only Form Three or below - a depressing statistic for the development of a knowledge-based economy. And while stringent efforts are being made to reform the system, it will be years before we reap the benefits of improved standards and lifetime learning.

That is why the Legislative Council approved my motion on changes to the population policy in June, and why the move is winning increased support among the general public. It is important to stress that a population policy is not the same as an immigration policy. However, as our birthrate is among the lowest in the world, while more than 70 per cent of population growth stems from mainland immigrants, formulating a population policy is similar to reviewing immigration policy. In particular, we need to re-examine the one-way permit system, the primary means of entry for mainlanders.

Chief Secretary Donald Tsang has already canvassed Legco members on their opinions, to decide on the right policy by the end of this year. The Liberal Party's view is that there should be an additional daily quota of 50 mainland investors and professionals with their families allowed to settle here under a points system, at the same time making entry easier and more attractive for those who have the necessary skills and investment capital.

The present arrangement, by which 60 out of the 150 daily quota of one-way permits are issued to the children of Hong Kong citizens who have right-of-abode, should remain. It is in line with the Basic Law, and sacrosanct, since it involves family reunion. But the SAR Government should seek greater involvement in the implementation of a points system for the remaining 90 permits. Under the existing system, it is the mainland that sets the criteria, leaving Hong Kong little say in deciding who is best qualified to come here. The ideal way to handle the matter is by a more equitable allocation process, giving the SAR greater influence in the choice of its future citizens. We should give priority to those with the ability to live independently, and make a direct contribution to the Hong Kong economy.

Previous attempts to attract talent from across the border have been ineffective. Response to the "Admission of Professionals Scheme" and "Admission of Talents Scheme" has been disappointing. Only about 430 applications have been accepted in the past two years. This could be because the schemes were restricted to specific sectors and applicants were not allowed to bring families with them.

The Government simply must seize the initiative in attracting talent by actively promoting schemes and relaxing restrictions which deter would-be applicants from applying. These are the people who can boost our economic capability and create job opportunities. They have a lot to offer, and Hong Kong has plenty to give in exchange. These may be difficult times, but we remain a city noted for its get-up-and go, where hard work and determination always pay dividends. It was, after all, past generations of mainland migrants who made Hong Kong the international city that it is today.

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