The Government has no plans to expand the Child Development Fund’s scope to cover all children in Hong Kong, nor to extend the funding period, Secretary for Labour & Welfare Dr Law Chi-kwong said today.

He was responding to a lawmaker’s question on whether the Government would expand the fund's target beneficiaries and set up a universal savings scheme for newborns as in other countries.

Dr Law said the fund’s purpose and policy objectives are different from those of the overseas child savings schemes referred to by the lawmaker. 

Each fund project, which lasts three years, comprises three components: Targeted Savings, Mentorship and Personal Development Plan, he added.

Dr Law pointed out despite the Targeted Savings being made up of savings, a matching fund and a financial incentive provided by the Government, they only form one of the fund's components.

The fund attaches importance to encouraging children from underprivileged families to accumulate intangible assets, such as a positive attitude, resilience and social networks to lay a foundation for their long-term development.

The Labour & Welfare Bureau had earlier commissioned the University of Hong Kong to conduct the Study on the Longer Term Development of Child Development Fund Project Participants.

Dr Law noted the study results indicated that the projects could effectively enhance underprivileged children and youngsters' ability in resource management and future planning, expand their personal networks and help them develop a persistent savings habit.

These benefits will enhance their academic and career development, and are fundamental to their future success and their ability to combat poverty.

The consultant team conducting the study also did not say the fund's coverage was too narrow and did not comment on the funding period.

Dr Law added that providing all children with a uniform payment or matching contribution by the Government for saving purposes irrespective of their financial background is not in line with its current strategy of creating more equal development opportunities for children from underprivileged families.