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The government has been studying measures to boost the birth rate, says Chief Executive John Le.
Lee said a drop in the student population is a structural problem and the SAR's birth rate is lower than most cities in the world.
According to the Census and Statistics Department, Hong Kong's fertility rate was 701 last year.
"I have been thinking what can the government do to encourage citizens to give birth so our population can be enriched and the society can have sustainable development," Lee said.
"There are people considering leaving Hong Kong and... there are people coming to Hong Kong.
"Although the trend [of declining student population] is expected to continue, I believe the worst time has passed."
The Education Bureau released its report on student statistics, which shows the city lost more than 27,000 students in 2021-22 school year.