www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

Cheap housing can narrow HK wealth gap

By HONG LIANG (China Daily)
Updated: 2007-07-03 06:17

The much talked about widening wealth gap in Hong Kong has raised the question that touches on the very heart of the city's economic policy: What role does the government have in wealth distribution?

Even the most ardent disciples of the guiding principle of small government, big businesses have agreed that the worsening economic injustice, as perceived by an increasing number of people in Hong Kong, can give rise to social discontent, which cannot be ignored by any responsible government, big or small.

There is no doubt that the Hong Kong government is well aware of the situation. Indeed, the Hong Kong government, over the past many years, has done quite a lot in addressing the issue, albeit indirectly through housing subsidies, affordable medical service and various welfare benefits to the most needy.

As the wealth gap continues to widen, the call for more direct government intervention is getting louder. But other than moral persuasion, there is little the government can do in achieving a more even distribution of wealth in Hong Kong. In the context of the guiding economic principle of a free market environment, the room for direct intervention is extremely limited.

In many developed economies, the problems arising from a widening of the wealth gap between the rich and poor can be addressed, to some extent at least, through fiscal policies. But making any material changes to Hong Kong's long-cherished low and simple tax regime could risk undermining foreign and domestic investors' confidence in the government's commitment to preserving the very fabric of the market-oriented economy.

With the salary tax burden falling on no more than 20 percent of the working population, any discussion of taxing the rich to subsidize the poor seems rather pointless. The government did on numerous occasions raise the rates of corporate and salary taxes to cover budgetary shortfalls in economic down-cycles. It was always understood that such adjustments were nothing more than short-term budgetary fine-tuning that would be reversed once the economic tide began to turn.

There is, of course, the strong argument for the government to widen the tax base. New sources of revenue are needed to finance the improvement and expansion of public welfare programs, primarily medical services, to help those hardest hit by the worsening economic imbalance.

But an earlier attempt to introduce a sales tax failed because it was deemed by the public to be unfair to low-income families which must spend a larger proportion of their household income on food and other necessities than families in the higher-income bracket.

In considering other new taxes, the government is constrained by strict guiding principles which were designed to preserve the free-market environment and maintain Hong Kong's economic competitiveness.

But the government is far from helpless in tackling the wealth gap issue. As the biggest landlord in Hong Kong, it holds the key to what has been a primary source of wealth - property.

Many economists have suggested that the government expand its low-cost housing program in cooperation with the private sector as it has been doing all along. Housing typically accounts for a large portion of an average family's household expenditure, especially those in the lower income bracket. Providing quality housing at affordable prices to the less well-to-do families goes a long way in addressing the social problems brought about by raw market forces.

This was the role that the Hong Kong government has been playing for many years in helping to reduce the economic imbalance that was taken for granted in a free market environment. All it needs now is for the government to expand this role.

E-mail: jamesleung@chinadaily.com.cn

(China Daily 07/03/2007 page10)



Hot Talks
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 毛片免费大全 | 波多野结衣被强在线视频 | 性欧美videofree另类17 | 久久99国产亚洲高清观看韩国 | 亚洲精品久久久久久久久久久网站 | 国产呦精品一区二区三区网站 | 波多野结衣中文无毒不卡 | 黄在线网站 | 色综合久久一本首久久 | 在线观看欧洲成人免费视频 | 真实的国产乱xxxx | 特级一级毛片免费看 | 欧美首页 | 美女的让男人桶到爽软件 | 成年人免费毛片 | 欧美一级永久免费毛片在线 | 欧美精品一区二区在线观看 | 午夜两性视频免费看 | 成人性生片全套 | 白云精品视频国产专区 | 久久久久久一品道精品免费看 | 国产欧美精品一区二区三区 | 99热免费在线 | 国产美女野外做爰 | 亚洲男人在线 | 国产午夜精品久久久久免费视 | 这里只有久久精品视频 | 姐姐真漂亮在线视频中文版 | 免费 视频 1级 | 欧美色另类 | 精品久久免费观看 | 成 人 动漫在线观看网站网站 | 日韩成人精品日本亚洲 | 成人香蕉视频 | 99福利资源久久福利资源 | 日韩精品a在线视频 | 女人张开腿让男人桶视频免费大全 | 中文字幕亚洲综合久久男男 | 色哟哟国产成人精品 | 亚洲欧美日韩视频一区 | 精品国产系列 |