Sunday, June 11, 2017

Hong Kong still inequal after two decades of Chinese rule

Hong Kong's wealth gap was on Friday revealed to be at its highest in nearly 50 years, with living conditions fuelling discontent. A Gini figure of zero indicates perfect equality, while 1.0 would be a society in which one person had all the wealth.  Hong Kong's figure climbed from 0.537 in 2011 to 0.539 in 2016, the highest since 1971.

Sky-high prices and the cost of living outstrip many ordinary residents' salaries in Hong Kong, with apartments becoming increasingly cramped and generations of families forced to share.

Social worker Fernando Cheung said the result showed life had not improved since the handover by colonial power Britain to China in 1997. "The Gini signifies that the economic development of the past 20 years has not helped narrow the wealth gap or make our society more just," Hong Kong lawmaker Fernando Cheung explained. "Income disparity is still a main problem," Cheung added, describing major industries as controlled by a handful of tycoons.

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