•
uencies themselves. Lastly,
we
also consider that representation that this through Functional Constituency should be broadened so electoral system can become a truly representative system and not merely an appointment system in another guise.
[Part Two: The Deterioration of Social Inequality]
There
distribution of are two major trends result in worsening income and wealth in Hong Kong in recent years, although the pro- business political groups and probably the government as well strongly rejected such an interpretation. Firstly, according to wage statistics published by the government, the real wage of manufacturing workers and some other sectors declined in the last
two
of covered about 40% years.
total workforce.
Indeed, the overall improvement of the economy has not resulted in a fair distribution of income.
This
the
Also, residential property prices in Hong Kong increased by over 100% in the last three years. The society has been divided into the "have" and "have not“. Those having their own residency ори
some additional investment properties would have their wealth increased several folds in the last five year. The distribution of wealth in Hong Kong must have deteriorated very substantially.
The pro-business community always argue that a growing and boom- ing economy is good for everybody. Therefore it is not necessary to examine the issue of income and wealth distribution, not to mention how to improve it. The government apparently agrees with
such a position.
an
However, we have seen more and more social and political actions by the deprived and low income people in Hong Kong in the last twelve months, including citizens staying in public housing, dwellers affected by the Land Development Corporation, workers
without
feeling decent job, lower ranking civil servants a "unfair" pay adjustment, people under the pressure of high infla- tion, middle income group without a home and unfortunate deposi-
of tors
BCCI (HK).
of And we think the "worsening
income and
wealth distribution" is a fundamental cause underlying the devel-
opment.
we
upon
the
In order to deal with the deterioration of social inequality, think the government has to pay immediate attentions
following three issues:
ed
The
dropped
[Section One]:High Inflation Rate
of 1991
lowest
in
high inflation rate recorded during the first half
substantially to 8.8% in May 1992.
the This is since February 1990. The government considered this has been line with the 9.5% forecast given in the Budget.
However, the
core items within the consumption basket,
including
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