1980-12-27 — Page 24

育教僑華頁三第張六第一日一廿月一十年申庚歷夏

WAH KIU YAT PO

報日僑華

1981

because their disposable incomes diminish when tax increases.

中學會考試題預習專欄

經濟及公共事務(十二) 4. General price level in the.

明德出版社 屬提供資料

Economic & Public Affairs (12)

K. K. Wong & L. T. Chari MIEL & DALE PRESS LTD.

Question:

What would be the possible economic consequences if d) the salary tax in Hong Kong.

were to be raised by 2/03/ (2)Hong Kong were to impose

a tariff on all imports?-

If the Hong Kong S R Government were to raise the salary tax, the economic consequences could be summarized as follows:

1. The incomes of all households.

would decrease owing to thế higher tax payments, Asia 'result, the disposable

income in a family will be reduced, leading to lower purchasing power of the family. This conditionis especially true for the t lower-income group in Hong Kong. If 2% of salary tax rate were to be raised,

most of the families will be affected.

Since the decrease of- disposable income of each family will lessen the: consumption power, the aggregate demand for the commodities in the whole economy would decrease. In this case, the real

income of each household. would have been diminished,

3. Consumers will tend to buy

rather than luxury goods

梁 more necessity goods

17好板

路

economy may be affected..

It may decrease or start to decrease through the working of market mechanism in local: laissez faire economy. However, the decrease of price levelis only toa certain extent.

The working incentives of labour would be discouraged because their earnings are closely related to their taxes. Workers may decline to work hard or to work overtime as leisure becomes more atttactive to them.

6. Workers of lower-income.

group may have to work

more so as to offset their losses due to increase of salary tax. Although they would work more, the production efficiency would not be improved because their work incentives would- have been discouraged.

7. The ability of savings in

the whole economy would be reduced because of higher taxation. As the real income of the household decreases, a family will save up less money than before. In the economy, fixed deposits would diminish and its decrease will be more than the decrease of demand deposits and saving deposits. Accordingly, the creation of bank credit would be

hindered owing to reduction of savings.

8. The amount of investment in

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va family would decrease.

leading to the reduction of

aggregate investment level

of the whole economy. Consequently, capital accumulation may be impeded

The distridution of income in the society would be more even because those higher- income group. would have to

pay greater amount of tax than before. On the other·· hand, the increase of taxation will lead to greater government revenue. This amount of money can be spent on various social services and it will benefit the society and redistribute

income.

If the Hong Kong Government were to impose tariff to all imports, the

possible economic consequences summarized as followS could be

12

As Hong Kong is lack of

raw materials and natural: resources, doméstic production depends largely. on imported raw materials and resources. Importers. would certainly raise up. the prices of those imported goods in order to offset the losses in tariffs. As a

result, the cost of production will be raised in local manufacturing: industries.

2. The increase of production.

cost will affect the productivity and the overafl output level. Hong Kong has long been export-oriented and it is likely that Hong Kong is. going to diversify the foreign markets by the way of exporting products of

light industries and heavy

industries. The imposition

of tariff will hinder local industrial diversification

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日七廿月二十年〇八九一圈公年九十六國民華中

and the discouragement of focal exports will affect the economy of Hong Kong.

3. Although Hong Kong is now

suffering from world protectionism especially from the restriction of textiles exports by European Economic Community. the development of local economy still mainly depends on foreign trade. If the foreign trading. companions take revenge on Hong Kong, more tariff would be imposed to Hong Kong exports. Thus will put: Hong Kong into a

disadvantage position when compared with other trading competitors. The"

imposition of tariff will encourage the exercising force of protectionists..

Because of the rise of production cost, an overall rises in rent, wages and other cost of production: will be caused. It is not easy for those small labour intensive industrial units to operate. They may shut: down because they are unable to bear the losses. Meanwhile unemployment problem would happen.

The rise of production cost will lead to the rise of the prices of domestic products. In this case, the general price level of local product will be bid up.

As the prices of imported foreign goods increase, the prices of local goods and

services will be stimulated.

Consequently, an inflation problem will happen.

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7. Local government revenue

will increase in a short run.

Tariff will discourage. local consumers to buy foreign goods because of the rise of the prices of foreign goods. It would benefit the sales of domestic products and it would help the development. of local industries.

9. Imports would be reduced

and part of the consumption: of foreign luxury goods would diminish. As a result, the imposition of tariff can protect local new established new industries

because it makes the. imported goods to have less competitive power.

10.Tariff can also prevent

'dumping', That.is to say tariff can protect local

producers against dumping.. of foreign goods on the local market at a much lower price.

To sum up, the imposition of tariff in Hong Kong's imports can only benefit: local economy to a certain extent. In the long run, inflation and unemployment problems may be induced owing to the reduction of international specialization of labour and the achievement of economics of scale may be hindered. On the whole, the. standard of living in Hong Kong

may not be improved and it may worse than before. Local

Citizens must bear the social cost of tariff::

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