Good morning everyone. Today I am going to talk about the wealth inequality in Hong Kong.
I have divided my presentation into three main parts. The first part is the causes of wealth inequality. The second part is the interpretation of the data. The last part is the solution to wealth inequality problem.
Let's begin by the causes of wealth inequality. The first reason is the Hong Kong population is aging. Unfortunately, the government is no complete retirement plan to protect the aged generation. Many old people only have low income. The second reason is the incomes of high skill workers are increase, and the rate of it is greater than the low skill workers. The third reason is the structure problem of tax. As we all know, Hong Kong commitment to free markets. Compare to other countries, the tax in Hong Kong is quite low. As a result, the rich only need to pay little tax. This three reasons make the wealth gap becomes wider and wider. A large gap exists between poor and rich.
Now, I would like to talk about the interpretation of the data. By the data of Gini coefficient form Census and Statistics Department, the Gini coefficient was increase from zero point five three three in 2006 to zero point five three seven in 2011. It reflects that the wealth gap increase day by day. In addition, according to the United Nations regulations, when the Gini coefficient is about zero point five, it means the income disparity is very wide. It is certain that the situation of income inequality in Hong Kong is very serious and need to solve quickly.
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Then, I want to talk about the solution to wealth inequality problem. There are many things the government can do. Frist, the government can complete the retirement plan, such as increase the old age allowance.
Second, the government can offer some positions to low skill worker with the wage which is above the law of the minimum. Third, the government can increase the minimum wage.
Lastly, the government can consider to adjust the tax structure, such as increase the progressive taxation
To conclude, wealth gap is a serious problem in Hong Kong. If this problem could not be improved, it might cause social instability. Hence, the government must take action to it.
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