The Corner for Political & Business Views — Disorders Originated from Hardship of Living
“Five key demands, not one less” has been the slogan of many youngsters in the midst of the frequent social disorders we witnessed during the last few months. Many criticized that these people are “disrupting
When I said people are having a hard time, I am not saying they are in rags or like those who are living in third world countries. Instead, they are in an international city but they have to live hand to mouth. The starting salary of an ordinary university graduate is usually just a bit more than 10 thousand dollars, which is very much the same with the salaries of those graduated a decade ago. Yet, they still have to repay their student loans and take care of huge expenses related to transport, accommodation, food, medication and insurance. For those who are lucky, after working really hard for a few years, their salaries would have been increased to 30 to 40 thousand dollars. That is when they start planning for marriage and thinking how they can purchase one of those shoebox “starter homes” that costs a few million dollars — which probably is an unreachable dream. Trying to break free from the chains, some decided to start their own businesses but ended up gloomy because of the competition online and high rents.
Imagining these issues alone is an extremely tormenting experience, more than a million young people in Hong Kong, however, are really facing such pressure.
I believe this is the consequence of Hong Kong’s application of the “big market, small government” principle. The results are monopolies by large companies, a lack of diversity in economic development, wealth disparity in the society and overconsumption of resources. At the same time, the government still “holds onto” the non-intervention policy, which allows the deterioration of various imbalances.
Take property prices and rents as an example. The governments of
Chairman of Asia Allied Infrastructure
(This is a Chinese-to-English translation by Corporate Communications Department. The original article has been published in Headline Daily on 9 September 2019.)
By Mr. Pang Yat Ting, Dominic