The New Paradox of Thrift: Financialisation, retirement protection, and income polarisation in Hong Kong

The Hong Kong SAR government has always been proud of the fact that Hong Kong retains its top ranking in terms of "market freedom" according to most international rating agencies and think tanks. What the government has been much more reluctant to recognise is that, more than 15 years afte...

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Bibliographic Details
Published in:China perspectives 2014-01, Vol.2014 (1 (97)), p.15-24
Main Authors: LEE, KIM MING, TO, BENNY HO-PONG, YU, KA MING
Format: Article
Language:English
Subjects:
Capital markets
Capitalism
Certificates of deposit
Commercial banks
Economic conditions
Economic crises
Economic crisis
Economic growth
Elderly poor
Equality
Finance
Financial economics
Financial institutions
Financial investments
Freedom
Government policy
Hong Kong
Hong Kong, China
Households
Housing
Income
Income distribution
Income Inequality
Inequality
Institutional investments
International finance
Investment risk
Investors
Labor market
Liberty
Low income groups
Markets
Neoliberalism
Older people
Pension funds
Pension plans
Pension trusts
Politics
Poverty
Profitability
Public housing
Ranking
Rating
Retirees
Retirement
Securities markets
Special feature
Stagnation
Think Tanks
Wealth
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Summary:The Hong Kong SAR government has always been proud of the fact that Hong Kong retains its top ranking in terms of "market freedom" according to most international rating agencies and think tanks. What the government has been much more reluctant to recognise is that, more than 15 years after the handover, Hong Kong now also tops other developed economies in terms of income inequality. The growing inequality is caused, among other things, by worsening poverty among the aged. This paper attempts to provide an updated analysis of income and wealth polarisation in Hong Kong, with a particular focus on the retirement protection policy and old-age poverty. It will examine the polarising effects of the financialisation of the Hong Kong economy.
ISSN:2070-3449
1996-4617
DOI:10.4000/chinaperspectives.6363