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Fixing Inequality in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2017

Print ISBN-13: 9789888390625

Published to Hong Kong Scholarship Online: January 2018

DOI: 10.5790/hongkong/9789888390625.001.0001

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Why Family Savings and Investing in Children Matter to the Economy

Why Family Savings and Investing in Children Matter to the Economy

(p.143) 18 Why Family Savings and Investing in Children Matter to the Economy
Fixing Inequality in Hong Kong

Yue Chim Richard Wong

Hong Kong University Press

Enhancing and protecting the family’s investment in children is central to China’s long-term economic vitality and growth and to rebalancing its economy away from investment and towards consumption. Important steps in that direction may include reforming divorce laws, repealing the one-child policy, liberalizing banking and financial markets, and supplying more low-cost housing using the Singapore approach, which allows subsidized homes to be resold (not the Hong Kong approach, whereby most people in public housing are tenants without title to the property). In Hong Kong and on the Mainland, state intervention through marriage laws, government housing programs, financial regulation, and old age retirement schemes have had a large detrimental impact on how families save, have children, and invest in them. Is it surprising that the family is in demise?Fortunately, the family is fighting to survive, because there is no alternative. The experience of Western industrialized economies offers lessons in what to avoid, not embrace, as many in Hong Kong think.

Keywords:   Family, Savings, Investing, Children, Income, Housing, Divorce

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