Economy/Resources - 28. page

Oxfam is an international confederation of 21 independent affiliates “that fights inequality to end poverty and injustice.” In September, Oxfam Hong Kong released its ‘Hong Kong Poverty Report 2023,’ analyzing government data from 2019-2023. It found that the overall poverty rate in Hong Kong reached 20% in early 2023, affecting over 1.36 million people. Comparing pre- and post-pandemic median monthly incomes, the poorest households now earn 57.7 times less than the richest, up from a ratio of 34.3 in 2019. This shows that, while society is returning to normal in the wake of the COVID-19 pandemic, economic recovery remains polarized between high- and low-income families.

The median monthly income for the poorest 10% of households dropped by over one-third to HK$2,300. In contrast, the richest 10% of households grew by more than 10% to HK$132,600. The median household income for Hong Kong only increased 1.7%.

Nearly 210,000 employed Hongkongers still live in poverty, mostly working in retail and food services. Over 40% of Hong Kong’s unemployed live in poverty. Inactive individuals in poverty exceeded 1.1 million, increasing 10.6% since 2019.

Director Kalina Tsang of Oxfam Hong Kong urged the government to adjust the city’s minimum wage, support grassroots employment, aid subdivided flat households, collaborate with businesses and NGOs on social innovation, and improve childcare. She said that, following the pandemic, wealth inequality has seriously worsened and slow recovery among poor families is alarming. Oxfam believes Hong Kong is facing structural changes that make poverty more complex. It has called on the government to narrow the wealth gap and improve conditions for low-income workers post-pandemic.

Source: Oxfam Hong Kong, September 19, 2023
https://www.oxfam.org.hk/en/news-and-publication/gaping-wealth-gap-leaves-hong-kong-s-poorest-making-57-7-times-less-than-richest-while-struggling-to-recover-post-pandemic

Lawyers specializing in divorce cases in China say the recent housing market downturn is making couples more hesitant to divorce. The number of divorces in China has declined for three straight years, with lawyers attributing this trend partly to difficulties dividing property amid unstable housing prices.

According to mainland-Chinese media, divorce lawyer Liu Shengfei says clients have recently been taking much longer to decide on divorce. Property division, especially regarding real estate, has always been tricky in divorce cases, but now couples are facing even greater uncertainties in splitting assets due to China’s housing slump.

When a divorce is filed in China, judges usually won’t grant the divorce if one spouse firmly opposes the divorce. Additionally, as of January 2021, China has implemented a 30-day waiting period for divorces. These factors have contributed to the country’s lower divorce numbers.

Liu explains the risks to clients upfront – a lawsuit may not end in divorce, and dividing assets can be time-consuming. If spouses dispute housing value or ownership stake, further legal proceedings may be needed.

Previously, with stable or rising prices, spouses faced smaller differences in dividing real estate assets. One would keep the home, compensating the other financially per their ownership share. But now, amid difficult sales and unstable prices, deciding who gets the house and at what value is much more contentious.

According to Liu, this year several clients have been unable to proceed with their divorce due to housing market factors. The housing downturn is creating uncertainties in asset division that discourage couples from splitting.

Source: Central News Agency (Taiwan), September 16, 2023
https://www.cna.com.tw/news/acn/202309160200.aspx

China has had a persistently high sex ratio at birth (more males than females) for around 40 years. This gender imbalance has led to over 30 million Chinese men being unable to find wives, according to Professor Yuan Xin of Nankai University. By 2021, there were around 239 million single people aged over 15 in China, but Yuan says 15 is too young to define “single” and the real number is lower. However, the decades-long gender imbalance has created many “passive singles” – men who cannot find wives due to the shortage of women. From 1980-2021 around 35 million more males were born than females. This means at least 30 million men will not be able to marry locally. The competition for marriage is increasing, with rises in bride prices and marriage costs. The stability of marriages may also decline. Young single men may cause social instability and older single men will lack family support. Restoring a normal sex ratio at birth is very difficult now. The gender imbalance will persist throughout life cycles, so a coordinated national response is needed. It is inaccurate to say singles have higher spending power – they may just meet basic needs and not stimulate consumption. If desire is universally low, consumption will not rise. In summary, China’s long-term gender imbalance has created many involuntary single men, posing economic and social challenges that require an active policy response.

Source: Central News Agency (Taiwan), September 11, 2023
https://www.cna.com.tw/news/acn/202309110243.aspx

A recent report listed a series of “creative” charges in China, driven either by profit-seeking motives or the necessity to survive a sliding economy.

• High School Air Conditioning (AC) Service Charges: A high school opted to outsource its AC services to a company. To recoup equipment and installation costs, the company levied a fee of 9.9 Yuan per hour for each classroom and 3.9 Yuan per hour for each dorm room when students used the AC.
• Hotel Charging Cable Fees: Some hotels have introduced fees for using their charging cables to power mobile devices, a service that was previously complimentary.
• Massage Chairs in Public Spaces: A train station replaced its standard chairs with massage chairs, and numerous movie theaters have installed massage chairs in its premium seating areas, offering these seats at a higher price.
• Nap Fees at High Schools: Recognizing the post-lunch nap habit among Chinese people, a high school instituted varying fees for students who wishes to nap on a bed, mat, or desk (where students sit with their arms on the desk and rest their heads on their arms).
• College Library Study Rooms: Several colleges have transformed library rooms into “private study rooms” and imposed charges for their use, diverging from the traditional concept of libraries as free study spaces.

Source: QQ, September 5, 2023
https://new.qq.com/rain/a/20230905A04WZB00