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Hong Kong’s finance chief Paul Chan Mo-po delivered his budget speech on February 28, with announcements including scrapping all decade-old property cooling measures with immediate effect as authorities look to revive the market.
The extension of the incentives took into consideration both the budget deficit and the environmental advantages of continuing to strive for electric vehicle adoption.
But spending is very much about the future, and how well the city fares at achieving its objective will not be clear for a long time.
Even though the city is in a stronger position now than in recent years, the prevailing crisis of confidence must not be ignored.
- Legislators also scrutinise costs run up by former leader Carrie Lam amid debate on passage of 2024-25 budget
- ‘We hope the government can use actual actions and excellent results as its strongest rebuttal to smears of Hong Kong by foreign forces’, one lawmaker says
With record-low election turnout of 27.59 per cent, government spent an average of HK$102 on publicity for each vote in December 10 poll.
Readers discuss what Hong Kong should focus on in trying to attract tourists, and the proposal to have a monthly firework display over Victoria Harbou.
Readers discuss the effectiveness of raising the tobacco tax in lowering the smoking rate, and a factor affecting the birth rate in Hong Kong.
Readers propose a possible new source of funding for the government, and suggest how cities in the Greater Bay Area could cooperate to boost the nighttime economy.
Authorities also lower estimated reimbursement to transport operators in scheme to HK$4.05 billion for 2023-24 from HK$6.7 billion.
Readers discuss steps the city should take to maintain its international status, the possibility of daily news broadcasts in more languages, and the prayer halls at the Kowloon Mosque.
Readers discuss the shortcomings of the 2024-25 budget, how housing affects the birth rate, and schools’ approach to discussion of sex and dating.
Readers question the rationale behind the removal of stamp duties intended to cool the property market, and point to the benefits of the measure.
Far East Consortium chairman David Chiu says stock market’s performance can’t be judged on recent lows.
City’s need to retain civil servants makes it difficult for deficit-hit government to slash their pay and save taxpayers HK$40 billion.
Readers discuss the government’s plan to hold monthly firework displays over Victoria Harbour, what Singapore offers Chinese tourists, and the need for Hong Kong to spruce up its streets.
Readers discuss the budget’s proposal of a monthly fireworks display over Victoria Harbour, and political party posters along the city’s streets.
Financial Secretary Paul Chan urges institutions such as West Kowloon Cultural District Authority to look into different options to make ends meet.
Readers discuss the government’s efforts to promote the development of self-driving cars in Hong Kong, and a transport subsidy scheme.
Hong Kong’s largest developer by market capitalisation is being tipped by analysts to emerge as the ‘prime beneficiary’ of the city’s removal of all property cooling measures.
Former finance minister Henry Tang defends government plan to issue HK$120 billion in bonds to cover recurring expenses after successor warns against measure.
Readers evaluate the budget outlined by the finance secretary last week, what impresses mainlanders about Hong Kong, and the importance of preserving Victoria Harbour as a unique attraction.
Finance chief also issues rejoinder after predecessor slams bond issuance proposal in new budget, says past administration failed to boost land supply at the time.
Former financial secretary John Tsang says revenue-boosting measures from new budget ‘a drop in the bucket’ compared with tens of billions needed to balance books.
Development chief Bernadette Linn also says Lantau Tomorrow Vision reclamation works delay will not upset wider strategy to provide 410,000 homes over next 10 years.
Paul Chan says geopolitical tensions have created pressure for mainland companies that sold to European and US markets and which might be considering relocating.
Finance chief shared in Wednesday’s budget address plans to issue HK$120 billion in silver, green and infrastructure bonds for financial year 2024-25.
