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Spending wisely

Sidney Sze

Money Matters

Since Tung Chee-hwa became Chief Executive, government spending on education has risen more than 60 per cent, from $37.9 billion in 1996-7 to $61 billion this financial year.

According to the United Nation's latest Human Development Indicators, Hong Kong's level of spending on education, at 4.8 per cent of gross domestic product, is on a par with our neighbours.

On average, Hong Kong's 69,000 university students each cost taxpayers $231,400 a year to educate compared with $36,400 each for our 449,000 secondary students and $25,300 for each of our 442,000 primary students.

With these figures, should we continue to accuse our chief executive of neglecting education?

The issue seems to be that the $61 billion is not well spent.

You may ask, why spend $100 million on Harbour Fest instead of education?

Harbour Fest, the only highly visible part of the government's $1 billion 'rescue package', has become a dismal controversy.

The reality is that Invest Hong Kong - the government's business promotion agency in charge of that rescue fund - and the American Chamber of Commerce, who teamed up to stage the event, did not have adequate experience in organising such events.

If you want to have a taste of the business world, learn the ways and means in doing business and receive $30,000 to do so, you might be interested to know more about the University Student Program - McDonald's Community Achievement Award.

This programme is specially organised for full-time undergraduate students who are studying in universities in Hong Kong.

Through the award, participants are encouraged to serve the community, develop their creativity and contribute to Hong Kong as a whole.

The main theme of last year's award was 'Serving the Community' and the winner was the 'Live with Smile' team from Chinese University of Hong Kong. Want to know more?

Dr Sze is the president of the Society of Registered Financial Planners

If you have a money-related question, send it to [email protected] with Money Matters as the subject

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