OpinionSurplus gives budget the means to do more in a challenging time
- A budget without concessions could risk refusal by the Legislative Council, but the finance chief should address the prevailing woes the city faces
Preparing the government’s budget is no less difficult for Financial Secretary Paul Chan Mo-po this year than previously.
A shrinking annual surplus may have dampened the clamour for another cash handout, but it also limits the scope of relief and aid for the needy in times of an economic slowdown.
The outlook is certainly gloomy as the US-China trade war drags on, yet there is silver lining following the release of the “Greater Bay Area” development blueprint to turn Hong Kong and neighbouring cities into a strong economic hub.
Whether the finance chief could make use of his third budget to address the prevailing woes and explore new areas of growth will be closely watched.
Just weeks into his job two years ago, the former development minister and accountancy lawmaker opted for a steady-as-it-goes approach when tabling his maiden budget for the outgoing administration.
But it was more challenging when he budgeted for the new government for the first time last year. The measures were so poorly received by the public that he eventually sought to make up with a cash handout of up to HK$4,000 (US$509) for those who were said to be left out of his budget.