Letters | Budget lacked fresh vision for Hong Kong’s economic future

Readers discuss the shortcomings of the 2024-25 budget, how housing affects the birth rate, and schools’ approach to discussion of sex and dating

Hong Kong budget 2024-25

Letters

Published: 11:30am, 14 Mar 2024

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The relaxation of property market cooling measures announced in the recent budget has sparked much discussion. The government has scrapped the “harsh measures” previously implemented to bring down soaring property prices.

In other words, the government wants to see a rebound in property prices, which would not only revive Hong Kong’s economy but also benefit the government itself, whether through increased stamp duty revenue from property transactions or greater income from land sales.

Historically, a significant portion of the Hong Kong government’s revenue has been closely tied to the land and property market. However, whether these measures will prove effective within a short period remains to be seen.

An additional source of government revenue this year is the planned issuance of HK$120 billion (US$15.3 billion) in bonds. However, former financial secretary John Tsang Chun-wah has warned against the government using loans to address not only non-recurrent spending but also recurrent expenditure.

Apart from the aforementioned measures, this year’s budget does not have any major revenue-generating initiatives but rather focuses on expenditure constraints.

Taking the social welfare sector which I am familiar with as an example, given that government departments have to reduce expenditure by 1 per cent, general funding for many social welfare institutions could be cut by a similar percentage in the coming year. With an increasing number of people falling below the poverty line in addition to the general economic headwinds, reducing funding for social welfare institutions will inevitably exacerbate the suffering of the needy. I find this unacceptable.

However, the lack of effective strategies to increase revenue not only raises concerns about the government’s future fiscal situation but, more importantly, indicates the lack of direction for Hong Kong’s economy. Why is Hong Kong still relying on traditional industries like finance, tourism, transportation, logistics and retail? The past year has told us that these industries alone cannot drive our economy.

Shouldn’t Hong Kong be developing new industries? How should this development be approached? These aspects were hardly touched upon in the budget.

Developing new industries is clearly not achievable in a year or two, and to see tangible results would further require a decade or more. I worry that if the government persists in its current approach in the subsequent years, not only will we lose out to Singapore within a few years, but we may find ourselves lagging behind and being surpassed by other emerging cities.

Tik Chi-yuen, Legislative Council member

Housing is key to boosting the birth rate

The letter, “New parents need help with care, not a one-time bonus” (March 8), is correct to observe that Hong Kong must consider measures to boost the birth rate. The HK$20,000 baby bonus will help alleviate some of the immediate costs associated with childbirth, but the biggest barrier to family creation and expansion remains the housing market, which provides overpriced flats that are mostly dilapidated, substandard and far too small to be conducive to family life.

This could be resolved by terminating all stimulus measures in the property market, imposing a minimum size of 600 sq ft for all newly built flats and an aggressive policy of rezoning and redeveloping the many under-utilised brownfield or industrial sites that can be found in Kowloon and the Eastern district of Hong Kong Island. The inequitable and anachronistic small-house policy in the New Territories should also be terminated to enable efficient and fair development.

Nicholas Tam, Sai Ying Pun

Schools must encourage discussion of dating and sex

I write with regard to the report, “Hong Kong police investigate leak of intimate photos allegedly showing basketball coach having sex with secondary school student” (February 23). Schools should not skirt what has long been a taboo subject on campus – dating and sex. The more they try to avoid it, the more it rears its head in ugly ways.

Discussion of such cases, which often includes comments on whether the people involved were cheating on their partners, should not be muffled on campus. Rather, schools can take the bold step of starting a conversation on the subject of “fidelity and infidelity”, a serious topic when it comes to love and dating. Instead of a dull, moralistic lecture on what they must and must not do, students should be encouraged to express their thoughts freely without any fear of judgment or criticism from teachers.

This does not mean that schools cannot take a strong stand. To inculcate the virtue of fidelity in students, for example, teachers can introduce the golden rule – the principle of treating others as one would want to be treated by them – to keep students thoughtful should temptations arise. After all, no one wants to be cheated on.

Even polyamory can be discussed. Students must be warned, however, that in a polyamorous relationship, all parties involved should have full knowledge and consent.

The scandal involving photos of actor-singer Edison Chen in 2008 epitomises the grave consequences of filming sexually explicit content. The latest episode involving a basketball coach and a student is both tragic and saddening. Everyone should learn a lesson from this.

Lee Cheuk Ming, Discovery Bay

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