Editorial | Paul Chan’s budget is only the start of a long road to recovery for resilient Hong Kong
- First post-Covid financial blueprint may leave some disappointed that there are not more sweeteners, but the road map has been drawn up for a speedy recovery in the most testing of times
Coming up with a blueprint to rebuild Hong Kong after three years of pandemic-related setbacks was never going to be easy. From renewing hope to tackling social woes and helping those in need, there is much to be done as the city embarks on a long journey of post-Covid recovery.
Financial Secretary Paul Chan Mo-po was well aware of the expectations and challenges as he tabled the new government’s first budget on Wednesday. Echoing the publicity for his budget consultation earlier, the blueprint is a colourful palette, with new directions and wide-ranging initiatives seeking to reboot the economy while relieving the pain of those still coping with the fallout from the pandemic.
Structured along the theme of “Leaping Forward Steadily, Together We Bolster Prosperity under Our New Vision”, the 83-page document focuses on high-quality development, speedy recovery and aligning with national development strategies.
Attracting talent and enterprises is one of the highlights. This includes a new capital investment entrant scheme to lure the wealthy, and a mechanism to facilitate companies domiciled overseas for “re-domiciliation” to Hong Kong.
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But the need to nurture local talent has not been overlooked. No less than HK$600 million (US$76.5 million) has been earmarked for training in the aviation, maritime, innovation and construction industries. “While launching initiatives to compete for talent, the government’s foremost task is still to proactively nurture and retain local talent,” Chan said.