https://www.scmp.com/rss/322209/feed John Tsang Chun-wah delivers his ninth budget speech against the backdrop of a slowing Hong Kong economy and growing tensions in society. While promising to offer a relief package to boost domestic consumption and help industries affected by the economic doldrums, the financial secretary is planning to scrap waivers for public housing rents. He will also unveil measures to implement Chief Executive Leung Chun-ying’s blueprint to boost the development of innovation and technology. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hong Kong’s annual budget will be unveiled by new Financial Secretary Paul Chan Mo-po on Wednesday. The budget is expected to outline relief measures to help boost the economy, improve livelihoods and benefit different commercial sectors through the likes of one-off cash handouts and waivers for small and medium-sized enterprises. So what relief measures do Hongkongers at all levels of society have on their wish list this year? MORE RESOURCES TO HIRE TEACHERS Jessie Cheung Chok-fong, 42,... https://www.scmp.com/news/hong-kong/economy/article/2072180/more-money-tax-concessions-and-bigger-rebates-wish-list-hong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/2072180/more-money-tax-concessions-and-bigger-rebates-wish-list-hong?utm_source=rss_feed Sun, 19 Feb 2017 23:30:30 +0000 Financial Secretary Paul Chan Mo-po will unveil a package of incentives to nurture education in Hong Kong and promote innovation and technology, as well as offer a salaries tax rebate when he delivers the government’s budget on Wednesday. Watch: Why the Hong Kong government has so much money saved up Chan, delivering his first budget as the city’s top finance official, will post an HK$80 billion budget surplus, far exceeding the forecast HK$11 billion, due to record land sales revenue mainly... https://www.scmp.com/news/hong-kong/economy/article/2072172/hong-kongs-12th-fiscal-surplus-fund-goodies-education?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/2072172/hong-kongs-12th-fiscal-surplus-fund-goodies-education?utm_source=rss_feed Sun, 19 Feb 2017 23:30:30 +0000 On Wednesday, Financial Secretary Paul Chan Mo-po will present the government’s budget to the Legislative Council. What will set it apart from previous ones is that it will be the maiden budget of a new finance minister in an outgoing administration. Blessed with huge fiscal reserves and a relatively stable economic backdrop, Chan is lucky to have room to manoeuvre. But with the possibility of a second term looming on the horizon, the unpopular minister may be tempted to appease the public with... https://www.scmp.com/comment/insight-opinion/article/2072204/use-budget-make-sure-out-city-has-bright-economic-future?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2072204/use-budget-make-sure-out-city-has-bright-economic-future?utm_source=rss_feed Sun, 19 Feb 2017 17:00:00 +0000 Hong Kong’s economy grew 0.8 per cent in the first quarter of the year, its slowest quarterly growth in four years, under the weight of volatile stock and property markets, weak retail sales and the slowing mainland economy. The figure fell short of analysts’ estimate of 1.48 per cent, and was down from the 1.93 per cent growth recorded in the fourth quarter of last year. Financial Secretary John Tsang Chun-wah said in his budget address in February that he expected overall economic growth to... https://www.scmp.com/news/hong-kong/economy/article/1944573/hong-kong-hits-four-year-low-quarterly-economic-growth?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1944573/hong-kong-hits-four-year-low-quarterly-economic-growth?utm_source=rss_feed Fri, 13 May 2016 08:46:30 +0000 A months-­long filibuster against the government’s annual budget ended with the bill’s passage on Friday as pro-­establishment lawmakers heaped rare criticism on the legislature’s president whom they said had turned a blind eye to delaying tactics. Forty-nine lawmakers voted for this year’s budget bill put forward by Financial Secretary John Tsang Chun-­wah – ­the most votes garnered for the annual appropriation measure during his tenure. The Democratic Party, in a break from recent years,... https://www.scmp.com/news/hong-kong/politics/article/1944567/legco-finally-passes-hong-kong-budget-bill-limited-pan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1944567/legco-finally-passes-hong-kong-budget-bill-limited-pan?utm_source=rss_feed Fri, 13 May 2016 08:23:20 +0000 The Legislative Council budget debate ground to a halt for the third time in as many weeks as too few lawmakers were present in the chamber on Friday, threatening not just to delay approval for public spending but also to add to the backlog of bills to be passed. The meeting was scheduled to start at 9am, but People Power lawmaker Raymond Chan Chi-chuen called for a quorum in an attempt to filibuster the government blueprint, which his party claimed neglected the needs of the city’s poor. The... https://www.scmp.com/news/hong-kong/politics/article/1941612/legco-budget-debate-collapses-third-time-three-weeks?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1941612/legco-budget-debate-collapses-third-time-three-weeks?utm_source=rss_feed Fri, 06 May 2016 03:18:45 +0000 Hong Kong’s tax revenue is set to take the biggest hit in six years, falling five per cent to HK$276.8 billion by the end of next March, mostly due to a 20 per cent plunge in stamp duty. The projection was made by the tax department yesterday after it recorded a 4 per cent drop in revenue for the 2015-16 fiscal year, reversing the trend since 2010-11 when tax revenue kept swelling year on year. The last time tax revenue was seen contracting was in 2009-10 as the city was hit by the global... https://www.scmp.com/news/hong-kong/economy/article/1940702/total-hong-kong-tax-revenue-declines-4-cent-amid-property?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1940702/total-hong-kong-tax-revenue-declines-4-cent-amid-property?utm_source=rss_feed Tue, 03 May 2016 09:15:30 +0000 The Legislative Council meeting scrutinising the government’s budget was adjourned on Thursday because not enough lawmakers were in attendance. Thirty-four lawmakers were present in the chamber, one short of the required 35, after radical pan-democrat Raymond Chan Chi-chuen called for a quorum count, the seventh one requested during the meeting. Hong Kong Legco president Jasper Tsang slashes number of budget amendments from 2,168 to 407 Legco president Jasper Tsang Yok-sing announced an end to... https://www.scmp.com/news/hong-kong/politics/article/1937549/hong-kong-legislative-council-budget-debate-adjourned-not?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1937549/hong-kong-legislative-council-budget-debate-adjourned-not?utm_source=rss_feed Thu, 21 Apr 2016 08:17:37 +0000 Hong Kong taxpayers will see HK$125 million of public money allocated to plans relating to the “One Belt, One Road” strategy this financial year, the government’s expenditure estimates show. The allocation follows a plan to set aside a recurrent estimated annual budget of HK$75 million and a multi-year, time-limited provision of HK$152 million for projects under the scheme, drawn up by Beijing to boost economic and development ties with over 50 countries in Asia, Africa and Europe. But the... https://www.scmp.com/news/hong-kong/economy/article/1937545/hong-kong-taxpayers-see-hk125-million-go-one-belt-one-road?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1937545/hong-kong-taxpayers-see-hk125-million-go-one-belt-one-road?utm_source=rss_feed Thu, 21 Apr 2016 07:56:35 +0000 Financial Secretary John Tsang Chun-wah said the slight rise in the city’s unemployment rate is “an important signal from the market”. In a speech delivered at the Legislative Council to conclude the second reading of this year’s budget, Tsang said that while the labour market is stable overall, the unemployment rate has reached a new high since late 2013. According to the latest government statistics, unemployment went up by 0.1 of a percentage point to 3.4 per cent in the first quarter of this... https://www.scmp.com/news/hong-kong/economy/article/1937354/hong-kong-finance-chief-keeping-close-eye-labour-market?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1937354/hong-kong-finance-chief-keeping-close-eye-labour-market?utm_source=rss_feed Wed, 20 Apr 2016 07:35:01 +0000 The Legislative Council president has slashed a large portion of lawmakers’ amendments to this year’s budget, reducing the number from 2,168 to just 407. Jasper Tsang Yok-sing said he anticipated the debate on the Appropriation Bill to require around 60 hours, adding that he expected members to start voting on the government blueprint on May 11. The majority of the amendments put forward for debate came from three pan-democrats – People Power’s Albert Chan Wai-yip and Raymond Chan Chi-chuen, and... https://www.scmp.com/news/hong-kong/politics/article/1937084/hong-kong-legco-president-jasper-tsang-slashes-number-budget?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1937084/hong-kong-legco-president-jasper-tsang-slashes-number-budget?utm_source=rss_feed Tue, 19 Apr 2016 06:45:15 +0000 The Democratic Party sent a strong political message on Thursday by offering its rare support to the latest budget by Financial Secretary John Tsang Chun-wah, whom they say knows better than the city’s chief how to mend Hong Kong’s deep-rooted conflicts. This would be the first time the Democrats have voted for the appropriation bill since Leung Chun-ying took on the chief executive role in 2012. Democrat lawmaker Wu Chi-wai said his party decided to back the budget after a thorough discussion... https://www.scmp.com/news/hong-kong/politics/article/1935953/democratic-party-backs-budget-plan-rare-show-support-hong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1935953/democratic-party-backs-budget-plan-rare-show-support-hong?utm_source=rss_feed Thu, 14 Apr 2016 08:38:12 +0000 Radical lawmakers have submitted around 2,000 amendments to filibuster the 2016-17 budget which they claim neglects the needs of the city’s disadvantaged while favouring the wealthy. The move came as lawmakers began debating the government blueprint on Wednesday. So far, the Legco secretariat has received 2,169 amendments to this year’s budget. Cut it out: Hong Kong construction workers rally outside Legislative Council to denounce filibustering The majority came from three radical lawmakers:... https://www.scmp.com/news/hong-kong/politics/article/1935776/itching-filibuster-radical-hong-kong-lawmakers-submit-nearly?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1935776/itching-filibuster-radical-hong-kong-lawmakers-submit-nearly?utm_source=rss_feed Thu, 14 Apr 2016 00:00:15 +0000 Lawmakers have passed the government’s request for HK$90.45 billion in provisional funding, which would cover public expenditure until this year’s budget is approved by the legislature. The request was approved after lawmakers agreed to move the temporary funding request to the top of the agenda ahead of other bills to ensure that it would be approved before April 1, when the new financial year begins. Thirty-six lawmakers voted for the temporary funding request, and three against. With only... https://www.scmp.com/news/hong-kong/politics/article/1926395/show-can-go-hong-kong-lawmakers-approve-hk9045-billion?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1926395/show-can-go-hong-kong-lawmakers-approve-hk9045-billion?utm_source=rss_feed Thu, 17 Mar 2016 08:06:44 +0000 The additional public money in the latest government budget, allocated to promote Hong Kong-made Cantonese language films in southern China, is hoped to help smaller scale productions despite industry’s initial lukewarm reaction. But how much the extra HK$20 million funding will boost Hong Kong films in the region remains a question mark as these films still face mainland’s stringent censorship before they can be distributed across the border. In his latest budget, Financial Secretary John Tsang... https://www.scmp.com/news/hong-kong/article/1921405/smaller-hong-kong-made-films-may-gain-most-extra-money-allocated-john?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1921405/smaller-hong-kong-made-films-may-gain-most-extra-money-allocated-john?utm_source=rss_feed Sun, 06 Mar 2016 10:00:15 +0000 Financial Secretary John Tsang Chun-wah admitted on Sunday that the government had to think of ways to improve the tax system as he acknowledged that Hong Kong’s current tax base was rather “narrow”. Writing on his online blog, Tsang disclosed that only 40 per cent of the working population in the city paid salaries tax, with 60 per cent of the revenue coming from just 5 per cent of taxpayers. READ MORE: I want to dish out fewer sweeteners, says John Tsang Tsang’s comments on the tax system came... https://www.scmp.com/news/hong-kong/economy/article/1918429/we-need-find-ways-improve-tax-system-says-hong-kong-finance?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1918429/we-need-find-ways-improve-tax-system-says-hong-kong-finance?utm_source=rss_feed Sun, 28 Feb 2016 11:30:00 +0000 Assuming, for argument’s sake, that John Tsang Chun-wah does aspire to be Hong Kong’s next chief executive, he must be applauded for striking the right tone in last week’s budget. It was, no doubt, carefully drafted. When describing what happened three weeks ago in Mong Kok, he managed to use both “incident” and “riot”. He condemned the violence and said it was “the result of a raft of intricately related factors”. READ MORE: John Tsang’s budget aims to heal the political divide in Hong... https://www.scmp.com/comment/insight-opinion/article/1917231/if-john-tsang-angling-hong-kongs-top-job-his-budget-was?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1917231/if-john-tsang-angling-hong-kongs-top-job-his-budget-was?utm_source=rss_feed Sun, 28 Feb 2016 00:32:39 +0000 Short-term sweeteners will not be given away in the budget every year, Financial Secretary John Tsang Chun-wah warned yesterday, three days after he unveiled a series of tax and short-term relief measures that cost HK$38.8 billion. Together with other spending initiatives in the budget, the financial chief believed the stimulus measure would boost GDP by 1.1 per cent this year. Tsang said yesterday that since the government started giving away sweeteners a few years ago when the financial... https://www.scmp.com/news/hong-kong/economy/article/1918034/i-want-dish-out-fewer-sweeteners-says-john-tsang?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1918034/i-want-dish-out-fewer-sweeteners-says-john-tsang?utm_source=rss_feed Sat, 27 Feb 2016 18:09:08 +0000 John Tsang Chun-wah put significant focus on financial technology, or fintech, a potential growth area for start-ups. SCMP, February 25   And here I always thought that fintech referred to the tail adornments of 1950’s American cars, but never mind. Let’s look at some of the bright sides of this idea first. It is certainly true that Hong Kong depends on being able to jump quickly to new ideas. It is how our economy made its transitions from shipping to the rag trade and then to finance. At some... https://www.scmp.com/comment/insight-opinion/article/1918013/better-take-hard-look-we-leap-world-fintech?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1918013/better-take-hard-look-we-leap-world-fintech?utm_source=rss_feed Sat, 27 Feb 2016 14:30:15 +0000 Financial Secretary John Tsang Chun-wah may be “distressed and angry” at recent evidence of social conflict, but his highly political budget speech did not suggest an understanding of the “why”. That surely includes an unrepresentative government comprised of lifetime bureaucrats turned politicians who find it hard to think outside their own little 1970s-designed boxes. Our fiscal reserves have become a fetish designed to limit spending on social needs Tsang has been in the job for nine years,... https://www.scmp.com/comment/insight-opinion/article/1916727/once-again-big-business-emerges-winner-john-tsangs-budget?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1916727/once-again-big-business-emerges-winner-john-tsangs-budget?utm_source=rss_feed Sat, 27 Feb 2016 00:00:30 +0000 Hong Kong should input more resources to shore up the IT development and widen its tax base for a sustainable growth engine, panellists said yesterday at a forum on the financial secretary’s latest budget. The debate, on whether Hong Kong faces a healthy or bleak economic future, was the latest in the “Redefining Hong Kong” debate series organised by the South China Morning Post. On Wednesday, Financial Secretary John Tsang Chun-wah dished out a HK$38.8 billion package to jump-start the ailing... https://www.scmp.com/news/hong-kong/politics/article/1917595/more-resources-needed-develop-hong-kongs-technology-industry?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1917595/more-resources-needed-develop-hong-kongs-technology-industry?utm_source=rss_feed Fri, 26 Feb 2016 17:20:49 +0000 An angry speech made by a local resident slamming the government has reached the ears of Financial Secretary John Tsang Chun-wah, who conceded that there are problems in the city that need to be dealt with. During a Legislative Council panel meeting on Welfare Services on Monday, self-described “concerned citizen” Kwan Wing-yi unleashed a torrent of criticism against the current administration for failing Hongkongers on multiple fronts, including its refusal to implement a universal pension... https://www.scmp.com/news/hong-kong/politics/article/1917207/hong-kong-finance-chief-says-he-totally-understands?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1917207/hong-kong-finance-chief-says-he-totally-understands?utm_source=rss_feed Fri, 26 Feb 2016 08:15:45 +0000 A HK$8.2 billion smart production hub is being planned in Tseung Kwan O under a package of initiatives aimed at allowing Hong Kong to capitalise on the “new economic order”, according to the IT minister. Secretary for Innovation and Technology Professor Nicholas Yang Wei-hsiung said he hoped to recreate Hong Kong as a smart city, but merely copying the development model of Silicon Valley would not suit the SAR. READ MORE: Get ready to work smart, Nicholas Yang says Yang and IT officials were... https://www.scmp.com/news/hong-kong/economy/article/1917085/hk82b-smart-production-hub-hong-kongs-tseung-kwan-o?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1917085/hk82b-smart-production-hub-hong-kongs-tseung-kwan-o?utm_source=rss_feed Thu, 25 Feb 2016 15:56:09 +0000 Financial Secretary John Tsang Chun-wah’s decision not to touch on a review of Hong Kong’s tax regime while pushing through a “sugar rush” budget laden with sweeteners has sparked criticism he is eroding the city’s competitiveness. The accounting industry, led by its regulator, widely criticised Tsang for missing the chance to reform the outdated tax system – which has stayed more or less the same for the past 40 years – and pushed for a review in the face of a looming fiscal deficit. READ MORE:... https://www.scmp.com/news/hong-kong/economy/article/1917082/sweet-and-sour-hong-kong-budget-john-tsang-criticised?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1917082/sweet-and-sour-hong-kong-budget-john-tsang-criticised?utm_source=rss_feed Thu, 25 Feb 2016 15:30:45 +0000 The herd mentality in Hong Kong is astonishing sometimes. After Financial Secretary John Tsang Chun-wah unveiled his spending blueprint for the year ahead, everyone is jumping on the bandwagon to hail him as the answer to all of Hong Kong’s social and economic problems. I watched his post-budget question-and-answer session in the Legislative Council yesterday, cringing as one lawmaker after another from the pan-democratic camp heaped praise on him for “setting an example” in leadership for his... https://www.scmp.com/comment/article/1917080/fair-weather-friends-john-tsang-should-beware-his-new-found-fans-pan?utm_source=rss_feed https://www.scmp.com/comment/article/1917080/fair-weather-friends-john-tsang-should-beware-his-new-found-fans-pan?utm_source=rss_feed Thu, 25 Feb 2016 15:15:00 +0000 Financial Secretary John Tsang Chun-wah has launched a race against time to cut the cost of public projects in the coming three years by up to HK$10 billion, amid criticism about the cost-effectiveness and auditing of public works. With a slew of projects running over budget in recent years, Tsang announced on Wednesday he had asked the Development ­Bureau to set up a multi-disciplinary office to conduct a comprehensive review of public works guidelines. READ MORE: Budget outline or campaign... https://www.scmp.com/news/hong-kong/economy/article/1917079/hong-kong-finance-chief-seeks-save-hk10b-public-works?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1917079/hong-kong-finance-chief-seeks-save-hk10b-public-works?utm_source=rss_feed Thu, 25 Feb 2016 15:08:37 +0000 Financial Secretary John Tsang Chun-wah offered a HK$38.8 billion package of sweeteners in his ninth budget. At the same time, Hong Kong is anticipating slower economic growth of between 1 and 2 per cent and challenges arising from the effects of fewer tourists and exports. This will be further complicated in the near future by rapid ageing and a reduction in the size of the workforce. Indeed the road ahead will be bumpy with lots of uncertainty. Nevertheless the goverrnment is still looking at... https://www.scmp.com/news/hong-kong/economy/article/1916662/second-thought-long-term-investment-human-capital-and?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916662/second-thought-long-term-investment-human-capital-and?utm_source=rss_feed Thu, 25 Feb 2016 09:15:15 +0000 A Beijing-loyalist veteran yesterday warned that the financial minister to beware of praises from pan-democrats, as they could be meant to “create a rift” between him and Chief Executive Leung Chun-ying. The “reminder” from Tam Yiu-chung, former chairman of the Democratic Alliance for the Betterment and Progress, came a day after Financial Secretary John Tsang Chun-wah won rare praise from critics for the conciliatory message in his budget speech. Speaking in a Legco finance committee session... https://www.scmp.com/news/hong-kong/economy/article/1916605/no-room-scrap-cooling-measures-property-prices-says-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916605/no-room-scrap-cooling-measures-property-prices-says-hong-kong?utm_source=rss_feed Thu, 25 Feb 2016 05:15:00 +0000 Financial Secretary John Tsang Chun-wah is more renowned for his largesse when announcing the budget than showing foresight or coming up with innovative ideas. That perception was reinforced by the blueprint he delivered at the Legislative Council yesterday. His 90-minute speech was laden with sweeteners for almost everyone, but it lacked vision and substance. It may even have elicited yawns from those who have grown accustomed to his giveaways over the past eight years. READ MORE: Rare praise... https://www.scmp.com/comment/insight-opinion/article/1916512/john-tsangs-budget-aims-heal-political-divide-hong-kong?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1916512/john-tsangs-budget-aims-heal-political-divide-hong-kong?utm_source=rss_feed Wed, 24 Feb 2016 16:01:03 +0000 The financial secretary on Wednesday called on Hongkongers to overcome feelings of suffocation and helplessness over the tiresome confrontations and conflict in society with “love for the city” as he dished out a HK$38.8 billion package to jump-start the city’s ailing economy. Unveiling his ninth budget before a deeply divided Legislative Council, John Tsang Chun-wah offered sweeteners for ­almost everyone to boost ­morale, but still fell short of proposing comprehensive, longer-term solutions... https://www.scmp.com/news/hong-kong/politics/article/1916523/budget-outline-or-campaign-speech-overcome-feelings?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916523/budget-outline-or-campaign-speech-overcome-feelings?utm_source=rss_feed Wed, 24 Feb 2016 16:00:15 +0000 Financial Secretary John Tsang Chun-wah has beefed up tax relief measures in his last full-year budget, warning at the same time the present tax base is narrow and has to be broadened “at a suitable time”. Despite the tax relief measures, his budget failed to win him much support as he cut some sweeteners. “Some people have suggested a sales tax. But it will be difficult to push that forward at a time when we still have a surplus,” he said. The tax and short-term relief measures will cost... https://www.scmp.com/news/hong-kong/economy/article/1916524/finance-chief-fails-excite-hong-kong-taxpayers-over-package?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916524/finance-chief-fails-excite-hong-kong-taxpayers-over-package?utm_source=rss_feed Wed, 24 Feb 2016 15:58:00 +0000 Financial Secretary John Tsang Chun-wah rolled out a slew of short to medium-term measures worth HK$380 million in this year’s Budget aimed at breathing life back into the tourism industry amid the economic downturn. The money allocated to the initiatives, which saw a shift in focus from retail promotions to utilising the city’s gourmet culture and historical heritage, reflects the Government’s efforts to restore Hong Kong’s reputation as a tourist destination at double the amount in last year’s... https://www.scmp.com/news/hong-kong/economy/article/1916521/budget-measures-aim-kick-start-hong-kongs-ailing-tourism?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916521/budget-measures-aim-kick-start-hong-kongs-ailing-tourism?utm_source=rss_feed Wed, 24 Feb 2016 15:46:15 +0000 Hong Kong’s innovation and technology sector is in for a HK$17 billion-plus boost, as part of spending initiatives announced by the financial secretary in his budget speech on Wednesday. The highlights include HK$8.2 billion in funding to promote smart manufacturing and research led by the Hong Kong Science and Technology Parks Corporation. John Tsang Chun-wah put significant focus on financial technology, or fintech, which has been highlighted as a potential growth area for start-ups in the... https://www.scmp.com/news/hong-kong/economy/article/1916519/hk17b-boost-hong-kongs-innovation-and-technology-sector-aimed?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916519/hk17b-boost-hong-kongs-innovation-and-technology-sector-aimed?utm_source=rss_feed Wed, 24 Feb 2016 15:15:00 +0000 In his budget speech, the financial secretary has highlighted a gloomy outlook of the Hong Kong economy in 2016. He forecasts that the gross domestic product growth rate of Hong Kong in 2016 could be as low as 1 per cent to 2 per cent, as compared to 2.4 per cent in 2015, due to the continued decline in external trade and slowdown in inbound tourism and so on. We therefore need to take timely and appropriate measures to stimulate the economy, support local enterprises and safeguard... https://www.scmp.com/news/hong-kong/politics/article/1916513/more-tax-incentives-needed-compete-our-neighbours?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916513/more-tax-incentives-needed-compete-our-neighbours?utm_source=rss_feed Wed, 24 Feb 2016 15:07:57 +0000 As presented in the 2016-17 budget, Financial Secretary John Tsang shared that the government expects Hong Kong’s real GDP growth will decelerate to 1-2 per cent in 2016, from 2.4 per cent in 2015. The government has come out with initiatives to support and provide short-term relief to SMEs and the general public during these challenging times. While the broad range of counter-cyclical programmes is welcomed, the importance of maintaining a business-friendly environment should also be... https://www.scmp.com/news/hong-kong/article/1916514/firms-will-ride-out-storm-hong-kong-must-stick-free-market-principles?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1916514/firms-will-ride-out-storm-hong-kong-must-stick-free-market-principles?utm_source=rss_feed Wed, 24 Feb 2016 15:00:30 +0000 Hong Kong’s Financial Secretary John Tsang Chun-wah pledged to continue selling land to boost the supply of flats and offices amid an uncertain market that saw government revenue from land sales in 2015-16 shrink HK$8 billion lower than the original estimate of HK$70 billion. It was the first time since 2008-09 that land revenue had fallen below the government’s estimate. The drop was partly because some sites were unable to be disposed of as planned. Last November a plot in Tsing Yi was... https://www.scmp.com/news/hong-kong/article/1916499/carry-building-hong-kongs-financial-secretary-promises-more-land?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1916499/carry-building-hong-kongs-financial-secretary-promises-more-land?utm_source=rss_feed Wed, 24 Feb 2016 12:18:27 +0000 Although the budget for education in 2016-17 increased to about HK$75 billion, the legislator representing the sector complained that funding continued to fall as a proportion of government expenditure – from 24.5 per cent in 2005 to about 21.5 per cent. The 3 per cent difference equated to HK$10.5 billion, Ip Kin-yuen said. “I’m extremely disappointed by the budget,” he said. “Overall expenditure has increased but the education sector has nothing.” Ip said the education policies mentioned in... https://www.scmp.com/news/hong-kong/economy/article/1916461/spending-education-still-decline-complains-hong-kong-lawmaker?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916461/spending-education-still-decline-complains-hong-kong-lawmaker?utm_source=rss_feed Wed, 24 Feb 2016 10:51:11 +0000 Pan-democratic parties have expressed rare praise for the financial secretary’s latest budget, with some describing it as “much more Hongkonger-oriented” compared to the chief executive’s policy address last month. But they also joined criticism by some pro-establishment lawmakers who said the budget did not do enough to help the city’s less well-off. Last month, Chief Executive Leung Chun-ying’s policy address was ridiculed by pan-democrats as a speech that “polishes Beijing’s shoes” because it... https://www.scmp.com/news/hong-kong/politics/article/1916460/rare-praise-john-tsangs-budget-hong-kongs-pan-democratic?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916460/rare-praise-john-tsangs-budget-hong-kongs-pan-democratic?utm_source=rss_feed Wed, 24 Feb 2016 10:43:03 +0000 Small and medium-sized enterprise operators Yeung Siu-lung, chairman of Chiba Garden in Yuen Long, which has 10 greenhouses, said he welcomed the government’s decision to waive business registration fees for the coming fiscal year to benefit 1.3 million business operators at a cost of HK$2.5 billion in revenue. The government presently charges HK$2,000 for a one-year certificate and HK$5,200 for a three-year certificate for business registration in Hong Kong. “It’s better than nothing. I think I... https://www.scmp.com/news/hong-kong/economy/article/1916459/three-cases-how-budget-affects-small-businesses-elderly-and?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916459/three-cases-how-budget-affects-small-businesses-elderly-and?utm_source=rss_feed Wed, 24 Feb 2016 10:30:15 +0000 Financial Secretary John Tsang Chun-wah’s budget speech for 2016-17 ended after an hour and a half, in contrast to Chief Executive Leung Chun-ying’s marathon two-hour-plus policy address last month. Unlike Leung’s address, the speech was not liberally peppered with references to the central government’s “One Belt, One Road” initiative, and it was better received by internet users despite some saying the content was largely unexciting and predictable. Here the Post presents a run-down of the... https://www.scmp.com/news/hong-kong/politics/article/1916195/hong-kong-budget-winners-and-losers-relief-taxpayers-little?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916195/hong-kong-budget-winners-and-losers-relief-taxpayers-little?utm_source=rss_feed Wed, 24 Feb 2016 10:00:00 +0000 This year’s budget offers investment opportunities and an expanded reverse mortgage scheme among relief measures for elderly people in need. Government rates will continue to be waived for those who own property. Social welfare recipients, including those on Comprehensive Social Security Assistance and Old Age Allowance, will be paid only an extra month this year instead of the two they were paid last year. Another popular sweetener – a rent waiver for public housing tenants – has been... https://www.scmp.com/news/hong-kong/politics/article/1916191/personal-tax-cuts-and-boost-social-security-tougher-times?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916191/personal-tax-cuts-and-boost-social-security-tougher-times?utm_source=rss_feed Wed, 24 Feb 2016 09:37:07 +0000 In a strongly-worded call for reconciliation, Financial Secretary John Tsang Chun-wah warned in his budget speech that future generations could “grow up in the midst of hatred and malice” if Hongkongers failed to resolve their “tiresome” confrontations. Stating that he was distressed, angry and troubled over the Mong Kok riot, Tsang said violence and hatred had “devoured” Hong Kong’s core values, while a return to rationality would be possible only when everyone was “willing to set aside... https://www.scmp.com/news/hong-kong/politics/article/1916170/chaos-hatred-and-malice-face-tensions-hong-kong-citys?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916170/chaos-hatred-and-malice-face-tensions-hong-kong-citys?utm_source=rss_feed Wed, 24 Feb 2016 08:24:06 +0000 Hong Kong could slip into fiscal deficit within two years, the city’s finance chief has warned, underlining the need for an economic strategy aimed at sustainable growth. Rolling out his ninth budget – and final fiscal blueprint of the present administration – Financial Secretary John Tsang Chun-wah said if the city pressed ahead with planned health care reforms and a pension scheme, it would find itself with a HK$29 billion deficit by 2018-19, dropping to HK$21 billion the year after that. The... https://www.scmp.com/news/hong-kong/economy/article/1916157/bleak-outlook-sars-style-gloom-stalks-hong-kong-edge-deficit?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1916157/bleak-outlook-sars-style-gloom-stalks-hong-kong-edge-deficit?utm_source=rss_feed Wed, 24 Feb 2016 06:45:45 +0000 A bleak outlook for Hong Kong’s economic health was outlined in Financial Secretary John Tsang Chun-wah’s ninth budget speech, with growth slowing to between 1 to 2 per cent this year as the effects of a slump in tourism and exports are felt. Measures to bolster the economy including tax cuts, tourism industry stimulus packages and support for the city’s innovation and technology sector were outlined in Tsang’s address, which also included commentary on the impact on the city’s economy of the... https://www.scmp.com/news/hong-kong/politics/article/1916052/hong-kong-budget-2016-17-it-happened-salaries-tax-be-reduced?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1916052/hong-kong-budget-2016-17-it-happened-salaries-tax-be-reduced?utm_source=rss_feed Wed, 24 Feb 2016 02:45:00 +0000 Ahead of his annual budget release today, finance chief John Tsang Chun-wah has defended his much-criticised sweeteners or one-off giveaways. He claims his relief measures have spurred annual domestic economic growth by 1 per cent. Leaving aside the wisdom or rather the wastefulness of it, it’s funny that few people question how he arrived at this figure. He then makes a further claim that this “1 per cent” serves the important purpose of stimulating the local economy in the face of weak global... https://www.scmp.com/comment/insight-opinion/article/1916024/john-tsangs-defence-budget-giveaways-fails-add?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1916024/john-tsangs-defence-budget-giveaways-fails-add?utm_source=rss_feed Tue, 23 Feb 2016 16:00:30 +0000 When Financial Secretary John Tsang Chun-wah delivers his ninth budget on Wednesday, he is expected to continue his tradition of dishing out billions of dollars in one-off funding measures. These so-called sweeteners – one-off fiscal measures to mitigate the burden on ordinary people – are a hallmark of Tsang’s budgets, with about HK$270 billion distributed to particular sectors of the community in the form of tax relief and handouts over his past eight budgets. READ MORE: ‘Don’t underestimate... https://www.scmp.com/news/hong-kong/article/1915929/hong-kong-budget-how-sweet-can-financial-secretary-be-business-and?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1915929/hong-kong-budget-how-sweet-can-financial-secretary-be-business-and?utm_source=rss_feed Tue, 23 Feb 2016 14:30:30 +0000 Financial Secretary John Tsang Chun-wah has made a strong case for the need to hand out sweeteners in his coming budget, saying the one per cent annual domestic economic growth spurred by his relief measures should not be underestimated. The justification goes against a recent trend of major public figures calling for longer-term financial solutions instead of populist gratification through handouts, as Tsang gets ready to unveil his ninth budget on Wednesday amid predictions of another massive... https://www.scmp.com/news/hong-kong/politics/article/1914703/dont-underestimate-1-cent-hong-kong-finance-chief-says?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/1914703/dont-underestimate-1-cent-hong-kong-finance-chief-says?utm_source=rss_feed Sun, 21 Feb 2016 06:15:15 +0000 A string of relief measures are expected as the core part of Financial Secretary John Tsang Chun-wah’s budget next week to spur domestic spending amid a deteriorating economic outlook – but it will only be possible after a drawn-out debate with the government’s top two officials. In his last full-year spending blueprint, Tsang is understood to have earmarked attractive tax rebates and concessions on rates, public housing rents and licence fees at a time when the city is suffering a high degree... https://www.scmp.com/news/hong-kong/economy/article/1914132/more-budget-giveaways-and-freebies-hong-kongs-financial?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1914132/more-budget-giveaways-and-freebies-hong-kongs-financial?utm_source=rss_feed Fri, 19 Feb 2016 15:30:45 +0000