https://www.scmp.com/rss/331018/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The abrupt suspension last week of the annual ritual to give the government interim funding pending the final vote on the budget is not the first time that this has happened. Nor will it be the last. The setback, fuelled by animosity from last year’s social unrest, does not bode well for a smooth passage of the budget this year. While further government efforts for political reconciliation are essential, bundling politics with public spending and people’s livelihood may just complicate the... https://www.scmp.com/comment/opinion/article/3076520/despite-concerns-let-money-flow?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3076520/despite-concerns-let-money-flow?utm_source=rss_feed Mon, 23 Mar 2020 22:36:41 +0000 The exclusion of children, the under-18s, from the proposed handouts of HK$10,000 is symptomatic of our government’s long neglect of children’s interests in policy formulation. Children deserve the same, if not more, support as adults, particularly in times of hardship and social unrest. In addition, the absence of a separate section in the 2020-2021 budget devoted to the implementation of children’s rights further reflects the lack of priority accorded to Hong Kong children. Children’s rights... https://www.scmp.com/comment/letters/article/3065032/hong-kong-budget-shows-child-neglect-never-gets-old-city-governance?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3065032/hong-kong-budget-shows-child-neglect-never-gets-old-city-governance?utm_source=rss_feed Sun, 08 Mar 2020 23:15:09 +0000 February 28 was the anniversary of the attempted uprising in Taiwan that had been violently suppressed by the Kuomintang in 1947. Coincidentally, that was the day Jimmy Lai Chee-ying, the founder of Apple Daily and the media company Next Digital, and several former lawmakers were arrested on charges of taking part in an unlawful assembly on August 31 last year. Lai was also charged with criminal intimidation over a separate incident in 2017. These arrests follow those of various people connected... https://www.scmp.com/comment/opinion/article/3065161/why-increased-police-funding-and-apple-daily-founders-arrest-should?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3065161/why-increased-police-funding-and-apple-daily-founders-arrest-should?utm_source=rss_feed Thu, 05 Mar 2020 22:15:09 +0000 Although I am of Spanish origin, Hong Kong is my home. From obtaining my high school diploma to studying for a Bachelor’s degree, I have spent the most crucial and beautiful years of my life in this city. After the government announced a HK$10,000 cash handout for permanent residents above the age of 18, I have decided to speak up for thousands of people who, like me, have suffered the consequences of all the events in Hong Kong in the past few months, but who are not permanent residents and are... https://www.scmp.com/comment/letters/article/3052873/hong-kong-budget-why-non-permanent-residents-deserve-hk10000?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3052873/hong-kong-budget-why-non-permanent-residents-deserve-hk10000?utm_source=rss_feed Sun, 01 Mar 2020 23:05:07 +0000 Hong Kong’s finance minister will face sky-high expectations as he delivers his fourth financial blueprint on Wednesday morning, including hopes for a cash handout for all permanent residents. LATEST: Hong Kong residents to each receive HK$10,000 in budget bonanza But Ronny Tong Ka-wah, a member of Chief Executive Carrie Lam Cheng Yuet-ngor’s cabinet, cautioned against hoping for major surprises, telling the Post Financial Secretary Paul Chan Mo-po had “no tricks up his sleeves” given the five... https://www.scmp.com/news/hong-kong/politics/article/3052315/great-expectations-all-eyes-hong-kong-budget-unveiling-will?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3052315/great-expectations-all-eyes-hong-kong-budget-unveiling-will?utm_source=rss_feed Tue, 25 Feb 2020 23:00:07 +0000 Hong Kong Financial Secretary Paul Chan Mo-po will deliver his budget address in person at the Legislative Council on Wednesday despite disruptions to government services caused by the coronavirus outbreak, his office said on Friday. Chan’s fourth budget speech will reveal the extent of the city’s deficit for 2019-20, a first in 15 years, which has been driven by the double whammy of the US-China trade war and Covid-19 epidemic. Of key interest is whether the finance minister will announce cash... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3051827/hong-kongs-financial-secretary-deliver-budget?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3051827/hong-kongs-financial-secretary-deliver-budget?utm_source=rss_feed Fri, 21 Feb 2020 10:34:08 +0000 Hong Kong’s finance chief has warned that the economic impact of the coronavirus outbreak could be more severe than in 2003 when the city was hit by Sars. Writing on his official blog on Sunday, Financial Secretary Paul Chan Mo-po said he expected more people to lose their jobs, admitting that the effects of the health crisis now were more notable because of the city’s growing reliance on tourism and retail. Chan cited latest figures showing mainland tourists accounting for 78 per cent of... https://www.scmp.com/news/hong-kong/health-environment/article/3049727/coronavirus-impact-hong-kong-economy-could-be?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3049727/coronavirus-impact-hong-kong-economy-could-be?utm_source=rss_feed Sun, 09 Feb 2020 09:16:40 +0000 Hong Kong’s financial secretary has forecast an even bigger budget deficit for 2020-21 as he warned it could surpass the HK$80 billion (US$10 billion) projection for the previous year. But Paul Chan Mo-po downplayed the significance of going into the red again, saying the city was backed by reserves of HK$1.1 trillion. His prediction came after embattled city leader Carrie Lam Cheng Yuet-ngor rolled out a welfare package on Tuesday amounting to HK$10 billion of recurring expenditure, which will... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3046719/hong-kong-budget-deficit-increase-next-year?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3046719/hong-kong-budget-deficit-increase-next-year?utm_source=rss_feed Sun, 19 Jan 2020 07:51:12 +0000 Hong Kong’s largest pro-establishment party has said the financial secretary should increase funding in the coming annual budget to ensure the city gets back on track soon. The Democratic Alliance for the Betterment and Progress of Hong Kong on Monday floated dozens of suggestions at a meeting with Financial Secretary Paul Chan Mo-po on the budget to be announced in February. The recommendations include increasing resources to set up 24-hour special courts, strengthen police equipment, and clean... https://www.scmp.com/news/hong-kong/politics/article/3044878/hong-kongs-largest-pro-establishment-party-dab-floats?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3044878/hong-kongs-largest-pro-establishment-party-dab-floats?utm_source=rss_feed Mon, 06 Jan 2020 10:34:57 +0000 Hong Kong will be in the red for two budgets in a row, the financial secretary said within days of predicting the city’s first fiscal shortfall for 15 years. Paul Chan Mo-po said on Saturday it was too early to say whether the deficits would persist in the longer term as he revealed the anti-government protests – estimated to have cost the city 2 percentage points in gross domestic product – were hitting the economy far harder than external factors. Expressing concern over the impact of the Hong... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3041075/hong-kong-budget-deficit-unavoidable-two-years?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3041075/hong-kong-budget-deficit-unavoidable-two-years?utm_source=rss_feed Sat, 07 Dec 2019 08:02:15 +0000 Hong Kong’s finance minister has warned of a possible deficit this year because the government has increased spending on relief measures while earning less amid an economic downturn. Financial Secretary Paul Chan Mo-po gave his assessment on Sunday after the city’s tourism, retail and food sectors reported declining revenue brought on by three months of crippling anti-government protests. “For the financial year of 2019-20, which runs until March, there is a chance that a deficit will occur,”... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3030847/financial-secretary-paul-chan-warns-deficit-hong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3030847/financial-secretary-paul-chan-warns-deficit-hong?utm_source=rss_feed Sun, 29 Sep 2019 10:48:15 +0000 So square the circle: 1. Hong Kong is in a state of “unforgivable havoc”. 2. I did it. 3. I am sorry. 4. Given the choice, I should resign. 5. Please forgive me. 6. I have not given my resignation to the central government … 7. Err, that’s it. The morality of recording Chief Executive Carrie Lam Cheng Yuet-ngor’s private conference and leaking it verbatim to the press is dubious. But this is politics; it’s standard operating procedure. It is naive to think that leaks will never happen and... https://www.scmp.com/comment/opinion/article/3025626/good-news-hong-kong-leaked-carrie-lam-tape-solution-unrest-hand?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3025626/good-news-hong-kong-leaked-carrie-lam-tape-solution-unrest-hand?utm_source=rss_feed Thu, 05 Sep 2019 06:00:10 +0000 The Hong Kong government unveiled a hefty package of relief measures worth HK$19.1 billion (US$2.4 billion) on Thursday as it downgraded the growth forecast to 0 to 1 per cent, citing strong economic headwinds but also indirectly blaming the festering protests. The sweeteners, spanning help for small businesses to student subsidies and fee waivers for low-income households, will cost the government nearly 50 per cent more than it had originally planned for one-off measures in the annual budget... https://www.scmp.com/news/hong-kong/politics/article/3022938/hong-kong-government-set-announce-mini-budget-measures-ease?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3022938/hong-kong-government-set-announce-mini-budget-measures-ease?utm_source=rss_feed Thu, 15 Aug 2019 08:36:17 +0000 He Peiqiong’s days are packed to the brim with work, household chores and caring for her two children. She has to be up by 7am to get her two daughters ready for school, then she rushes from the Kowloon district of Wong Tai Sin to Quarry Bay on Hong Kong Island for work. By 4.30pm, the insurance agent has to be back in Wong Tai Sin to pick up the younger one from kindergarten. And from then, her second job begins – taking care of the two girls, aged five and 10. Despite her exhaustion, He, 34,... https://www.scmp.com/news/hong-kong/health-environment/article/3014577/work-culture-long-hours-and-little-flexibility?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3014577/work-culture-long-hours-and-little-flexibility?utm_source=rss_feed Sat, 15 Jun 2019 00:00:10 +0000 A staggering HK$20 billion allocated to a government plan to buy private properties for welfare facilities will not be enough to fund all the premises earmarked and critics say the proposal will fail to help the districts most in need of such services, it has been revealed. Instead of the 130 facilities announced in February’s budget, the welfare department released a list of about 160 in the city’s 18 districts on Monday, including 55 elderly activity centres and 28 childcare centres. The plan,... https://www.scmp.com/news/hong-kong/health-environment/article/3012953/hk20-billion-allocated-buy-properties-welfare?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3012953/hk20-billion-allocated-buy-properties-welfare?utm_source=rss_feed Mon, 03 Jun 2019 23:00:12 +0000 Hong Kong lawmakers gave their seal of approval to Carrie Lam Cheng Yuet-ngor’s administration’s budget for 2019-20 on Thursday afternoon after a total of 50 hours’ debate, with the opposition pan-democrats using the discussion to berate Lam for her handling of the controversial extradition bill. The government budget, presented by Financial Secretary Paul Chan Mo-po, was passed by a vote of 44 to 15, including five “yes” votes from the pan-democrats. It marked the third time since 2008 that the... https://www.scmp.com/news/hong-kong/politics/article/3010541/hong-kongs-budget-2019-20-passed-comfortably-legco-despite?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3010541/hong-kongs-budget-2019-20-passed-comfortably-legco-despite?utm_source=rss_feed Thu, 16 May 2019 12:18:50 +0000 More than 3.2 million Hongkongers had applied for the government’s HK$4,000 (US$510) handout when the three-month application window closed on Tuesday, prompting trade unions to call for a manpower boost to handle the massive workload. Unionists said the clerks hired for the cash handout scheme had to work long hours to process the hundreds of forms and inquiry calls every day. At least 20 have quit. The scheme, which was announced in March last year after intense political and public backlash... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3008350/hong-kong-government-handout-scheme-garners-more?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3008350/hong-kong-government-handout-scheme-garners-more?utm_source=rss_feed Wed, 01 May 2019 02:00:23 +0000 Hong Kong’s finance chief said on Sunday that the city’s waterfront expansion would factor in creative input from private operators in Hong Kong and abroad, after advisers urged him to avoid “boring” government-run spaces. Financial Secretary Paul Chan Mo-po also announced that a new promenade connecting Tamar and Wan Chai would be opened by the end of 2020, completing a 3km waterfront walk from Sheung Wan to the Hong Kong Convention and Exhibition Centre. Rope in private sector, learn from... https://www.scmp.com/news/hong-kong/society/article/3002040/avoid-boring-hong-kongs-waterfront-expansion-embrace?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3002040/avoid-boring-hong-kongs-waterfront-expansion-embrace?utm_source=rss_feed Sun, 17 Mar 2019 07:47:10 +0000 The budget sector safest from critical scrutiny of increased spending should be public health, since more than 90 per cent of patients depend on our overloaded public hospitals. Financial Secretary Paul Chan Mo-po’s budget announcement of an increase of nearly 11 per cent to HK$80.6 billion for public health, amounting to 18.3 per cent of total recurring expenditure, is therefore welcome, especially after publicity of the strain on undermanned medical and nursing staff through the peak winter... https://www.scmp.com/comment/insight-opinion/article/3001578/heed-call-health-care-efficiency-review?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/3001578/heed-call-health-care-efficiency-review?utm_source=rss_feed Wed, 13 Mar 2019 14:16:52 +0000 The Hong Kong government’s public expenditure as a percentage of gross domestic product averaged 15.7 per cent during the last 12 financial years of the colonial government. It increased to 18.16 per cent during the tenure of Donald Tsang Yam-kuen, while the figure for both the Tung Chee-hwa and Leung Chun-ying administrations was a slightly higher 20 per cent. The current government spent an average of 20.9 per cent in the first and second financial year; for the third, from 2019 to 2020,... https://www.scmp.com/comment/insight-opinion/hong-kong/article/3001187/hong-kong-spending-more-money-ever-public?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/hong-kong/article/3001187/hong-kong-spending-more-money-ever-public?utm_source=rss_feed Wed, 13 Mar 2019 01:00:07 +0000 Under the latest Hong Kong budget, each secondary school taking part in the IT Innovation Lab in Secondary Schools Programme will be granted HK$1 million to buy information technology equipment and to run activities to deepen the students’ knowledge of cutting-edge IT, such as artificial intelligence, blockchain, cloud computing and big data. These technologies may be new to many teachers and students, and the computing curriculum will have to be changed to prepare the students for the... https://www.scmp.com/comment/letters/article/2189157/ai-and-blockchain-classes-may-be-cutting-edge-schools-should-not?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2189157/ai-and-blockchain-classes-may-be-cutting-edge-schools-should-not?utm_source=rss_feed Sun, 10 Mar 2019 01:09:30 +0000 The 2019-2020 budget barely deals with the key problem affecting Hongkongers of any age – overpriced private housing. Despite the desperate need for both public and affordable private housing, financial secretary Paul Chan Mo-po still decided not to introduce more policies to tackle the city’s housing problems (“Not the right time to help those priced off Hong Kong’s property ladder”, March 3). Hongkongers can no longer afford to procrastinate on this issue. Chan has not indicated when the... https://www.scmp.com/comment/letters/article/2189170/if-hong-kongs-housing-problems-are-not-be-tackled-now-then-when?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2189170/if-hong-kongs-housing-problems-are-not-be-tackled-now-then-when?utm_source=rss_feed Sat, 09 Mar 2019 19:14:22 +0000 The trick to getting rid of the stench, toilet cleaner Mei says, is to use one part bleach to two parts water. Splashing the potent mix everywhere is the first thing she does when she starts work each morning. “I’ve been told not to use this much bleach because it’s bad for health, but how else would you get rid of the smell?” the 69-year-old grandmother asks. Mei, who prefers not to give her full name, has been cleaning a public toilet in Happy Valley for almost five years. She works for one of... https://www.scmp.com/news/hong-kong/health-environment/article/2189160/hong-kongs-lowly-paid-elderly-toilet-cleaners?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/2189160/hong-kongs-lowly-paid-elderly-toilet-cleaners?utm_source=rss_feed Sat, 09 Mar 2019 00:04:39 +0000 The budget unveiled last week was a disappointment, and has proven to the public that Paul Chan Mo-po is the most incapable financial secretary since the handover. With a decent budget surplus of HK$58.7 billion but without a reasonable rationale, he scaled back relief measures and handouts. Owing to the linked exchange rate system, Hong Kong has no real monetary policy, and fiscal policy is the only aspect where the government can make a difference. However, the conservative leadership has... https://www.scmp.com/comment/insight-opinion/hong-kong/article/2189044/smarter-budget-hong-kong-would-spend-hk20-billion?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/hong-kong/article/2189044/smarter-budget-hong-kong-would-spend-hk20-billion?utm_source=rss_feed Fri, 08 Mar 2019 01:04:07 +0000 I am writing in response to the TVB show Straight Talk hosted by Michael Chugani on February 19, in which Marcellus Wong, former president of Hong Kong’s Tax Institute, and Simon Lee, senior lecturer at Chinese University, discussed Financial Secretary Paul Chan Mo-po’s budget. Chugani asked Wong if Hongkongers want to be spoon-fed through handouts in the budget, accurately noting that Hongkongers want more money every year from the financial secretary and cheaper medical care. We must ask... https://www.scmp.com/comment/letters/article/2188983/hong-kongs-high-cost-living-behind-demand-budget-sweeteners-not?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2188983/hong-kongs-high-cost-living-behind-demand-budget-sweeteners-not?utm_source=rss_feed Thu, 07 Mar 2019 23:44:22 +0000 The government’s bid to curb youth suicide by hiring additional school counsellors is unlikely to result in a significant improvement (“All publicly funded secondary schools in Hong Kong to get two social workers in bid to tackle youth suicides as finance chief Paul Chan earmarks HK$130 million for measure”, February 27). Ultimately, the solution lies in reforming our mismanaged education system to better promote students’ all-round development and embrace the true meaning of education. In this... https://www.scmp.com/comment/letters/article/2188697/hong-kong-can-take-lessons-singapore-how-make-school-less-stressful?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2188697/hong-kong-can-take-lessons-singapore-how-make-school-less-stressful?utm_source=rss_feed Tue, 05 Mar 2019 23:45:06 +0000 I am writing with regard to the problems plaguing the city’s health care system (“Hong Kong’s health care system is teetering on the brink”, February 24). The financial secretary’s latest budget simply throws money at the health care system, rather than fixing the underlying factors that contribute to Hongkongers’ poor health. How can we be healthy when we are forced to breathe toxic air, when we are worked to the bone every day? How can we be expected to be healthy when the government, in one... https://www.scmp.com/comment/letters/article/2188673/hong-kong-cant-fix-its-health-care-system-more-money-if-citys?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2188673/hong-kong-cant-fix-its-health-care-system-more-money-if-citys?utm_source=rss_feed Tue, 05 Mar 2019 23:26:40 +0000 I am writing in response to the article “HK$500 million expected in budget to upgrade Hong Kong’s toilets, but what can city learn from Singapore’s clean experience?” (February 27). Financial Secretary Paul Chan Mo-po announced in the recent budget that there will be an injection of about HK$500 million (US$64 million) to upgrade all public toilets in Hong Kong. However, some activists believe money alone is not enough to clean up our restrooms; we also need maintenance and public education. The... https://www.scmp.com/comment/letters/article/2188554/hong-kongs-dirty-public-toilets-can-be-cleaned-through-education?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2188554/hong-kongs-dirty-public-toilets-can-be-cleaned-through-education?utm_source=rss_feed Mon, 04 Mar 2019 23:45:15 +0000 A well-intentioned policy measure still needs to be carefully thought through before implementation. A case in point is the HK$20 billion funding for buying private properties to use as social care facilities. No sooner had the financial chief announced the plan than concerns were raised, and with some justification. It would do well for officials to proceed carefully, taking into account the feedback to ensure the measure does not become misguided. The plan is certainly rare but not... https://www.scmp.com/comment/insight-opinion/article/2188603/care-required-over-purchase-plan-social-care-facilities?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2188603/care-required-over-purchase-plan-social-care-facilities?utm_source=rss_feed Mon, 04 Mar 2019 14:11:22 +0000 A new plan to provide more care facilities for children and the elderly will not disrupt Hong Kong’s property market, the city’s welfare chief has said. Secretary for Labour and Welfare Law Chi-kwong said on Monday about 20 private properties in the city would be acquired in a year for this purpose. “We won’t buy properties just for the sake of buying them or meeting the target, we will consider all factors such as price and location before we give it a green light,” Law said. Financial... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2188492/hk20-billion-plan-provide-more-care-facilities-wont?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2188492/hk20-billion-plan-provide-more-care-facilities-wont?utm_source=rss_feed Mon, 04 Mar 2019 04:50:23 +0000 Our Financial Secretary Paul Chan Mo-po deserves a big pat on his back for the good job on the 2019-2020 budget, unveiled last week. For this embattled administration, a budget that didn’t cause colossal damage is considered good. And credit must be given where it is due: Chan had worked painstakingly on managing public expectations since before Christmas, and it has worked. He has kept the message – “expect fewer sweeteners” – going, letting us know that the ridiculously large annual budget... https://www.scmp.com/comment/insight-opinion/hong-kong/article/2188201/paul-chan-finally-carrie-lams-government-has?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/hong-kong/article/2188201/paul-chan-finally-carrie-lams-government-has?utm_source=rss_feed Sun, 03 Mar 2019 22:02:46 +0000 One of Hong Kong’s best music halls is under threat from a new policy to replace low-rise government buildings with taller structures to house more community facilities such as markets and health clinics. Tsuen Wan Town Hall, which contains a 1,420-seat auditorium, is one of seven sites officials are eyeing as the potential first projects under the “single site, multiple use” policy, according to a government source. But the news has shocked many musicians, who praised the concert hall as among... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2188435/hong-kong-musicians-decry-threat-tsuen-wan-town?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2188435/hong-kong-musicians-decry-threat-tsuen-wan-town?utm_source=rss_feed Sun, 03 Mar 2019 12:23:25 +0000 Hong Kong’s finance chief has said it is not the right time for new measures to help residents priced off the city’s property ladder, even as critics slam his latest budget for doing little to ease the housing crunch. Financial Secretary Paul Chan Mo-po said there were no immediate plans to loosen mortgage ratios or offer further concessions to first-time buyers, as it would be irresponsible and perceived as the government meddling in the market. “We don’t want to, especially when property... https://www.scmp.com/news/hong-kong/society/article/2188425/not-right-time-help-those-priced-out-hong-kong-property?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/2188425/not-right-time-help-those-priced-out-hong-kong-property?utm_source=rss_feed Sun, 03 Mar 2019 10:04:09 +0000 It is a great pity that in recent years, politics has come to dominate the preparation of the government’s budget so overwhelmingly that successive financial secretaries have not been able to focus on the economic issues plaguing our long-term development. Hong Kong’s budgetary process is becoming more and more like the US legislative process, which, as trail-blazing Supreme Court justice Sandra Day O’Connor once explained to me, has been likened to a “sausage-making process” by Americans.... https://www.scmp.com/comment/insight-opinion/hong-kong/article/2188218/budget-misfire-paul-chan-throwing-billions-hong?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/hong-kong/article/2188218/budget-misfire-paul-chan-throwing-billions-hong?utm_source=rss_feed Sun, 03 Mar 2019 03:17:07 +0000 Young people hoping to find work in mainland China should see the potential for development, the city’s finance chief Paul Chan Mo-po said on Saturday, after officials revealed that only Hong Kong professionals working in high-end jobs in the “Greater Bay Area” would benefit from tax breaks. Chan’s remarks came after the city’s leader Carrie Lam Cheng Yuet-ngor announced eight new measures to facilitate better cross-border integration under Beijing’s Greater Bay Area plan – a blueprint to... https://www.scmp.com/news/hong-kong/society/article/2188350/look-greater-bay-area-potential-hong-kong-finance-chief-paul?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/2188350/look-greater-bay-area-potential-hong-kong-finance-chief-paul?utm_source=rss_feed Sat, 02 Mar 2019 07:47:10 +0000 Hong Kong’s health minister has urged the Hospital Authority to review its system after the body was accused of red tape that increased the burden on overworked medical staff. Secretary for Food and Health Professor Sophia Chan Siu-chee announced the move on Friday as the city’s struggling health care system was set to receive a total of HK$80.6 billion (US$10.3 billion) in recurrent expenditure, one of the biggest sums allocated to sectors in the budget this week. Other measures for the health... https://www.scmp.com/news/hong-kong/health-environment/article/2188285/review-system-and-cut-through-red-tape-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/2188285/review-system-and-cut-through-red-tape-hong-kong?utm_source=rss_feed Fri, 01 Mar 2019 12:08:51 +0000 Hong Kong is not a “super-rich society”. As sociologists use the word “society” to refer to all of us in material as well as non-material, even spiritual, terms, Hong Kong society is indeed one dominated by a class of super-rich and super-powerful people who resist a minimum wage and deny most of their fellows a place they can call home. I should know this gaping income gap. I live in Ap Lei Chau. From my balcony every day, I see yachts owned by billionaires passing humble boats operated by... https://www.scmp.com/comment/letters/article/2188067/three-wishes-super-rich-hong-kong-reduce-poverty-reduce-poverty?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2188067/three-wishes-super-rich-hong-kong-reduce-poverty-reduce-poverty?utm_source=rss_feed Fri, 01 Mar 2019 09:01:40 +0000 Hong Kong’s finance minister on Friday rejected criticism over the lack of short-term relief measures in his budget by warning that the government would face a HK$20 billion deficit next year if it shelled out all its 2018-19 surplus on sweeteners. Opposition lawmakers had called on Paul Chan Mo-po to dish out more cash to help the poor and middle class amid growing pressures on the economy from the US-China trade war, Brexit and other global uncertainties. But Chan has repeatedly warned that... https://www.scmp.com/news/hong-kong/politics/article/2188184/hong-kong-finance-chief-paul-chan-says-shelling-out-2018-19?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2188184/hong-kong-finance-chief-paul-chan-says-shelling-out-2018-19?utm_source=rss_feed Fri, 01 Mar 2019 04:36:55 +0000 My comment on “Chan plans to splash HK$5 billion on harbour” (February 25) is that it is about time. The prime waterfront at the Central and Wan Chai reclamation was trumpeted when Carrie Lam Cheng Yuet-ngor was secretary for development. But, as Frank Lee pointed out (“Singapore lands triple blow to world city boast”, February 21), since 1997 our officials have forgotten how to implement projects. This waterfront is the face of Hong Kong and urgently needs some serious cosmetic surgery, at... https://www.scmp.com/comment/letters/article/2188043/what-hong-kong-can-learn-lisbon-enhancing-iconic-waterfront-better?utm_source=rss_feed https://www.scmp.com/comment/letters/article/2188043/what-hong-kong-can-learn-lisbon-enhancing-iconic-waterfront-better?utm_source=rss_feed Fri, 01 Mar 2019 03:03:31 +0000 Hong Kong’s welfare chief said on Thursday that the proposal to buy private properties for use as social care facilities would have little impact on the real estate market because the units in question constituted only 0.1 per cent of the overall stock. Secretary for Labour and Welfare Law Chi-kwong also played down claims of possible collusion when the city would buy the properties. Law was responding to a range of concerns about a bold plan announced by Financial Secretary Paul Chan Mo-po on... https://www.scmp.com/news/hong-kong/society/article/2188125/hong-kong-welfare-chief-says-plan-buy-private-properties-will?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/2188125/hong-kong-welfare-chief-says-plan-buy-private-properties-will?utm_source=rss_feed Thu, 28 Feb 2019 13:33:35 +0000 Hong Kong’s financial chief has fought off fierce criticism over a decision to transfer a HK$82.4 billion housing fund to the city’s fiscal reserve, a move critics called a ploy to hide potential budget deficits. Financial Secretary Paul Chan Mo-po said on Thursday that consolidating the mega housing reserve into the city’s coffers would better reflect Hong Kong’s true financial strength. Chan’s predecessor, John Tsang Chun-wah, set up the reserve in 2014 with HK$27 billion. The reserve, which... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2188120/financial-secretary-paul-chan-defends-move-return?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2188120/financial-secretary-paul-chan-defends-move-return?utm_source=rss_feed Thu, 28 Feb 2019 12:58:20 +0000 Unimaginative, rule-bound and conventional, Financial Secretary Paul Chan Mo-po has offered us neither long-term planning nor shorter-term solutions in his latest budget. There is the usual 60 per cent division into education (HK$124 billion [US$15.8 billion]), social welfare (HK$97.2 billion) and health care (HK$88.6 billion), the three big spending items. I give you there is the much advertised 10.9 per cent increase in health spending – it’s recurrent, meaning year after year from now on, and... https://www.scmp.com/comment/insight-opinion/article/2188119/paul-chans-budget-old-wine-new-bottle?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2188119/paul-chans-budget-old-wine-new-bottle?utm_source=rss_feed Thu, 28 Feb 2019 12:38:18 +0000 Hong Kong lawmakers on Thursday questioned the government’s plan to spend HK$20 billion (US$2.55 billion) buying private properties to convert into care facilities, saying the move could result in collusion or benefit only greedy flat owners. Financial Secretary Paul Chan Mo-po dismissed such concerns during a two-hour meeting in the legislature to answer questions about his latest budget blueprint, unveiled on Wednesday. He accused his critics of “blurring the line between right and wrong”. In... https://www.scmp.com/news/hong-kong/politics/article/2188048/hong-kong-lawmakers-say-hk20-billion-plan-buy-private?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2188048/hong-kong-lawmakers-say-hk20-billion-plan-buy-private?utm_source=rss_feed Thu, 28 Feb 2019 07:02:12 +0000 We should not expect significant surprises from a budget as large and complex as that of the Hong Kong government. Budgets should be measured by how well they address Hong Kong’s needs now and into the future. And in many ways the budget this year continues from last year’s in addressing the needs of the city’s various sectors. The financial secretary forecast a healthy surplus of HK$58.7 billion for 2018-19. Overall, fiscal reserves are expected to reach a robust HK$1,161.6 billion by March 31.... https://www.scmp.com/comment/insight-opinion/hong-kong/article/2188049/whether-its-diversifying-hong-kongs-economy-or?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/hong-kong/article/2188049/whether-its-diversifying-hong-kongs-economy-or?utm_source=rss_feed Thu, 28 Feb 2019 06:24:56 +0000 Hong Kong’s finance chief defended his latest budget on Thursday amid a record-low rating and criticism from residents who said he did not do enough to tackle housing and health care problems. A day earlier, after the budget address by Financial Secretary Paul Chan Mo-po, the University of Hong Kong interviewed 561 people, compiling a satisfaction rating of 47.1 out of 100 – the lowest score since the survey was first conducted in 2008. On the rating, Chan said: “It’s understandable that some... https://www.scmp.com/news/hong-kong/politics/article/2188007/hong-kong-finance-minister-paul-chan-defends-budget-amid?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2188007/hong-kong-finance-minister-paul-chan-defends-budget-amid?utm_source=rss_feed Thu, 28 Feb 2019 03:29:53 +0000 In his third budget speech, Paul Chan Mo-po seems finally to be finding his feet as a finance chief, striking a balance between facilitating economic development and easing the burdens of Hongkongers, an appeal made unrelentingly from across the political spectrum. Chan found himself thrust into the job in January 2017 when his predecessor John Tsang Chun-wah stepped down to run for the post of chief executive and within weeks he was giving his maiden budget speech. Chan’s forecast surplus of... https://www.scmp.com/news/hong-kong/article/2187984/hong-kong-finance-chief-paul-chan-finally-seems-be-finding-his-feet?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/2187984/hong-kong-finance-chief-paul-chan-finally-seems-be-finding-his-feet?utm_source=rss_feed Wed, 27 Feb 2019 23:34:30 +0000 A bold proposal in this year’s budget to spend HK$20 billion on private units and convert them into service facilities for about 86,000 people is expected to ease a long-term shortage of space for caring for the elderly and children in Hong Kong. Announcing the plan on Wednesday, Financial Secretary Paul Chan Mo-po said the government would buy 60 properties, to house 130 facilities. A government source said officials would look at units in the space-starved city with sizes ranging from a few... https://www.scmp.com/news/hong-kong/society/article/2187980/plan-splash-hk20-billion-property-care-facilities-announced?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/2187980/plan-splash-hk20-billion-property-care-facilities-announced?utm_source=rss_feed Wed, 27 Feb 2019 23:34:28 +0000 Hong Kong finance chief Paul Chan Mo-po unveiled the 2019-20 budget on Wednesday amid slower economic growth and a smaller fiscal surplus. Chan offered the usual tax breaks to salary earners and businesses as well as rate waivers for property owners and subsidies for students – but the sweeteners he dished out this year were less sweet than last. Here’s a summary of who stands to benefit and from what. LOW INCOME ● One extra month of payments at the standard rate for recipients of Comprehensive... https://www.scmp.com/news/hong-kong/article/2187971/hong-kong-budget-explainer-sweeteners-subsidies-and-who-stands?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/2187971/hong-kong-budget-explainer-sweeteners-subsidies-and-who-stands?utm_source=rss_feed Wed, 27 Feb 2019 23:01:20 +0000 The message was clear that Hong Kong would have to think hard about diversifying its economy and investing more in the future as Financial Secretary Paul Chan Mo-po warned on Wednesday that the city’s surplus would shrink significantly over the next five years. Chan predicted in his annual budget speech that the surplus would plunge 54.7 per cent to HK$58.7 billion (US$7.48 billion) in the financial year ending on March 31, from a record HK$138 billion (US$17.6 billion) last year, as sagging... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2187978/paul-chans-budget-sounds-alarm-over-need-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2187978/paul-chans-budget-sounds-alarm-over-need-hong-kong?utm_source=rss_feed Wed, 27 Feb 2019 15:25:13 +0000 Hong Kong financial chief Paul Chan Mo-po said on Wednesday that the administration had been thinking of how to respond to people’s needs and how to tackle the “pain points” in society as it crafted the annual budget blueprint. A series of sweeteners, along with measures to back small and medium-sized enterprises (SMEs), were rolled out for the needy amid a slow economy. The public health care system, recently plagued with a staffing crisis, also emerged as the biggest winner of all by bagging a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2187977/budget-sweeteners-underprivileged-and-health-care?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2187977/budget-sweeteners-underprivileged-and-health-care?utm_source=rss_feed Wed, 27 Feb 2019 15:03:31 +0000