https://www.scmp.com/rss/508513/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hong Kong’s land premium revenue has shown a shortfall of 86 per cent so far on the government estimate for 2023-24 as another site put out to tender was withdrawn because all four bids failed to meet the reserve price. The weak market led industry experts on Thursday to ask for a review of the pricing system and the scrapping of property curbs to help revitalise the sector. The news came after a Tung Chung site was withdrawn after the rejection of the tenders for the land, earmarked for... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240141/land-premium-revenue-shows-86-cent-shortfall-another-hong-kong-government-site-put-out-tender?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240141/land-premium-revenue-shows-86-cent-shortfall-another-hong-kong-government-site-put-out-tender?utm_source=rss_feed Fri, 03 Nov 2023 00:30:18 +0000 Hong Kong’s tax revenue dropped by HK$18.3 billion (US$2.3 billion) to HK$360.2 billion in the last financial year, with the decline blamed on a dampened mood in the property and stock markets, which caused a 30 per cent plunge in stamp duty payments. The 2022-23 decline in the tax take, announced on Tuesday, reversed an upwards trend recorded over the previous few financial years and was almost HK$30 billion lower than projections made last year. Provisional figures released by the Inland... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219158/hong-kong-tax-revenue-drops-hk183-billion-hk3602-billion-2o22-23-decline-property-and-stock-market?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219158/hong-kong-tax-revenue-drops-hk183-billion-hk3602-billion-2o22-23-decline-property-and-stock-market?utm_source=rss_feed Tue, 02 May 2023 11:25:54 +0000 Hong Kong residents came out to spend their first round of the government’s consumption vouchers on Thursday, but some small business owners said the immediate impact of the scheme was much weaker than it was last year. Crowds built up in the afternoon in major shopping centres such as those in Causeway Bay and Kwun Tong after a quiet morning, as more than 6.3 million eligible residents received up to HK$5,000 (US$638) worth of the digital coupons, with another HK$5,000 to be distributed in... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3173405/shops-empty-hongkongers-receive-first-batch?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3173405/shops-empty-hongkongers-receive-first-batch?utm_source=rss_feed Thu, 07 Apr 2022 07:13:20 +0000 Hong Kong lawmakers will comply with a request by the city’s leader to slash the number of questions they can ask about the next budget from thousands in total to no more than 10 per person to allow the administration to focus on battling a worsening fifth wave of coronavirus infections. The move was slammed as “highly unsatisfactory” by Tik Chi-yuen, the only non-establishment lawmaker. A budget with an estimated annual recurrent expenditure of HK$60 million (US$7.7 million) required detailed... https://www.scmp.com/news/hong-kong/politics/article/3167909/hong-kong-lawmakers-will-drastically-reduce-number?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3167909/hong-kong-lawmakers-will-drastically-reduce-number?utm_source=rss_feed Tue, 22 Feb 2022 04:29:26 +0000 Ray Chui Man-wai, 40, still remembers how bad business was at his restaurant chain last summer when Hong Kong was just emerging from its fourth wave of coronavirus infections. “Many of our restaurants were still full during rush hour, but between the peak hours, maybe just several tables in each branch were occupied,” he said. “We could barely make ends meet, and sometimes suffered some losses too.” Then came the first round of the government’s digital consumption voucher scheme, under which... https://www.scmp.com/news/hong-kong/politics/article/3164416/hong-kong-entrepreneurs-politicians-call-fresh-round?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3164416/hong-kong-entrepreneurs-politicians-call-fresh-round?utm_source=rss_feed Sun, 23 Jan 2022 06:30:20 +0000 Hong Kong’s finance chief has called on residents to provide their input for his next budget, which he says will be instrumental in seizing opportunities to revitalise the city’s economy. Writing on his blog on Sunday, Financial Secretary Paul Chan Mo-po said he had met representatives of various sectors and organisations since a public consultation for the 2022-23 budget started last Tuesday. “The starting point of the forthcoming budget is how to better utilise public resources while members... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3161097/hong-kong-has-golden-window-development-finance?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3161097/hong-kong-has-golden-window-development-finance?utm_source=rss_feed Sun, 26 Dec 2021 10:45:09 +0000 Hong Kong will run a smaller deficit than expected this financial year because of increased income from land sales, but it will not translate into major spending increases, the city’s finance chief said on Sunday. Financial Secretary Paul Chan Mo-po said revenue from land sales hit HK$40 billion (US$5.1 billion) as of last month – a record high – following the sale of several prime urban sites. Those sales fuelled confidence in the property markets which, in turn, prompted developers to pay a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3155161/record-land-sales-will-shrink-hong-kong-deficit?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3155161/record-land-sales-will-shrink-hong-kong-deficit?utm_source=rss_feed Sun, 07 Nov 2021 05:46:38 +0000 Sky-high office rents, and the dichotomy that US$100 million houses can coexist alongside tiny nano flats. Such is life in Hong Kong, where real estate prices make it one of the most expensive places in the world to live in and do business. How did we get there? High business operating expenses and living costs are driven by the dire shortage of land in Hong Kong. The problem is more obvious in the housing market. To address the issue, the government announced in the 2021-22 Budget a plan for... https://www.scmp.com/business/article/3151099/hong-kong-needs-bold-land-supply-initiatives-underpin-next-growth-phase?utm_source=rss_feed https://www.scmp.com/business/article/3151099/hong-kong-needs-bold-land-supply-initiatives-underpin-next-growth-phase?utm_source=rss_feed Tue, 05 Oct 2021 04:01:16 +0000 I would like to respond to your report, “HK$5,000 vouchers: everything you need to know about the torrent of offers from payment platforms, retailers and restaurants” (July 29). The Hong Kong government’s HK$36 billion (US$4.6 billion) consumption voucher scheme is due to launch tomorrow, with about 6.1 million people, or almost 85 cent of those eligible, set to receive their first instalment of HK$2,000 via the digital platforms of either Alipay HK, WeChat, Tap& Go or Octopus cards. A lot of... https://www.scmp.com/comment/letters/article/3143110/coronavirus-hong-kong-watch-out-profiteering-hk36-billion-spending?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3143110/coronavirus-hong-kong-watch-out-profiteering-hk36-billion-spending?utm_source=rss_feed Fri, 30 Jul 2021 22:20:05 +0000 The HK$5,000 per person voucher scheme, with the first instalments due to be distributed from August 1, is timely blessing and win-win proposition for all in Hong Kong (“Why Hongkongers need to spend handout on ‘useless’ things” July 18). For the government, the HK$36 billion (US$4.63 billion) programme is affordable expenditure that improves its overall image and eases the relationship between the administration and Hongkongers, after the serious rifts caused by the social movements and... https://www.scmp.com/comment/letters/article/3140345/why-hong-kongs-spending-voucher-scheme-winning-idea-all-round?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3140345/why-hong-kongs-spending-voucher-scheme-winning-idea-all-round?utm_source=rss_feed Tue, 20 Jul 2021 23:00:22 +0000 Many Hong Kong citizens will receive the first batch of their consumption vouchers next month. Before you decide where to spend these vouchers, I would like to argue for the case that to benefit the collective by stimulating the economy (which is the rationale of this policy), we must spend these vouchers on unnecessary products. Here’s why. Traditional Keynesian economics argues that the economy could be boosted if its aggregate expenditure (which includes consumption expenditure) increases.... https://www.scmp.com/comment/letters/article/3141082/why-hong-kong-consumers-need-spend-handout-vouchers-useless-things?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3141082/why-hong-kong-consumers-need-spend-handout-vouchers-useless-things?utm_source=rss_feed Sat, 17 Jul 2021 22:15:11 +0000 Digital payment providers have ramped up rewards and discounts to tempt consumers to their platforms for the government’s HK$5,000 (US$650) electronic voucher roll-out, while Hong Kong’s finance minister has warned merchants against conspiring with shoppers to fraudulently cash in the coupons. The rival payment platforms chosen for the e-voucher scheme unveiled a raft of new offers on Saturday, including additional digital money and iPhone giveaways, as they compete for up to 7.2 million... https://www.scmp.com/news/hong-kong/society/article/3138010/digital-payment-providers-hong-kong-offer-more-goodies-lure?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3138010/digital-payment-providers-hong-kong-offer-more-goodies-lure?utm_source=rss_feed Sat, 19 Jun 2021 11:53:55 +0000 Even before the full details of the shopping voucher scheme were formally announced on Friday, the hype over the past few months has already inspired eager minds to make the most of it. Coming after 17 months of economic hardship fuelled by a devastating pandemic, the government handout is needed more than ever. It should provide some timely relief to individuals and the economy as a whole. Unlike previous cash handouts which may have been put in the bank by recipients, the e-vouchers to be made... https://www.scmp.com/comment/opinion/article/3137979/hong-kong-voucher-scheme-provide-timely-relief-during-coronavirus?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3137979/hong-kong-voucher-scheme-provide-timely-relief-during-coronavirus?utm_source=rss_feed Fri, 18 Jun 2021 22:37:09 +0000 Hong Kong e-payment operator Octopus Cards will spend more than HK$1 million offering some 100 small businesses digital marketing support to help them capitalise on the government’s plan to give every resident HK$5,000 in e-vouchers. A total of 108 companies will benefit from the new merchant-aid scheme, which will hire a professional digital marketing agency to help merchants set up a social media business account and provide them with a tailored promotion strategy. Rita Li Yuk-yi, the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3136523/hong-kong-e-payment-operator-octopus-spend-hk1?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3136523/hong-kong-e-payment-operator-octopus-spend-hk1?utm_source=rss_feed Tue, 08 Jun 2021 11:28:10 +0000 In his February budget speech, Financial Secretary Paul Chan Mo-po said that digital consumption vouchers worth HK$5,000 (US$644) per Hong Kong resident would be issued in instalments to stimulate the economy. Nearly three months later, this scheme has yet to be launched. Some question why it has taken the government so long to decide on the details of the handout. Some also question why the government does not simply give it out in cash. While it is important to listen to the views of the... https://www.scmp.com/comment/letters/article/3133509/hong-kong-government-cannot-please-everyone-whether-vouchers-or?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3133509/hong-kong-government-cannot-please-everyone-whether-vouchers-or?utm_source=rss_feed Sun, 16 May 2021 23:25:08 +0000 The expiry date for the HK$5,000 (US$645) digital vouchers to be distributed by the Hong Kong government to residents may be extended to Lunar New Year and dished out over fewer instalments, the city’s finance secretary has said, promising more flexibility on the handout. While Paul Chan Mo-po said he hoped that the e-vouchers could boost local spending and accelerate economic recovery, he warned the public not to be too optimistic despite a first-quarter rebound in the city’s gross domestic... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3132752/expiry-date-hk5000-digital-vouchers-may-be?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3132752/expiry-date-hk5000-digital-vouchers-may-be?utm_source=rss_feed Sat, 08 May 2021 06:20:39 +0000 The Hong Kong government collected just HK$88.7 billion (US$11.4 billion) last year in land premium revenue, the least it has received in five years, new figures show. The revenue – which mostly comes from the sale of government land, modifications to existing leases and other fees – accounted for only 16.3 per cent of total inflows into government coffers in the 2020-21 financial year. It was still the second largest source of government income, however, behind profits tax, which accounted for... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3131494/hong-kong-governments-land-revenue-fell-hk887?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3131494/hong-kong-governments-land-revenue-fell-hk887?utm_source=rss_feed Wed, 28 Apr 2021 15:31:31 +0000 I am writing in response to the report “Payment firms chosen for city voucher scheme” (April 12). The Hong Kong government has proposed a HK$5,000 (US$650) voucher scheme to boost the local economy. Four electronic payment service providers – AlipayHK, Octopus, Tap & Go and WeChat Pay HK – have been chosen to operate the scheme. I welcome the voucher scheme as it could have a positive effect on the local economy during the coronavirus pandemic, encouraging Hongkongers to shop. One of the... https://www.scmp.com/comment/letters/article/3130761/hong-kong-voucher-scheme-can-boost-economy-shift-digital-payments?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3130761/hong-kong-voucher-scheme-can-boost-economy-shift-digital-payments?utm_source=rss_feed Mon, 26 Apr 2021 23:30:13 +0000 Hong Kong officials should reconsider their decision to not set up an unemployment assistance scheme for low-income groups as the Covid-19 pandemic continued to batter the stricken economy, pro-establishment lawmakers said on Wednesday. Some business-sector legislators also threatened to abstain from voting on the government’s budget because they were unhappy about a planned rise in stamp duty for stock transactions from 0.1 per cent to 0.13 per cent amid a record deficit. Their calls came as... https://www.scmp.com/news/hong-kong/politics/article/3130483/coronavirus-hong-kong-lawmakers-renew-calls-unemployment?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3130483/coronavirus-hong-kong-lawmakers-renew-calls-unemployment?utm_source=rss_feed Wed, 21 Apr 2021 11:51:49 +0000 I am writing in response to Ben L. Tsang’s letter on the distribution of HK$5,000 e-vouchers (“Hong Kong voucher scheme risks leaving out smaller, neighbourhood businesses”, April 14). Tsang argues that more payment platforms should be included in the voucher scheme. I agree. In fact, the government should consider offering paper vouchers to those who don’t have access to any e-payment platform. It’s true that AlipayHK, WeChat Pay HK, Tap & Go and Octopus, the e-payment providers chosen for the... https://www.scmp.com/comment/letters/article/3129697/hong-kong-coronavirus-handout-hk5000-vouchers-should-be-issued?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3129697/hong-kong-coronavirus-handout-hk5000-vouchers-should-be-issued?utm_source=rss_feed Fri, 16 Apr 2021 23:05:12 +0000 I am dismayed by the government’s plans to distribute the digital vouchers (“Hong Kong’s HK$5,000 voucher scheme set for summer launch as providers chosen”, April 11). According to the plan, the HK$5,000 (US$640) vouchers, intended to boost local consumption, are to be distributed to each adult Hong Kong resident through just four electronic payment platforms, namely AlipayHK, Octopus, Tap & Go and WeChat Pay HK. Although Financial Secretary Paul Chan Mo-po claimed that the four operators cover... https://www.scmp.com/comment/letters/article/3129344/hong-kong-voucher-scheme-risks-leaving-out-smaller-neighbourhood?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3129344/hong-kong-voucher-scheme-risks-leaving-out-smaller-neighbourhood?utm_source=rss_feed Wed, 14 Apr 2021 01:30:08 +0000 Four electronic payment service providers – AlipayHK, Octopus, Tap & Go and WeChat Pay HK – have been chosen to operate Hong Kong’s HK$5,000 (US$643) voucher scheme, which officials plan to launch this summer to boost local spending and accelerate the city’s economic recovery. The government said on Sunday the providers would look to announce details of the system design as soon as possible so registration for the digital consumption vouchers could open during the summer holiday period. The... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3129078/hong-kong-picks-alipayhk-octopus-tap-go-and-wechat?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3129078/hong-kong-picks-alipayhk-octopus-tap-go-and-wechat?utm_source=rss_feed Sun, 11 Apr 2021 02:42:04 +0000 Last week, officials revealed that Hong Kong’s unemployment rate had jumped to 7.2 per cent, the highest since 2004, right after the Sars (severe acute respiratory syndrome) epidemic. Economists expected this after the government stopped offering entrepreneurs help. What was a surprise, however, was that bus fare rises were approved by the Executive Council on the same day. The raise is going to be as much as 12 per cent, despite revenues being earned by the bus companies. It is well known that... https://www.scmp.com/comment/letters/article/3126786/why-hong-kong-bus-fare-hikes-put-city-road-nowhere?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3126786/why-hong-kong-bus-fare-hikes-put-city-road-nowhere?utm_source=rss_feed Sun, 28 Mar 2021 23:00:14 +0000 SPACs are all the rage in the investment world these days. Now Hong Kong wants a piece of the action. But before the city goes head over heels on these special purpose acquisition companies, it’s useful to recall that they also are known in the industry as “blank-cheque” companies. Financial Secretary Paul Chan Mo-po is right to ask the city’s securities regulator and stock market operator to study the feasibility of allowing SPACs to raise capital in Hong Kong. Chief among their concerns is... https://www.scmp.com/comment/opinion/article/3127047/hong-kong-should-be-cautious-embracing-spacs?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3127047/hong-kong-should-be-cautious-embracing-spacs?utm_source=rss_feed Thu, 25 Mar 2021 18:03:53 +0000 When the government announced a policy objective in 2009 to make Hong Kong one of the cities in Asia where electric vehicles were widely used, hopes were high that it would result in less pollution and cleaner air. Now, many years later, the situation has changed little. It seems that officials are no longer in the front seat to drive the much-needed policy change. Not only are we nowhere near reaching the stated goal, we are not even clear on where we are going. The sentiments above were taken... https://www.scmp.com/comment/opinion/article/3126844/accelerate-drive-towards-electric-cars-hong-kong?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3126844/accelerate-drive-towards-electric-cars-hong-kong?utm_source=rss_feed Wed, 24 Mar 2021 20:46:35 +0000 Hong Kong’s Financial Secretary Paul Chan Mo-po said in his budget last month that every permanent resident or new immigrant aged 18 or above would be given a HK$5,000 (US$644) electronic spending voucher. This handout scheme has attracted thousands of complaints and public anger because Chan has failed to focus on what the public needs. Compared to cash handouts, voucher formats require higher administrative costs. Handing out the voucher in five instalments means five sets of costs, and the... https://www.scmp.com/comment/letters/article/3124242/hong-kong-has-lot-learn-taiwan-budget-handouts?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3124242/hong-kong-has-lot-learn-taiwan-budget-handouts?utm_source=rss_feed Sun, 07 Mar 2021 23:15:15 +0000 According to Hong Kong’s latest budget for 2021-2022, the government will require all policy bureaus and departments to cut their spending. The aim is to trim recurrent expenditure by 1 per cent in 2022-23 without affecting livelihood-related spending, to achieve an estimated saving of HK$3.9 billion (US$503 million). Solving the structural deficit is a priority for a government that wants to maintain fiscal balance for the long-term needs of Hong Kong’s public finances. Other than promoting the... https://www.scmp.com/comment/letters/article/3124120/hong-kongs-bloated-civil-service-could-do-more-spending-trim?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3124120/hong-kongs-bloated-civil-service-could-do-more-spending-trim?utm_source=rss_feed Sun, 07 Mar 2021 22:30:04 +0000 If you listen to some local stock brokers, traders and their representatives in the Legislative Council, it’s the end of the world. “It is killing the goose that lays the golden egg.” “Hong Kong’s equity market will wither.” Nothing of the sort will happen; quite the opposite. In fact, in the lacklustre budget speech delivered by Financial Secretary Paul Chan Mo-po, raising the stamp duty for stock trading is rather inspired. The increase of almost 30 per cent may sound big on paper, but it only... https://www.scmp.com/comment/opinion/article/3124154/stamp-duty-rise-stock-transactions-price-worth-paying?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3124154/stamp-duty-rise-stock-transactions-price-worth-paying?utm_source=rss_feed Thu, 04 Mar 2021 18:50:04 +0000 Environmental issues in the latest budget remain a thin patchwork of marginal measures, despite the far-reaching announcement several months ago of China’s pledge of achieving carbon neutrality by 2060, followed by Hong Kong’s 2050 target. These climate goals have profound implications for how Hong Kong plans and manages its financial, scientific and social development over the next few years. The obvious truth is: the more we delay action, the more challenging the task will become. Despite... https://www.scmp.com/comment/letters/article/3123767/hong-kong-budget-again-kicks-climate-crisis-can-down-road?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123767/hong-kong-budget-again-kicks-climate-crisis-can-down-road?utm_source=rss_feed Wed, 03 Mar 2021 23:00:16 +0000 I refer to your report on the Hong Kong government deciding last month to freeze the hourly minimum wage (“Hong Kong’s minimum wage to remain unchanged at HK$37.50 an hour”, February 2). The government said it was justified in freezing the statutory wage, as the struggling economy continues to be battered by the coronavirus pandemic. While the government is implementing more economic measures or loan schemes to improve livelihoods, freezing the pay once again of some of the lowest-paid... https://www.scmp.com/comment/letters/article/3123904/hong-kong-failing-frontline-covid-workers-freezing-minimum-wage?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123904/hong-kong-failing-frontline-covid-workers-freezing-minimum-wage?utm_source=rss_feed Wed, 03 Mar 2021 22:45:15 +0000 The proposed conversion of five parcels of commercial land at the former international airport site to residential use would incur a loss of 4.5 million square feet of office space, a move that could deal a blow to the role of Kai Tak in the transformation of East Kowloon into Hong Kong’s second core business district. The rezoning of the five commercial plots would yield about 5,800 private flats, according to Financial Secretary Paul Chan Mo-po’s budget unveiled last Wednesday. It will reduce... https://www.scmp.com/business/article/3123770/conversion-five-commercial-plots-kai-tak-residential-use-will-reduce?utm_source=rss_feed https://www.scmp.com/business/article/3123770/conversion-five-commercial-plots-kai-tak-residential-use-will-reduce?utm_source=rss_feed Tue, 02 Mar 2021 23:30:11 +0000 As in all recent years, there was nothing in this year’s budget on raising the tobacco tax in Hong Kong. This, in spite of a petition to the financial secretary co-signed by 86 major health and educational (including parents’) groups – representing thousands of members – to raise the tax. We have known for decades that raising tobacco tax is the most effective way of discouraging smoking. Raising tobacco taxes is a win-win-win situation – governments gain tax revenue, smokers quit smoking,... https://www.scmp.com/comment/letters/article/3123717/hong-kong-budget-2021-how-many-more-higher-tobacco-tax-calls-are?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123717/hong-kong-budget-2021-how-many-more-higher-tobacco-tax-calls-are?utm_source=rss_feed Tue, 02 Mar 2021 22:30:17 +0000 The idea of raising rental property rates from the current 5 per cent to as much as 15 per cent under a progressive model hurts Hong Kong retirees, the middle-class and the poor alike. The active rental market serves a social purpose due to the high property prices. It enables the younger generation to rent, save money and start a home. Many prefer to rent rather than buy a costly flat. Raising the overall rental cost will hurt the people we are trying to help. Rental properties are... https://www.scmp.com/comment/letters/article/3123588/hong-kong-property-raising-tax-rates-rental-assets-unfair?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123588/hong-kong-property-raising-tax-rates-rental-assets-unfair?utm_source=rss_feed Mon, 01 Mar 2021 22:45:08 +0000 In the coming weeks, Financial Secretary Paul Chan Mo-po could bring his new budget to life by emphasising the key unifying factors in Hong Kong’s long-term opportunities. He is right in that the mainland market is vital to Hong Kong. After all, China is the world’s largest economy in purchasing power parity terms, and the second-largest in GDP terms after the US. Hong Kong needs to capitalise on its well-placed position. It must optimise its opportunities through focused efforts and the right... https://www.scmp.com/comment/opinion/article/3123439/why-are-hong-kongs-vital-low-carbon-policies-missing-budget?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3123439/why-are-hong-kongs-vital-low-carbon-policies-missing-budget?utm_source=rss_feed Mon, 01 Mar 2021 21:45:10 +0000 Hong Kong’s economy has been hit hard by the Covid-19 pandemic. In last year’s budget, all permanent residents were handed an unprecedented HK$10,000 as disaster relief. While it was no cure, many saw that as a soothing sweetener at a catastrophic time.  Amid the ebb and flow of the pandemic, many have lost their jobs and businesses are suffering, especially shops and restaurants. Many would expect the monetary god to have once again come to their rescue with at least HK$10,000 handed to them... https://www.scmp.com/comment/letters/article/3123305/hong-kong-budget-sweetener-smaller-still-soothing?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123305/hong-kong-budget-sweetener-smaller-still-soothing?utm_source=rss_feed Sun, 28 Feb 2021 22:45:07 +0000 There will be fewer cash handouts for Hongkongers in the coming years as government spending hinges on economic recovery, the finance minister has warned. Financial Secretary Paul Chan Mo-po said that the government had to be “more flexible” about rolling out measures such as tax breaks and extra allowances or subsidies, as the proposed 2021-22 budget would still incur a deficit of more than HK$100 billion (US$13 billion) even after cutting relief measures by a third from last year. “There is a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3123478/fewer-cash-handouts-hongkongers-coming-years-amid?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3123478/fewer-cash-handouts-hongkongers-coming-years-amid?utm_source=rss_feed Sun, 28 Feb 2021 08:03:51 +0000 If we were to judge the budget that Financial Secretary Paul Chan Mo-po cooked up and served on Wednesday by the reactions of this city’s lawmakers, we would mistake it for something close to spectacular. The pro-establishment-dominated legislature largely fell in line in support of it. Michael Tien Puk-sun is, so far and by far, the budget’s harshest critic and even he has been pretty tame in his critique, saying he doesn’t believe the HK$5,000 spending vouchers would kick-start the economy in... https://www.scmp.com/comment/opinion/article/3123318/hong-kong-budget-nothing-bold-about-dish-served-paul-chan?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3123318/hong-kong-budget-nothing-bold-about-dish-served-paul-chan?utm_source=rss_feed Sun, 28 Feb 2021 04:45:06 +0000 We must eat the food that is on the table, according to Financial Secretary Paul Chan Mo-po. Which table are you referring to, Mr Chan? Your table with a salary of more than HK$10,000 a day plus numerous incentives and a generous pension, or the table of more than 150,000 residents living in cubicles or subdivided homes? No mention of a raising the minimum wage for the people who clean after you and me and make this place as liveable as possible.  No mention of cleaning up a totally... https://www.scmp.com/comment/letters/article/3123277/latest-hong-kong-budget-all-we-can-expect-tone-deaf-government?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123277/latest-hong-kong-budget-all-we-can-expect-tone-deaf-government?utm_source=rss_feed Sat, 27 Feb 2021 23:00:20 +0000 Changes such as varying the number of instalments could be made to Hong Kong’s HK$5,000 vouchers scheme to enhance flexibility for residents and spur consumption, according to the finance minister. Paul Chan Mo-po said the government was listening to public opinion and considering adjustments to the implementation of the digital scheme, which was unveiled in this week’s annual budget and would hand spending coupons to every adult resident in Hong Kong. The initial plan, according to Chan, was to... https://www.scmp.com/news/hong-kong/society/article/3123411/hong-kongs-hk5000-vouchers-scheme-could-be-changed-improve?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3123411/hong-kongs-hk5000-vouchers-scheme-could-be-changed-improve?utm_source=rss_feed Sat, 27 Feb 2021 07:14:13 +0000 I would like to comment on the innovation and technology aspects of the latest Hong Kong budget. First, the programmes to nurture information and technology talent, including “Knowing More About IT” for primary schools, and regularising the scheme to subsidise local university students’ enrolment in information and technology-related internships, are welcome steps towards upgrading IT competency. Second, e-government for the elderly. It will become possible for all government forms and licence... https://www.scmp.com/comment/letters/article/3123207/hong-kong-budget-how-far-towards-smart-city-goals?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123207/hong-kong-budget-how-far-towards-smart-city-goals?utm_source=rss_feed Fri, 26 Feb 2021 23:30:11 +0000 Hong Kong’s target of phasing out new purchases of fossil fuel-powered private cars by 2035 is already “the most progressive in Asia”, and will be subject to review every five years to see if it can be achieved even sooner, the city’s environment minister, Wong Kam-sing, has said. The push to promote electric vehicles is part of Hong Kong’s broader goal of achieving carbon neutrality by 2050, an ambitious timeline that would put it 10 years ahead of the mainland. Over the past decade, the number... https://www.scmp.com/news/hong-kong/health-environment/article/3123253/hong-kongs-electric-vehicle-goal-most-progressive?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3123253/hong-kongs-electric-vehicle-goal-most-progressive?utm_source=rss_feed Fri, 26 Feb 2021 06:47:27 +0000 In the 2021-22 budget announced on February 24, the Hong Kong government announced some measures to offset the negative effects brought by the coronavirus epidemic. However, some of the measures have left citizens disappointed. One of the measures is a free HK$5,000 (US$650) stimulus voucher. These vouchers must be used on electronic payment platforms, and they will be distributed in HK$1,000 tranches each month with the aim of encouraging local consumption. There are doubts about the... https://www.scmp.com/comment/letters/article/3123051/hong-kong-budget-hardly-bonus-jobless-or-elderly?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3123051/hong-kong-budget-hardly-bonus-jobless-or-elderly?utm_source=rss_feed Thu, 25 Feb 2021 23:00:11 +0000 The HK$8 billion (US$1 billion) earmarked in the government’s latest budget for safeguarding national security has nothing to do with Beijing’s office in Hong Kong charged with the same task, but details of how the money will be spent are “confidential”, officials have said. One day after it was revealed that the government had set aside the amount for national security purposes, Financial Secretary Paul Chan Mo-po on Thursday remained tight-lipped about the sum. Chan did not mention the money... https://www.scmp.com/news/hong-kong/politics/article/3123106/hong-kong-officials-say-hk8-billion-earmarked-national?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3123106/hong-kong-officials-say-hk8-billion-earmarked-national?utm_source=rss_feed Thu, 25 Feb 2021 08:35:25 +0000 Raising the tax on stock trading in Hong Kong will not undermine the city’s competitiveness as a global financial hub, a top official has said, arguing it is innovative policies rather than low costs that will energise the market. A day after revealing his annual budget, Financial Secretary Paul Chan Mo-po defended raising the stamp duty on stock transactions from 0.1 per cent to 0.13 per cent amid a record deficit, explaining that the city’s main competitor was mainland China, where markets are... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3123078/innovation-not-low-costs-will-energise-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3123078/innovation-not-low-costs-will-energise-hong-kong?utm_source=rss_feed Thu, 25 Feb 2021 06:53:19 +0000 Hongkongers will be able to use the HK$5,000 (US$645) vouchers promised to them at the city’s wet markets and restaurants, the finance minister has said, while pledging to prevent abuse of a scheme designed to boost local consumption. Financial Secretary Paul Chan Mo-po announced in his annual budget address on Wednesday that every permanent resident or new immigrant aged 18 or above would receive the e-vouchers for local spending over five instalments, with registration hopefully to begin in... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3123064/finance-chief-says-hong-kongs-wet-markets?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3123064/finance-chief-says-hong-kongs-wet-markets?utm_source=rss_feed Thu, 25 Feb 2021 05:59:47 +0000 Hong Kong’s finance minister on Thursday dismissed suggestions that hefty increases in taxes and fees for private vehicles owners were aimed at easing the government’s cash crunch, insisting the measures were taken to curb traffic congestion. Financial Secretary Paul Chan Mo-po said increasing the first registration tax and annual licence fees for private cars by 15 and 30 per cent, respectively, was done to rein in the number of cars on the road, rather than generate fresh revenue. The measures... https://www.scmp.com/news/hong-kong/transport/article/3123063/hong-kongs-finance-minister-maintains-tax-fee-increases?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3123063/hong-kongs-finance-minister-maintains-tax-fee-increases?utm_source=rss_feed Thu, 25 Feb 2021 05:59:10 +0000 The Hong Kong government’s plan to raise the stamp duty on stock transactions would add 30 per cent to the cost of every trade, diminish the allure of what’s already one of the world’s most expensive major markets, investors and brokers said. The duty on any trade will rise to 0.13 per cent for both the buyer and seller, from 0.1 per cent, or a total of 0.26 per cent for a transaction, Financial Secretary Paul Chan Mo-po said in his February 24 budget speech . That means an extra HK$600 in... https://www.scmp.com/business/companies/article/3122984/will-worlds-third-largest-equity-market-wither-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/companies/article/3122984/will-worlds-third-largest-equity-market-wither-hong-kongs?utm_source=rss_feed Thu, 25 Feb 2021 00:00:18 +0000 The Hong Kong finance minister’s latest budget has drawn criticism and praise in equal measure, with some lawmakers saying it was insufficient to alleviate unemployment fears, but business leaders praising him for addressing their most pressing needs. Industry leaders and pro-establishment lawmakers lauded Financial Secretary Paul Chan Mo-po for pledging more relief measures for businesses, and an increase to the stamp duty for stock transactions, but politicians also warned that the measures,... https://www.scmp.com/news/hong-kong/politics/article/3123001/hong-kong-budget-what-did-finance-minister-paul-chan-do?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3123001/hong-kong-budget-what-did-finance-minister-paul-chan-do?utm_source=rss_feed Wed, 24 Feb 2021 23:30:11 +0000 Before delivering his budget address on Wednesday, Financial Secretary Paul Chan Mo-po mentioned on several occasions that future government expenditure would enter a consolidation period. He said the government would be more mindful of long-term affordability in future spending increases, remaining in line with increases in revenue and maintaining the growth and vibrancy of the economy. He also said the government might have to consider seeking new revenue sources or revising tax rates and... https://www.scmp.com/comment/letters/article/3122921/how-fix-hong-kongs-budget-deficit-tighten-belts-and-slim-down?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3122921/how-fix-hong-kongs-budget-deficit-tighten-belts-and-slim-down?utm_source=rss_feed Wed, 24 Feb 2021 22:45:15 +0000 Paul Chan Mo-po never promised any Michelin-star dishes when he dressed as a chef in a TV commercial asking for people’s culinary preferences as he prepared his budget. Apart from keeping the usual smorgasbord of tax rebates and concessions, albeit in smaller portions, the financial secretary still managed to dish out some appetising surprises amid severe constraints in his hot kitchen. Even though the menu he unveiled on Wednesday is hardly a feast for those who have been hardest hit by... https://www.scmp.com/comment/opinion/article/3123009/proof-pudding-eating-paul-chans-budget-amid-crisis?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3123009/proof-pudding-eating-paul-chans-budget-amid-crisis?utm_source=rss_feed Wed, 24 Feb 2021 19:01:09 +0000