https://www.scmp.com/rss/511931/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hong Kong will develop its sports sector by making improvements to existing facilities, including turning a section of a park in Kowloon into a centre for indoor and outdoor pursuits, the city’s finance chief has revealed. Authorities were looking to redevelop a basketball court at Jordan’s George V Memorial Park into a new sports facility, with a feasibility study to be finished within the year and the public to be consulted, Financial Secretary Paul Chan Mo-po on Sunday said in his weekly... https://www.scmp.com/news/hong-kong/society/article/3214069/hong-kong-eyes-turning-park-section-sports-facility-help-develop-sector-citys-paul-chan-says?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3214069/hong-kong-eyes-turning-park-section-sports-facility-help-develop-sector-citys-paul-chan-says?utm_source=rss_feed Sun, 19 Mar 2023 10:40:06 +0000 Hong Kong will hand out the latest instalment of its consumption vouchers from mid-April in a bid to spur local spending as the city’s economy recovers from the ravages of Covid-19, the finance chief has said. Financial Secretary Paul Chan Mo-po on Friday said it was “appropriate” to give out the vouchers as the city was still on the path to economic recovery. He said he expected 6.4 million people would be eligible for the latest round. “Although our economy is recovering, we need to... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3213075/first-round-hong-kongs-consumption-vouchers-be-disbursed-mid-april-scheme-expected-boost-post-covid?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3213075/first-round-hong-kongs-consumption-vouchers-be-disbursed-mid-april-scheme-expected-boost-post-covid?utm_source=rss_feed Fri, 10 Mar 2023 07:55:49 +0000 Hongkongers will still be required to wear masks to visit hospitals and nursing homes even after the mandate for their use is lifted as the city returns to post-Covid normality, the health chief has said. Secretary for Health Lo Chung-mau on Saturday also insisted it was “absolutely necessary” to raise the tobacco tax, a move announced in the budget, and said that dropping the mask mandate would inevitably increase the city’s smoking rate. Lo told a radio programme that masks had made it... https://www.scmp.com/news/hong-kong/health-environment/article/3211520/coronavirus-masks-will-still-be-required-hospitals-nursing-homes-even-after-mandate-dropped-hong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3211520/coronavirus-masks-will-still-be-required-hospitals-nursing-homes-even-after-mandate-dropped-hong?utm_source=rss_feed Sat, 25 Feb 2023 03:10:43 +0000 Ask any good corporate public relations consultant for the cardinal rule in company communications, and the answer is likely to be: “Underpromise, overdeliver.” However strong the urge to sell a positive story, executives should beware the temptation to “overegg” performance or forecasts. Falling short will only disappoint and breed scepticism. Never has this sage counsel rung truer than for Hong Kong Chief Executive John Lee Ka-chiu’s “result-oriented” administration. And, by this measure, he... https://www.scmp.com/comment/opinion/article/3206620/hong-kongs-economic-recovery-john-lee-must-beware-overpromising-and-underdelivering?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3206620/hong-kongs-economic-recovery-john-lee-must-beware-overpromising-and-underdelivering?utm_source=rss_feed Sat, 14 Jan 2023 00:15:12 +0000 Hong Kong Chief Executive John Lee Ka-chiu has had a very busy first six months in office during which he has performed pretty well. But alas, there can be no rest for him over Christmas as his 2023 plate already looks quite full, even assuming no unforeseen emergencies. Here are some New Year’s resolutions to help him navigate the stormy waters. Number one, stay laser-focused on the economy. The government has exciting plans to address our many areas of social need, in particular housing and an... https://www.scmp.com/comment/opinion/article/3203595/six-new-years-resolutions-john-lee-hong-kong-navigates-stormy-waters?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3203595/six-new-years-resolutions-john-lee-hong-kong-navigates-stormy-waters?utm_source=rss_feed Mon, 19 Dec 2022 00:15:10 +0000 Hong Kong has long been used to dealing with economic volatility but after almost three years of stunted growth because of the coronavirus pandemic, it is no surprise that government finances are in the red. Still, the warning of a worse-than-expected HK$100 billion (US$12.7 billion) budget deficit this financial year is a disturbing reminder of the challenges ahead – Covid-19 is still present, the economy remains weak and confidence in the city is fragile. Public finances will continue to be... https://www.scmp.com/comment/article/3193764/strong-actions-leaders-can-help-hong-kong-tackle-budget-deficit?utm_source=rss_feed https://www.scmp.com/comment/article/3193764/strong-actions-leaders-can-help-hong-kong-tackle-budget-deficit?utm_source=rss_feed Sun, 25 Sep 2022 15:24:08 +0000 Hong Kong’s legislature has passed the administration’s estimated HK$700 billion (US$89 billion) budget that covers digital vouchers, tax breaks and a raft of subsidies to provide relief to those affected by the city’s fifth wave of coronavirus infections, with the bill backed by the pro-establishment bloc. The bill on Wednesday was approved with 87 supporting votes and no objections. Social welfare sector representative Tik Chi-yuen, the sole non-establishment member in the 90-strong... https://www.scmp.com/news/hong-kong/politics/article/3176501/hong-kong-legislature-passes-hk700-billion-budget-tax?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3176501/hong-kong-legislature-passes-hk700-billion-budget-tax?utm_source=rss_feed Wed, 04 May 2022 10:17:58 +0000 The popularity of tiny homes took a beating last month after the Hong Kong government relaxed mortgage rules, bringing larger homes within reach of first-time buyers. Only 92 small flats, under 280 square feet, were transacted on the secondary market between March 1 and 28, some 24 per cent lower than February, according to Ricacorp Properties. The average price eased 0.7 per cent to HK$4.03 million, bringing the decline from its May 2021 peak to 4.8 per cent. The decline in sales and prices of... https://www.scmp.com/business/markets/article/3173003/hong-kong-buyers-give-nano-flats-wide-berth-buyers-armed-larger?utm_source=rss_feed https://www.scmp.com/business/markets/article/3173003/hong-kong-buyers-give-nano-flats-wide-berth-buyers-armed-larger?utm_source=rss_feed Wed, 06 Apr 2022 01:30:10 +0000 More than 6.3 million Hongkongers will receive the first half of this year’s consumption vouchers worth HK$5,000 (US$638) each from April 7, the city’s financial chief has revealed. Writing on his official blog, Financial Secretary Paul Chan Mo-po on Sunday said the government was ready to issue the first batch of e-vouchers after eligible recipients had renewed their registration and 6.2 million residents had kept their accounts active. “The first batch of the consumption vouchers will be... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3172906/more-6-million-hongkongers-set-receive-hk5000?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3172906/more-6-million-hongkongers-set-receive-hk5000?utm_source=rss_feed Sun, 03 Apr 2022 03:28:46 +0000 More than 50 struggling Hong Kong residents including members of ethnic minority communities and former offenders are appealing to the government to include them in a HK$10,000 e-voucher scheme. The Society for Community Organisation (SoCO), which is behind the appeal, said the rigid rules over the handout went against the spirit of providing financial aid to residents facing hardship amid the city’s fifth coronavirus wave. “To some people, the consumption vouchers are a lifesaver,” SoCO... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3171974/coronavirus-hong-kongs-ethnic-minority-communities?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3171974/coronavirus-hong-kongs-ethnic-minority-communities?utm_source=rss_feed Sun, 27 Mar 2022 02:00:22 +0000 Hong Kong will seek to promote itself as a vibrant commercial hub by inviting up to 200 top foreign investors to attend a summit, watch rugby games and visit mainland China in November, the city’s finance chief has revealed. Financial Secretary Paul Chan Mo-po on Wednesday also said the city would seek to drive economic growth by investing in the technology sector. Hong Kong is in the grip of an explosive fifth wave of coronavirus infections, reporting more than 1 million cases and over 6,000... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3171603/hong-kong-aims-show-top-investors-it-means?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3171603/hong-kong-aims-show-top-investors-it-means?utm_source=rss_feed Wed, 23 Mar 2022 16:04:08 +0000 Hong Kong leader Carrie Lam Cheng Yuet-ngor has approved a controversial rent deferral scheme to support struggling commercial tenants affected by the city’s coronavirus outbreak, the Post has learned, shrugging off mounting pressure from developers to shelve the plan. Sources said the final version of the budget proposal, which would allow local businesses to delay rental payments for up to three months, was opposed by several members of the Executive Council, Lam’s de facto cabinet, during a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3170536/carrie-lam-gives-green-light-hong-kongs?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3170536/carrie-lam-gives-green-light-hong-kongs?utm_source=rss_feed Tue, 15 Mar 2022 09:38:00 +0000 Jiaxing Li Jiaxing Li Digital wallets are expected to surpass credit cards as the most popular electronic payment method in Hong Kong by 2025, according to a new study, helping accelerate the city’s efforts to expand online retail transactions. In e-commerce, digital wallets will account for 40 per cent of the city’s online transaction value by 2025, overtaking credit cards, according to the 2022 Global Payments Report recently published by US financial technology company FIS. Hongkongers are shifting to digital... https://www.scmp.com/tech/tech-trends/article/3170392/hong-kongs-use-digital-wallets-online-payments-overtake-credit?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3170392/hong-kongs-use-digital-wallets-online-payments-overtake-credit?utm_source=rss_feed Mon, 14 Mar 2022 10:00:18 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification. Financial Secretary Paul Chan Mo-po should be applauded for his creative rental deferral scheme and the chief executive should back him to the hilt without equivocation (“Finance chief’s rental... https://www.scmp.com/comment/letters/article/3170094/hong-kong-must-not-sacrifice-rent-deferral-small-businesses-altar?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3170094/hong-kong-must-not-sacrifice-rent-deferral-small-businesses-altar?utm_source=rss_feed Mon, 14 Mar 2022 03:30:23 +0000 Political wrangling surrounding a rent deferral scheme proposed by Hong Kong’s financial secretary to help struggling commercial tenants is escalating as a cross-sector business alliance plans to pile pressure on the government to quickly roll out the budget measure. Joseph Ho Shiu-chung, chief supervisor and former president of the Cosmetic and Perfumery Association of Hong Kong, which includes beauty salons, said an alliance of small and medium enterprises (SMEs) would hold a press conference... https://www.scmp.com/news/hong-kong/article/3170210/business-alliance-plans-show-force-bid-ensure-hong-kong-finance?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3170210/business-alliance-plans-show-force-bid-ensure-hong-kong-finance?utm_source=rss_feed Sat, 12 Mar 2022 00:00:30 +0000 A rental deferment proposal by Hong Kong’s financial secretary to help struggling business tenants may be in jeopardy, as the chief executive is consulting her cabinet on whether to support or abort the controversial scheme amid mounting opposition from developers and landlords, the Post has learned. Sources said Chief Executive Carrie Lam Cheng Yuet-ngor is seeking an informal meeting soon with her Executive Council to gauge their views on Financial Secretary Paul Chan Mo-po’s budget proposal... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3169872/finance-chiefs-rental-deferral-plan-small-hong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3169872/finance-chiefs-rental-deferral-plan-small-hong?utm_source=rss_feed Wed, 09 Mar 2022 14:29:19 +0000 Hong Kong’s 2022-23 budget has largely responded to public expectations. The most welcome measure is the distribution of HK$10,000 (US$1,280) in electronic consumption vouchers to 6.6 million residents. However, there are two areas of public concern about its application which deserve consideration by the government. The first is that the vouchers are available to those citizens who have emigrated to foreign countries as long as they are on the recipient list of last year’s consumption... https://www.scmp.com/comment/opinion/article/3169215/use-hong-kongs-consumption-voucher-scheme-boost-elderly?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3169215/use-hong-kongs-consumption-voucher-scheme-boost-elderly?utm_source=rss_feed Sat, 05 Mar 2022 08:30:18 +0000 On February 23, Financial Secretary Paul Chan Mo-po announced the 2022-23 government budget. The budget includes several fiscal measures to respond to climate change. Among them are an additional HK$200 million (US$25.6 million) funding for the Green Tech Fund, injecting an additional HK$1.5 billion into the EV‑charging at Home Subsidy Scheme, an allocation of about HK$8.4 billion to carry out improvements on the multi-district storm water drainage system to enhance flood protection... https://www.scmp.com/comment/letters/article/3168931/hong-kong-budget-priorities-must-keep-climate-change-needs-mind?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3168931/hong-kong-budget-priorities-must-keep-climate-change-needs-mind?utm_source=rss_feed Fri, 04 Mar 2022 06:30:25 +0000 Last week’s budget offered a reminder that despite the significant challenges of the pandemic, there are still opportunities to strengthen Hong Kong’s economic future, particularly when it comes to enhancing our status as a global financial centre. Financial Secretary Paul Chan’s primary focus was, as it should have been, ensuring that Hong Kong’s commercial sector would not only survive the continuing disruption caused by the fifth wave of Covid-19, but bounce back as soon as restrictions are... https://www.scmp.com/comment/opinion/article/3168830/hong-kongs-budget-offers-glimpse-how-city-can-lead-china-green-and?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3168830/hong-kongs-budget-offers-glimpse-how-city-can-lead-china-green-and?utm_source=rss_feed Wed, 02 Mar 2022 08:15:09 +0000 Hong Kong’s construction sector can expect a supply of about 27,000 semi-skilled and skilled workers in coming years as part of a HK$1 billion (US$128.05 million) plan to boost training and personnel for a looming building boom, a government official has said. Permanent Secretary for Development (Works) Ricky Lau Chun-kit said on Sunday the scheme could boost the number of semi-skilled and skilled site personnel by 20,000 and 6,800, respectively. The government is also expected to steadily... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168590/hong-kong-construction-industry-expect-personnel?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168590/hong-kong-construction-industry-expect-personnel?utm_source=rss_feed Sun, 27 Feb 2022 12:04:59 +0000 The finance chief has called on leading landlords in Hong Kong to provide rent relief to struggling businesses so they can better ride out the Covid-19 health crisis. The appeal by Financial Secretary Paul Chan Mo-po on Sunday came a day after Chief Executive Carrie Lam Cheng Yuet-ngor urged developers “to ramp up their battle” against the pandemic by giving rental waivers to the affected tenants. Writing on his blog, Chan said: “I hope that there will be more capable developers and big... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168575/coronavirus-hong-kong-finance-chief-calls?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168575/coronavirus-hong-kong-finance-chief-calls?utm_source=rss_feed Sun, 27 Feb 2022 09:25:33 +0000 The Hong Kong government will offer interest-free loans to small commercial property owners affected by its latest anti-epidemic policy that could prevent them from collecting rent for up to six months, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po on Saturday said authorities would step in to pay struggling landlords three months’ worth of rent on their tenants’ behalf, subject to a ceiling of up to HK$100,000 (US$12,806), as they implemented the rent-collection delay... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168501/cash-strapped-hong-kong-landlords-be-offered?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168501/cash-strapped-hong-kong-landlords-be-offered?utm_source=rss_feed Sat, 26 Feb 2022 04:44:35 +0000 There was a sense of surreal disconnection as I listened on Wednesday to Financial Secretary Paul Chan Mo-po unveil his 2022 budget. On top of the social distance of the video conference was the economic distance between the almost normal picture he was painting, and the zombie economy we are feeling for ourselves. Paul Chan’s description – 6.4 per cent economic growth in 2021, with unemployment down from 7.2 per cent to 3.9 per cent, private consumption up 5.6 per cent and exports up 19 per... https://www.scmp.com/comment/opinion/article/3168351/hong-kong-budget-paul-chans-forecast-quick-recovery-omicron-just?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3168351/hong-kong-budget-paul-chans-forecast-quick-recovery-omicron-just?utm_source=rss_feed Fri, 25 Feb 2022 08:28:06 +0000 Financial Secretary Paul Chan Mo-po announced his HK$170 billion (US$21.8 billion) budget package on Wednesday, earmarking billions to ease the hardship of Hongkongers struggling amid the city’s fifth wave of Covid-19 infections. Man and Alex Au, a middle-class working couple with a two-year-old daughter, have been hoping for government relief for the financial strain they have shouldered through the pandemic. Man, 32, a public relations manager, and Alex, 35, a property agent, have a combined... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168306/relief-hong-kongs-middle-class-families-through?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168306/relief-hong-kongs-middle-class-families-through?utm_source=rss_feed Fri, 25 Feb 2022 02:00:19 +0000 Financial Secretary Paul Chan Mo-po’s explanation for how Hong Kong turned an anticipated budget deficit into a surplus amounted to a “distortion” of public accounts that helped the government justify its tax policies and boost investors’ confidence, economists said. Some took issue with including the proceeds from government bonds and the movement of funds as revenue, resulting in a surplus of HK$18.9 billion (US$2.42 billion) for 2021-22. Some also expressed unease at the city’s drastic... https://www.scmp.com/news/hong-kong/politics/article/3168302/hong-kongs-surprise-surplus-were-numbers-distorted-avoid?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3168302/hong-kongs-surprise-surplus-were-numbers-distorted-avoid?utm_source=rss_feed Thu, 24 Feb 2022 15:25:55 +0000 An unprecedented law designed to forbid Hong Kong landlords from chasing tenants for falling behind on rent will apply to more than 19 sectors hit hard by the fifth wave of coronavirus infections, according to the city’s finance chief. The law would allow small and medium-sized enterprises (SMEs) in these industries, including catering and retail, to delay rent payments from January for up to six months, Financial Secretary Paul Chan Mo-po said on Thursday. But small businesses said the new law... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168281/new-hong-kong-rent-relief-law-apply-more-19?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168281/new-hong-kong-rent-relief-law-apply-more-19?utm_source=rss_feed Thu, 24 Feb 2022 12:24:42 +0000 Hong Kong’s finance chief has sought to play down concerns about the decision to distribute handouts to residents in the form of digital consumption vouchers after being taken to task in some quarters for not offering cash instead. The voucher scheme, a repeat of a similar initiative last year aimed at boosting consumer spending, was the most eye-catching announcement in Financial Secretary Paul Chan Mo-po’s 2022-23 budget, which was unveiled on Wednesday. Under the scheme, 6.6 million eligible... https://www.scmp.com/news/hong-kong/politics/article/3168198/hong-kong-finance-chief-brushes-concerns-over-consumption?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3168198/hong-kong-finance-chief-brushes-concerns-over-consumption?utm_source=rss_feed Thu, 24 Feb 2022 06:34:08 +0000 It has been the catchphrase of Hong Kong’s finance chiefs since the city returned to Chinese rule that the government should save surpluses in the public coffers for a “rainy day”. The city is now facing not just any “rainy day” but is battling a tsunami of infections unleashed by the fifth wave of the coronavirus. Such hard times require extraordinary strategies and Financial Secretary Paul Chan Mo-po on Wednesday did not disappoint, analysts said. Confronted by what he described as “the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168136/rainy-days-and-listening-ear-did-hong-kongs?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168136/rainy-days-and-listening-ear-did-hong-kongs?utm_source=rss_feed Thu, 24 Feb 2022 02:30:15 +0000 Facing the most testing time in Hong Kong’s recent history, Paul Chan Mo-po had a tough job in setting his last budget of the current term amid a worsening Covid-19 outbreak. The finance minister has sought to address the hardship of those worst hit by the public health crisis without losing sight of the need to prepare the city for post-pandemic recovery and growth. The blueprint has, by and large, put the city on the right track, but the outlook remains challenging. Despite no fewer than six... https://www.scmp.com/comment/opinion/article/3168116/budget-puts-city-stronger-footing-time-health-crisis?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3168116/budget-puts-city-stronger-footing-time-health-crisis?utm_source=rss_feed Thu, 24 Feb 2022 00:45:14 +0000 Lawmakers and advisers to Hong Kong’s leader have called for greater flexibility in the distribution of consumption vouchers and a clear explanation by the government on landlords’ liabilities under an unprecedented rent relief scheme following the latest budget. Some observers also expressed disappointment that Financial Secretary Paul Chan Mo-po left certain vulnerable groups out of his blueprint on Wednesday, which predicted a surplus of HK$18.9 billion for the 2021-22 financial year. Major... https://www.scmp.com/news/hong-kong/society/article/3168135/hong-kong-lawmakers-advisers-call-greater-flexibility-and?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3168135/hong-kong-lawmakers-advisers-call-greater-flexibility-and?utm_source=rss_feed Wed, 23 Feb 2022 23:45:08 +0000 Hong Kong’s finance chief has identified new sources of government income by hitting multinational companies and local owners of pricey properties with more taxes, a move analysts say is the only available option amid an economic downturn. In his latest budget, Paul Chan Mo-po also made it clear that it was not the appropriate time to revise the rates of profits and salaries tax – the government’s major sources of revenue – as people were generally under “considerable financial pressure” because... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168138/budget-2022-23-hong-kong-finance-chief-hits?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168138/budget-2022-23-hong-kong-finance-chief-hits?utm_source=rss_feed Wed, 23 Feb 2022 14:47:32 +0000 Hong Kong is staring at recession and uncertainty in the labour market in the first half of this year despite the government’s HK$170 billion (US$21.8 billion) package of measures to fight the havoc wreaked by the Covid-19 pandemic. Business chambers welcomed Financial Secretary Paul Chan Mo-po’s budget on Wednesday, in which he dished out financial aid to individuals and businesses and set the scene for post-pandemic economic growth. But some economists remained worried about Hong Kong’s... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168137/hong-kong-budget-sweeteners-help-citys-prolonged?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168137/hong-kong-budget-sweeteners-help-citys-prolonged?utm_source=rss_feed Wed, 23 Feb 2022 14:30:49 +0000 Hong Kong’s finance chief has rolled out a raft of measures and sweeteners, from consumption vouchers to loan guarantees, aimed at boosting public confidence and keeping small businesses afloat in a city grappling with a Covid-19 crisis. The Post speaks to residents and business owners, who say that despite the relief package, the road ahead remains uncertain until the city is out of the pandemic woods. ‘I really need the extra cash’ Cheng Wai-lok, 49, who runs a Japanese restaurant in Jordan,... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168132/how-do-hongkongers-feel-about-citys-newly-unveiled?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168132/how-do-hongkongers-feel-about-citys-newly-unveiled?utm_source=rss_feed Wed, 23 Feb 2022 13:32:06 +0000 More than HK$16 billion (US$2.05 billion) will be poured into plans to turn Hong Kong into an international innovation and technology (I&T) hub, a move industry leaders say they believe will help attract more investors and talent to the city. “Continuous promotion of I&T development is an important strategy to foster a more vibrant and diversified economy,” Financial Secretary Paul Chan Mo-po said in his budget speech on Wednesday, pledging more resources for I&T projects to attract talent and... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168129/budget-2022-23-more-hk16-billion-earmarked-turn?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168129/budget-2022-23-more-hk16-billion-earmarked-turn?utm_source=rss_feed Wed, 23 Feb 2022 13:21:37 +0000 Ramping up Covid-19 testing capacity and procuring more vaccines for booster shots were among a variety of initiatives that will be funded with HK$67.5 billion earmarked in Hong Kong’s latest budget to fight the fifth wave of Covid-19. But the lawmaker representing the medical and health services sector called on the government to invest more in advanced technology that could help strengthen the city’s contact-tracing abilities. Financial Secretary Paul Chan Mo-po said the government would... https://www.scmp.com/news/hong-kong/health-environment/article/3168124/boosting-testing-capacity-and-buying-booster?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3168124/boosting-testing-capacity-and-buying-booster?utm_source=rss_feed Wed, 23 Feb 2022 13:12:19 +0000 Hong Kong’s struggling small and medium-sized enterprises (SMEs) have received a lifeline in the form of rental relief for up to six months and guaranteed loans of up to HK$9 million (US$1.15 million). A government source said the unprecedented rental relief measure would not undermine the rights of private property owners, although an analyst said it gave small business owners more bargaining power in the midst of the city’s raging fifth wave of Covid-19 infections. SMEs will also be entitled... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168123/cant-pay-rent-hong-kongs-stricken-smes-get-respite?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168123/cant-pay-rent-hong-kongs-stricken-smes-get-respite?utm_source=rss_feed Wed, 23 Feb 2022 13:10:09 +0000 The Hong Kong government has proposed more listing reforms to help pre-profit or pre-revenue start-ups raise funds in the city. In what may well be its largest such reforms since 2018, the government is also considering introducing more measures to support yuan-denominated shares, green finance and family offices, Financial Secretary Paul Chan Mo-po said in his last budget speech for the current term on Wednesday. “The Securities and Futures Commission [SFC] and [bourse operator] Hong Kong... https://www.scmp.com/business/banking-finance/article/3168122/budget-2022-2023-hong-kong-mulling-allowing-listings-large?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3168122/budget-2022-2023-hong-kong-mulling-allowing-listings-large?utm_source=rss_feed Wed, 23 Feb 2022 13:01:36 +0000 A personal loan guarantee scheme for Hong Kong residents who lose their jobs amid the Covid-19 pandemic would be extended until April next year, the finance chief said in his budget speech on Wednesday. An additional HK$6.6 billion (US$845.9 million) would also be dedicated to creating 30,000 temporary jobs to tackle the health crisis and ease unemployment, Financial Secretary Paul Chan Mo-po added. “The 100% Personal Loan Guarantee Scheme rolled out last year has helped a lot of people. I will... https://www.scmp.com/news/article/3168119/hong-kong-personal-loan-scheme-unemployed-extended-until-next-year-tackle?utm_source=rss_feed https://www.scmp.com/news/article/3168119/hong-kong-personal-loan-scheme-unemployed-extended-until-next-year-tackle?utm_source=rss_feed Wed, 23 Feb 2022 12:45:49 +0000 Hong Kong’s financial chief announced plans on Wednesday to regularise a pilot scheme to subsidise 4,000 elderly people for residential care services, as part of the latest budget measures to boost both residential and community support for the elderly. Financial Secretary Paul Chan Mo-po said in his speech for the 2022-23 budget that the authorities would regularise the Pilot Scheme on Residential Care Service Voucher for the Elderly to offer an additional option for elderly people in need of... https://www.scmp.com/news/hong-kong/society/article/3168107/hong-kong-regularises-pilot-subsidy-scheme-support-elderly?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3168107/hong-kong-regularises-pilot-subsidy-scheme-support-elderly?utm_source=rss_feed Wed, 23 Feb 2022 12:31:01 +0000 Hong Kong is putting more resources into nurturing local talent in fintech and health care to address the brain drain in these fields and the imbalance in the city’s economic development. Financial Secretary Paul Chan Mo-po pledged in his budget speech on Wednesday to create better job opportunities for young people and to diversify the city’s economy. “Amid the adversities, many issues have emerged, such as the imbalance in economic development and inadequate opportunities for young people to... https://www.scmp.com/news/hong-kong/society/article/3168108/budget-2022-23-hong-kong-inject-more-resources-nurturing?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3168108/budget-2022-23-hong-kong-inject-more-resources-nurturing?utm_source=rss_feed Wed, 23 Feb 2022 11:50:20 +0000 Hong Kong will set aside HK$100 billion (US$12.8 billion) for its ambitious plan to develop a vast metropolis near the mainland Chinese border although studies on several key sites have either not yet started or are still to be completed. Development plans of major areas under the Northern Metropolis blueprint, including the San Tin area which is envisioned as a “technopole” – or hi-tech cluster- with more than 1,100 hectares, were expected to be formulated within two to three years, Financial... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168106/budget-2022-23-hong-kong-set-aside-hk100-billion?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168106/budget-2022-23-hong-kong-set-aside-hk100-billion?utm_source=rss_feed Wed, 23 Feb 2022 11:36:00 +0000 Hong Kong’s finance chief has rolled out a spending blueprint worth more than HK$170 billion (US$21.78 billion) for an all-out fight against a raging coronavirus pandemic while helping struggling businesses and hard-hit people with consumption-vouchers, tax breaks, loans and rental relief. While Financial Secretary Paul Chan Mo-po’s budget on Wednesday set aside HK$67.5 billion to fund anti-pandemic efforts, the eye-catching sweetener was a coming handout of digital vouchers worth HK$10,000 each... https://www.scmp.com/news/hong-kong/politics/article/3168105/finance-chief-unveils-hk170-billion-budget-packed?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3168105/finance-chief-unveils-hk170-billion-budget-packed?utm_source=rss_feed Wed, 23 Feb 2022 11:19:37 +0000 Hong Kong’s government will raise the amount of mortgages available in home loans to help more residents in the city’s pandemic-stricken economy get on the property ladder and forestall a market slump. Starting from February 23, the available mortgages on homes with a loan-to-value ratio of 80 per cent will increase to a maximum of HK$12 million (US$1.54 million) from HK$10 million, according to the fiscal 2022/23 budget presented by Financial Secretary Paul Chan Mo-po. First-home buyers who... https://www.scmp.com/business/article/3168092/budget-2022-2023-hong-kong-opens-funding-tap-make-more-mortgage-loans?utm_source=rss_feed https://www.scmp.com/business/article/3168092/budget-2022-2023-hong-kong-opens-funding-tap-make-more-mortgage-loans?utm_source=rss_feed Wed, 23 Feb 2022 10:30:15 +0000 The government will hand out HK$10,000 (US$1,280) in digital vouchers to 6.6 million eligible Hongkongers, with the first half to be distributed in April, but some concern groups and politicians argue cash would serve many struggling residents far better. In the final budget of the current government term, Financial Secretary Paul Chan Mo-po revealed on Wednesday a basket of relief measures for individuals and businesses, with a repeat of last year’s e-voucher scheme among the highlights. Other... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168091/nearly-all-hong-kong-residents-receive-hk10000-e?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168091/nearly-all-hong-kong-residents-receive-hk10000-e?utm_source=rss_feed Wed, 23 Feb 2022 09:58:36 +0000 Financial Secretary Paul Chan Mo-po delivered his HK$170 billion (US$21.8 billion) budget for Hong Kong on Wednesday, emphasising the urgent need to address the worsening coronavirus pandemic, with billions in funding earmarked for relief and public health measures. Small businesses are in line for new rental protections, while major corporations and certain landlords can expect higher taxes in the coming financial year. Meanwhile, the government’s popular consumption vouchers are back and... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168071/sweeteners-ease-covid-19-pain-vouchers-and-tax?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3168071/sweeteners-ease-covid-19-pain-vouchers-and-tax?utm_source=rss_feed Wed, 23 Feb 2022 07:53:15 +0000 Hong Kong’s small and medium-sized enterprises (SMEs) on Wednesday said the government’s plan allowing them to defer rent payments for up to six months might provide short-term relief, but resolution of the difficulties they face depended very much on the fifth Covid-19 wave being brought under control. SMEs in certain sectors will be allowed to defer their rent payments by up to six months, Financial Secretary Paul Chan Mo-po said in his budget briefing earlier on Wednesday. The government will... https://www.scmp.com/business/article/3168051/budget-2022-23-hong-kong-offers-office-and-retail-rental-relief-citys?utm_source=rss_feed https://www.scmp.com/business/article/3168051/budget-2022-23-hong-kong-offers-office-and-retail-rental-relief-citys?utm_source=rss_feed Wed, 23 Feb 2022 05:05:22 +0000 This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. Hong Kong’s finance chief presented his final budget address on Wednesday, rolling out an anti-pandemic fund totalling HK$64 billion, with another HK$20 billion to support residents and businesses hammered by a worsening public health crisis.  A fresh round of spending coupons totalling HK$10,000 for permanent residents will also be handed out, with the first... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3167938/hong-kong-budget-2022-23-raft-relief-measures?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3167938/hong-kong-budget-2022-23-raft-relief-measures?utm_source=rss_feed Wed, 23 Feb 2022 02:44:52 +0000 The finance chief will reveal that owners of multiple, pricey properties in Hong Kong will pay more tax and lose some concessions in the future to boost government revenue when he delivers his budget on Wednesday morning, the Post has learned. Financial Secretary Paul Chan Mo-po is also expected to offer a fresh round of consumption vouchers and loans for residents and businesses in need due to the worsening fifth wave of Covid-19, sources said. Given the heightened infection risks, Chan will... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3167986/hong-kong-budget-2022-23-higher-rates-owners?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3167986/hong-kong-budget-2022-23-higher-rates-owners?utm_source=rss_feed Tue, 22 Feb 2022 12:15:26 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification. Financial Secretary Paul Chan Mo-po will deliver the 2022-23 budget tomorrow. Friends of the Earth (HK) hopes the government can implement forward-looking measures that allocate fiscal reserves... https://www.scmp.com/comment/letters/article/3167584/hong-kongs-budget-must-bet-big-renewable-energy-and-carbon-trading?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3167584/hong-kongs-budget-must-bet-big-renewable-energy-and-carbon-trading?utm_source=rss_feed Tue, 22 Feb 2022 06:30:21 +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