https://www.scmp.com/rss/517586/feed Hong Kong’s finance chief Paul Chan Mo-po delivered his budget speech on February 28, with announcements including scrapping all decade-old property cooling measures with immediate effect as authorities look to revive the market. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Few things worry ordinary citizens as much as a surge in healthcare costs. On March 25, the Hong Kong government announced a sweeping overhaul of public healthcare fees, with increases that cannot be ignored. The price of a visit to the accident and emergency department will more than double to HK$400 (US$51.45) from HK$180, specialist outpatient fees will jump to HK$250 from HK$80 and hospital inpatient charges will go up to HK$300 a day from HK$120. For a city already grappling with rising... https://www.scmp.com/opinion/hong-kong-opinion/article/3304431/struggling-hongkongers-rise-healthcare-fees-just-adds-hardship?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3304431/struggling-hongkongers-rise-healthcare-fees-just-adds-hardship?utm_source=rss_feed Wed, 02 Apr 2025 01:30:09 +0000 China’s hi-tech companies, riding a wave of optimism generated by the rapid adoption of artificial intelligence start-up DeepSeek’s models, reported upbeat financial results this week following a surge in share prices as investors reassessed the sector. Sentiment towards China’s Big Tech companies was also bolstered by the inclusion of some leading names – including founders of Alibaba, Tencent, Xiaomi, Huawei and CATL – at a rare symposium with private-sector leaders hosted by Chinese President... https://www.scmp.com/plus/article/3299566/china-tech-earnings-hong-kong-budget-and-more?utm_source=rss_feed https://www.scmp.com/plus/article/3299566/china-tech-earnings-hong-kong-budget-and-more?utm_source=rss_feed Fri, 21 Feb 2025 09:01:43 +0000 Financial Secretary Paul Chan Mo-po will unveil Hong Kong’s budget on February 26. Recent indications that funding for Hong Kong’s eight public universities will be adjusted over the next three years have intensified the funding debate ahead of the city’s fiscal reforms. As the government grapples with a significant deficit, these funding cuts raise critical questions: should public funding priorities shift away from universities with substantial reserves, or does this risk undermining Hong... https://www.scmp.com/opinion/hong-kong-opinion/article/3299032/why-hong-kong-must-be-careful-about-cutting-university-funding?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3299032/why-hong-kong-must-be-careful-about-cutting-university-funding?utm_source=rss_feed Thu, 20 Feb 2025 01:30:08 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s lived-in home prices fell in December to complete three straight years of setbacks, as geopolitical and inflation risks clouded the prospects for more interest-rate cuts by global central banks. Prices in the secondary market declined 0.65 per cent last month, following gains in October and November, according to data published by the Rating and Valuation Department. Prices weakened 7.13 per cent for the year, following a 15 per cent drop in 2023 and a 7 per cent loss in 2022. The 27... https://www.scmp.com/business/article/3296136/hong-kongs-lived-home-prices-complete-third-year-decline-worst-run-2003?utm_source=rss_feed https://www.scmp.com/business/article/3296136/hong-kongs-lived-home-prices-complete-third-year-decline-worst-run-2003?utm_source=rss_feed Fri, 24 Jan 2025 07:50:42 +0000 Jess Ma Jess Ma Cutting the salaries of Hong Kong civil servants in a bid to stem the government’s deficit could be counterproductive, a lawmaker and an academic have warned, urging authorities to consider delaying minor infrastructure projects instead. Terence Chong Tai-leung, executive director of the Lau Chor Tak Institute of Global Economics and Finance at the Chinese University of Hong Kong, also said on Monday authorities could earn about HK$100 billion (US$12.86 billion) from stamp duty on stock... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3293565/civil-servant-pay-cut-counterproductive-reduce-hong-kong-deficit-experts?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3293565/civil-servant-pay-cut-counterproductive-reduce-hong-kong-deficit-experts?utm_source=rss_feed Mon, 06 Jan 2025 06:10:48 +0000 News that there was insufficient demand from the public for government bonds in a recent sales exercise will have surprised many people. After all, government borrowings are just about the safest investment in an advanced economy like Hong Kong, and the amount being sought was modest. This came soon after the admission by Financial Secretary Paul Chan Mo-po that the deficit this financial year was likely to exceed HK$100 billion (US$12.8 billion), double his estimate in the budget. That meant... https://www.scmp.com/opinion/hong-kong-opinion/article/3290529/bond-sale-shortfall-ballooning-deficit-early-warning-signs-hong-kong?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3290529/bond-sale-shortfall-ballooning-deficit-early-warning-signs-hong-kong?utm_source=rss_feed Sun, 15 Dec 2024 08:30:07 +0000 Hong Kong faces a deficit of about HK$100 billion in the 2024-25 financial year, thanks to substantial revenue shortfalls. Chief Executive John Lee Ka-chiu and Financial Secretary Paul Chan Mo-po take an upbeat longer-term view of the city’s financial prospects. But Chan has less than three months until his next budget to try to identify new engines for economic growth. The deficit has ballooned from the forecast HK$48 billion mainly because of less revenue from the property and stock... https://www.scmp.com/opinion/article/3290832/new-engines-economic-growth-need-be-identified?utm_source=rss_feed https://www.scmp.com/opinion/article/3290832/new-engines-economic-growth-need-be-identified?utm_source=rss_feed Sat, 14 Dec 2024 21:00:17 +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 I am writing in response to the recent suggestion by economist Simon Lee Siu-po that the Hong Kong government could impose salary cuts or freezes on civil servants due to this year’s HK$100 billion... https://www.scmp.com/opinion/letters/article/3290096/hong-kongs-civil-servants-shouldnt-be-target-misplaced-frustrations?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3290096/hong-kongs-civil-servants-shouldnt-be-target-misplaced-frustrations?utm_source=rss_feed Wed, 11 Dec 2024 03:30:08 +0000 Rumours about a slashing of the 100 per cent tax on liquor has been swirling for weeks. When Chief Executive John Lee Ka-chiu finally unveiled the actual change in his policy address last Wednesday, it landed with less of a splash than expected. Hongkongers hoping that the proposed reduction would lighten their bar tabs are bound to be disappointed. And those expecting the proposal to encourage drinking and harm public health may have less to worry about. The government has indeed slashed the... https://www.scmp.com/opinion/comment/article/3283131/few-hong-kong-raise-their-glass-after-cut-alcohol-tax?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3283131/few-hong-kong-raise-their-glass-after-cut-alcohol-tax?utm_source=rss_feed Sun, 20 Oct 2024 22:45:11 +0000 It is natural for all organisations – commercial, NGOs, governments – to want to paint as positive an image of themselves and their activities as possible. In the business world, it can help draw customers and investors; for charities it can assist in attracting donations; for governments it can establish credibility which brings benefits in terms of smooth governance. But there can also be a downside. When the public relations effort is too good, it can create too rosy a picture. A company... https://www.scmp.com/opinion/hong-kong-opinion/article/3270253/rosy-view-hong-kongs-finances-wont-prepare-people-fee-hikes?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3270253/rosy-view-hong-kongs-finances-wont-prepare-people-fee-hikes?utm_source=rss_feed Mon, 15 Jul 2024 01:30:09 +0000 The tentative findings of a pay trend survey suggest that salary increases of up to 5.47 per cent could be on the cards for Hong Kong’s civil servants. This is going to be a tough sell to the public. The survey of data concerning more than 130,000 employees in 113 private-sector companies points to pay rises of 4.01 per cent for high-ranking civil servants, 4.32 per cent for mid-ranking ones and 5.47 per cent for junior civil servants. Should the government approve the latest round of pay... https://www.scmp.com/opinion/hong-kong-opinion/article/3263039/hong-kong-civil-service-pay-rise-will-be-tough-sell-weary-public?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3263039/hong-kong-civil-service-pay-rise-will-be-tough-sell-weary-public?utm_source=rss_feed Mon, 20 May 2024 01:30:09 +0000 Lawmakers have urged the government to increase overseas confidence in Hong Kong in response to “smears” from foreign critics, as well as called on authorities to step up explanation for the city’s national security laws. Legislators also scrutinised costs run up by former city leader Carrie Lam Cheng Yuet-ngor as they debated passing the 2024-25 budget at the Legislative Council on Wednesday. Lo Wai-kwok, chairman of the Business and Professionals Alliance for Hong Kong, took the opportunity to... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3260235/hong-kong-lawmakers-urge-authorities-boost-overseas-confidence-city-they-review-budget?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3260235/hong-kong-lawmakers-urge-authorities-boost-overseas-confidence-city-they-review-budget?utm_source=rss_feed Wed, 24 Apr 2024 11:59:45 +0000 Hong Kong’s first “patriots-only” district council election last year that yielded a record-low turnout rate cost taxpayers about HK$1.2 billion (US$153.2 million), just over 90 per cent more than in 2019 when four times more popularly elected seats were up for grabs. The Constitutional and Mainland Affairs Bureau told the Legislative Council on Tuesday that the latest cost estimate for the December 10 election was HK$1.218 billion. The sum was 91.8 per cent more than the HK$635 million spent on... https://www.scmp.com/news/hong-kong/politics/article/3259258/first-hong-kong-district-council-poll-after-electoral-overhaul-cost-taxpayers-hk12-billion?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3259258/first-hong-kong-district-council-poll-after-electoral-overhaul-cost-taxpayers-hk12-billion?utm_source=rss_feed Wed, 17 Apr 2024 02:00:29 +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 I echo the views expressed in the letter, “Taylor Swift’s concerts shouldn’t fuel Singapore-Hong Kong comparisons” (March 17). Your correspondent has grasped the realities of our city and the city... https://www.scmp.com/comment/letters/article/3256629/or-without-taylor-swift-hong-kong-has-enough-offer?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3256629/or-without-taylor-swift-hong-kong-has-enough-offer?utm_source=rss_feed Tue, 26 Mar 2024 03:43:06 +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. In his 2023-24 budget speech, Financial Secretary Paul Chan Mo-po announced a 31.5 per cent increase in the tax on tobacco (60 HK cents per cigarette). This year, he announced a rise of about 32... https://www.scmp.com/comment/letters/article/3256362/how-tobacco-tax-helped-me-quit-smoking?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3256362/how-tobacco-tax-helped-me-quit-smoking?utm_source=rss_feed Sun, 24 Mar 2024 06:30:39 +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. Hongkongers are familiar with bonds, a form of debt that pays interest and offers full payment upon maturity. The government has issued inflation-linked iBonds and “Silver Bonds”, a range of green... https://www.scmp.com/comment/letters/article/3256054/lai-see-bonds-anyone-heres-how-hong-kong-could-raise-billions?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3256054/lai-see-bonds-anyone-heres-how-hong-kong-could-raise-billions?utm_source=rss_feed Thu, 21 Mar 2024 03:30:16 +0000 More than 4,200 rail passengers have been fined for misusing the Hong Kong government’s HK$2 (US$0.26) fare concession scheme over the past eight months. Authorities also revised lower the estimated reimbursement to transport operators in the scheme to about HK$4 billion for 2023-24 from HK$6.7 billion, although the amount is expected to rise to HK$6 billion in 2024-25. The government said on Wednesday that over the last five years, 1,419 suspected cases of abuse of the scheme were uncovered... https://www.scmp.com/news/hong-kong/transport/article/3256137/hong-kongs-mtr-corporation-fines-4260-passengers-misuse-hk2-fare-scheme-past-8-months?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3256137/hong-kongs-mtr-corporation-fines-4260-passengers-misuse-hk2-fare-scheme-past-8-months?utm_source=rss_feed Wed, 20 Mar 2024 14:08:56 +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 has just presented another massive fiscal deficit in his latest budget. For the first time in decades, I am seeing Hongkongers unsure of the city’s future... https://www.scmp.com/comment/letters/article/3255884/how-hong-kong-can-halt-downward-spiral-its-fortunes?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3255884/how-hong-kong-can-halt-downward-spiral-its-fortunes?utm_source=rss_feed Wed, 20 Mar 2024 03:30:19 +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. The relaxation of property market cooling measures announced in the recent budget has sparked much discussion. The government has scrapped the “harsh measures” previously implemented to bring down... https://www.scmp.com/comment/letters/article/3255178/budget-lacked-fresh-vision-hong-kongs-economic-future?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3255178/budget-lacked-fresh-vision-hong-kongs-economic-future?utm_source=rss_feed Thu, 14 Mar 2024 03:30:14 +0000 Following the release of the latest Hong Kong budget, it’s worth taking a deep dive into the city’s fiscal dynamics and healthcare financing – and challenging the perception that healthcare must always be a significant financial burden. With the government likely to face constraints in implementing any extensive healthcare measures due to the budget deficit, we should direct attention towards enhancing the efficiency of existing services and plans. Healthcare underfunding ultimately leads to... https://www.scmp.com/comment/opinion/hong-kong/article/3254293/budget-deficit-hong-kong-needs-optimise-healthcare-spending?utm_source=rss_feed https://www.scmp.com/comment/opinion/hong-kong/article/3254293/budget-deficit-hong-kong-needs-optimise-healthcare-spending?utm_source=rss_feed Thu, 14 Mar 2024 01:30:10 +0000 If there is a real estate market in Asia that deserved some good news, it is Hong Kong’s. On February 28, the city’s Financial Secretary Paul Chan Mo-po and Hong Kong Monetary Authority chief executive Eddie Yue Wai-man lifted the spirits of the residential sector by announcing that long-standing cooling measures would be scrapped and macroprudential regulations in the mortgage market would be eased. Having suffered a nearly 25 per cent decline in secondary prices since the September 2021 peak... https://www.scmp.com/comment/opinion/hong-kong/article/3254913/ending-cooling-measures-no-game-changer-hong-kong-property-market?utm_source=rss_feed https://www.scmp.com/comment/opinion/hong-kong/article/3254913/ending-cooling-measures-no-game-changer-hong-kong-property-market?utm_source=rss_feed Mon, 11 Mar 2024 08:30:16 +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. How the sudden removal of property cooling measures will benefit Hong Kong residents is surely a question that must be asked. A flat is first and foremost a home, not an investment vehicle, and as... https://www.scmp.com/comment/letters/article/3254620/hong-kongs-removal-property-cooling-measures-will-widen-wealth-gap?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3254620/hong-kongs-removal-property-cooling-measures-will-widen-wealth-gap?utm_source=rss_feed Mon, 11 Mar 2024 03:30:09 +0000 A property tycoon has joined the fray to rebuff criticism that “Hong Kong is over”, arguing it is unfair to judge a stock market’s performance on recent lows and that housing transactions may surge 30 per cent in the year ahead. In an exclusive interview with the Post, Far East Consortium chairman David Chiu Tat-cheong, who sits on the standing committee of the country’s top political advisory body, urged the government to devise strategies to lure overseas talent to maintain the city’s... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254876/unfair-property-tycoon-hits-out-hong-kong-over-criticism-says-every-market-has-its-cycles?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254876/unfair-property-tycoon-hits-out-hong-kong-over-criticism-says-every-market-has-its-cycles?utm_source=rss_feed Mon, 11 Mar 2024 00:30:16 +0000 Extending tax breaks to encourage faster adoption of electric vehicles (EVs) in Hong Kong was a sensible move. Considering Hong Kong’s budget deficit pressure, it is understandable that the two-year reprieve will come with conditions, but the adjustment must be closely monitored to ensure the city stays on a path towards a greener transport future. Financial Secretary Paul Chan Mo-po used his February 28 budget speech to announce the extension of tax incentives that had been set to expire at the... https://www.scmp.com/comment/opinion/article/3254814/balance-struck-hong-kongs-ev-tax-break-extension?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3254814/balance-struck-hong-kongs-ev-tax-break-extension?utm_source=rss_feed Sun, 10 Mar 2024 00:30:16 +0000 Hong Kong’s need to retain civil servants and its reliance on them to implement a series of economy-boosting projects have made it difficult for the deficit-hit government to slash their pay and save taxpayers HK$40 billion (US$5.11 billion), economists and political analysts have said. Calls to adjust the salaries of government workers mounted ahead of last week’s budget, which put the deficit for 2023-24 at HK$101.6 billion. But Financial Secretary Paul Chan Mo-po has cautioned against the... https://www.scmp.com/news/hong-kong/politics/article/3254776/cutting-pay-hong-kongs-civil-servants-could-trigger-exodus-economists-and-political-analysts-warn?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3254776/cutting-pay-hong-kongs-civil-servants-could-trigger-exodus-economists-and-political-analysts-warn?utm_source=rss_feed Sat, 09 Mar 2024 04:00:21 +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. Despite the end of the Covid-19 epidemic in Hong Kong last year and the easing of related restrictions, economic woes persist. In a bid to boost tourism, the government announced plans to host a... https://www.scmp.com/comment/letters/article/3254607/hong-kongs-polluting-fireworks-may-backfire-rather-draw-tourists?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3254607/hong-kongs-polluting-fireworks-may-backfire-rather-draw-tourists?utm_source=rss_feed Sat, 09 Mar 2024 03:30:13 +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. In February 2013, in response to a question from a lawmaker on the impact of fireworks on air quality, the then secretary for the environment said the authorities would “carefully examine all... https://www.scmp.com/comment/letters/article/3254334/win-win-approach-monthly-fireworks-hong-kong?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3254334/win-win-approach-monthly-fireworks-hong-kong?utm_source=rss_feed Thu, 07 Mar 2024 06:30:13 +0000 Given Hong Kong’s fiscal deficits and dwindling reserves, clearly the government cannot simultaneously implement two colossal infrastructure projects, the Kau Yi Chau Artificial Islands and the Northern Metropolis. Financial Secretary Paul Chan Mo-po recently said that the former, a controversial reclamation project off Lantau Island, would be delayed by two to three years, though he vowed it wouldn’t be abandoned. While the government has rightly postponed the Kau Yi Chau project, it should use... https://www.scmp.com/comment/opinion/article/3254273/artificial-islands-project-white-elephant-thats-cheaper-abort-now?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3254273/artificial-islands-project-white-elephant-thats-cheaper-abort-now?utm_source=rss_feed Thu, 07 Mar 2024 01:30:21 +0000 Hong Kong’s finance chief has called on public institutions such as the West Kowloon Cultural District Authority to use bank loans and their own land development rights to make ends meet. Financial Secretary Paul Chan Mo-po on Wednesday urged the institutions to look into the different options after arts hub chairman Henry Tang Ying-yen earlier said it was waiting for government approval for its proposal to put part of the district’s land on sale to ease its funding crisis. “Institutions such as... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254440/hong-kongs-finance-chief-calls-public-institutions-use-bank-loans-and-own-land-rights-make-ends-meet?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254440/hong-kongs-finance-chief-calls-public-institutions-use-bank-loans-and-own-land-rights-make-ends-meet?utm_source=rss_feed Wed, 06 Mar 2024 15:55:46 +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. Secretary for Transport and Logistics Lam Sai-hung is very keen on “self-driving” cars in Hong Kong and is rolling out all sorts of trials. A new regulatory framework for autonomous vehicles... https://www.scmp.com/comment/letters/article/3254193/should-hong-kong-go-down-self-driving-car-lane?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3254193/should-hong-kong-go-down-self-driving-car-lane?utm_source=rss_feed Wed, 06 Mar 2024 06:30:08 +0000 Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, is being tipped by analysts to emerge as the “prime beneficiary” of the city’s removal of all property cooling measures. With seven projects comprising more than 8,100 units expected to launch this year, SHKP is likely to benefit from a revitalised property market. “SHKP has the most saleable resources among its peers of more than 6,000 units,” said Raymond Cheng, managing director and head of China and Hong... https://www.scmp.com/business/article/3254296/sun-hung-kai-properties-pole-position-benefit-hong-kongs-property-easing-measures-analysts-say?utm_source=rss_feed https://www.scmp.com/business/article/3254296/sun-hung-kai-properties-pole-position-benefit-hong-kongs-property-easing-measures-analysts-say?utm_source=rss_feed Wed, 06 Mar 2024 00:30:13 +0000 Hong Kong’s plan to issue bonds to tackle a dire deficit is not “monstrous” but rather a legitimate short- to medium-term solution to improve capital flow, former finance minister Henry Tang Ying-yen has said. Tang on Tuesday defended the government’s plan, which Financial Secretary Paul Chan Mo-po announced in his budget blueprint, after his successor, John Tsang Chun-wah, warned the measure could affect the city’s credit ratings. According to Chan’s budget speech last week, Hong Kong planned... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254274/issuing-bonds-tackle-hong-kong-deficit-legitimate-not-monstrous-ex-finance-minister-henry-tang-says?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254274/issuing-bonds-tackle-hong-kong-deficit-legitimate-not-monstrous-ex-finance-minister-henry-tang-says?utm_source=rss_feed Tue, 05 Mar 2024 12:01:50 +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. It’s impossible to please everyone with the budget. Although there were fewer sweeteners in the blueprint, some positive aspects are worth noting. Scrapping property cooling measures, introducing... https://www.scmp.com/comment/letters/article/3254075/hong-kong-budget-lack-sweeteners-doesnt-make-it-bitter-pill?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3254075/hong-kong-budget-lack-sweeteners-doesnt-make-it-bitter-pill?utm_source=rss_feed Tue, 05 Mar 2024 03:30:13 +0000 The finance chief has dismissed concerns that Hong Kong’s credit ratings might be affected by the government’s proposed bond issuances, insisting global firms have welcomed the policy to fund infrastructure projects and stressing the city will not fall into a cycle of structural fiscal deficits. Financial Secretary Paul Chan Mo-po on Monday issued a rejoinder targeting a previous administration and said it had failed to boost land supply and left residents wrestling with sky-high property... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254045/hong-kongs-paul-chan-dismisses-concerns-bond-issuance-plan-may-hurt-credit-ratings-says-global-firms?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254045/hong-kongs-paul-chan-dismisses-concerns-bond-issuance-plan-may-hurt-credit-ratings-says-global-firms?utm_source=rss_feed Mon, 04 Mar 2024 04:23:41 +0000 Right now, the person who probably best understands Financial Secretary Paul Chan Mo-po is Heung Yee Kuk chairman Kenneth Lau Ip-keung, at least in terms of having to be the bearer of not-so-good news when there is so much pressure on telling the good stories of Hong Kong. Like Lau, who drew the No 15 “neutral” fortune stick for Hong Kong over the Lunar New Year holiday, Chan had the tough task of delivering a budget speech that wasn’t bad but definitely wasn’t good in laying out the city’s... https://www.scmp.com/comment/opinion/hong-kong/article/3253812/hong-kongs-unsweetened-budget-leaves-middle-class-feeling-sour?utm_source=rss_feed https://www.scmp.com/comment/opinion/hong-kong/article/3253812/hong-kongs-unsweetened-budget-leaves-middle-class-feeling-sour?utm_source=rss_feed Mon, 04 Mar 2024 01:30:09 +0000 Hong Kong must find revenue sources other than bond issuances to cover government spending, a former finance chief has said, warning the city has entered an “era of structural fiscal deficits”. John Tsang Chun-wah, who served as financial secretary from 2007 to 2017, wrote on social media on Sunday that revenue-boosting measures announced in last week’s budget were “a drop in the bucket” compared with the tens of billions needed to balance the books. Financial Secretary Paul Chan Mo-po said last... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254013/hong-kong-must-look-beyond-bond-issuances-cover-government-spending-ex-finance-chief-says-warns-city?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254013/hong-kong-must-look-beyond-bond-issuances-cover-government-spending-ex-finance-chief-says-warns-city?utm_source=rss_feed Sun, 03 Mar 2024 14:29:21 +0000 Hong Kong authorities will press ahead this year with environmental and planning studies for a reclamation mega project off Lantau Island and aim to start work within the current administrative term, despite plans to delay the scheme by up to three years, a minister has said. Secretary for Development Bernadette Linn Hon-ho on Sunday stressed the government’s determination to launch the Lantau Tomorrow Vision initiative remained unchanged, with the delay to have no effect on authorities’ wider... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253990/hong-kong-press-ahead-studies-artificial-island-mega-project-year-despite-plans-delay-launch-3-years?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253990/hong-kong-press-ahead-studies-artificial-island-mega-project-year-despite-plans-delay-launch-3-years?utm_source=rss_feed Sun, 03 Mar 2024 09:18:03 +0000 It might be easy to forget that Friday, March 1, marked one year since Hong Kong lifted its Covid-19 mask mandate. A year on, Hong Kong’s economy continues to wheeze on the path to full recovery. The Hong Kong government faces mounting fiscal deficits and sluggish economic growth, making them the central focus of the latest budget. Financial Secretary Paul Chan Mo-po’s eighth budget aims to strengthen the stuttering momentum of Hong Kong’s economic recovery and promote “high-quality”... https://www.scmp.com/comment/opinion/hong-kong/article/3253790/hong-kongs-budget-strives-balance-not-without-blind-spots?utm_source=rss_feed https://www.scmp.com/comment/opinion/hong-kong/article/3253790/hong-kongs-budget-strives-balance-not-without-blind-spots?utm_source=rss_feed Sun, 03 Mar 2024 09:15:21 +0000 Hong Kong officials will visit mainland Chinese cities with booming private economies to lure medium-sized firms by emphasising the professional services offered in the financial hub that can help them expand their reach in overseas markets, the finance chief has said. Financial Secretary Paul Chan Mo-po said on Sunday that the aim of the move was to develop Hong Kong into a multinational supply chain management centre, which was also mentioned in his latest budget address as part of efforts to... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253986/hong-kong-officials-aim-lure-medium-sized-firms-mainland-china-touting-citys-professional-services?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253986/hong-kong-officials-aim-lure-medium-sized-firms-mainland-china-touting-citys-professional-services?utm_source=rss_feed Sun, 03 Mar 2024 08:35:44 +0000 Financial Secretary Paul Mo-po Chan had few palatable options before him when he drew up the 2024-25 budget. The government has been running a fiscal deficit almost every financial year since 2019, and the forecast deficit for 2023-24 would have widened to HK$173 billion (US$22.1 million) but for a bond issue of HK$72.5 billion. Measures to balance the budget, whether cutting back on welfare expenditure or raising taxes, are sure to generate a substantial backlash from a public accustomed to low... https://www.scmp.com/comment/opinion/hong-kong/article/3253780/hong-kong-financial-secretarys-hands-were-tied-he-got-least-one-thing-right?utm_source=rss_feed https://www.scmp.com/comment/opinion/hong-kong/article/3253780/hong-kong-financial-secretarys-hands-were-tied-he-got-least-one-thing-right?utm_source=rss_feed Sun, 03 Mar 2024 01:30:09 +0000 The Hong Kong government has “absolutely no problem” with repaying rising debt under a plan to issue more bonds to fund the city’s public projects in coming years, Financial Secretary Paul Chan Mo-po has said, adding that borrowing costs will decrease in the future as interest rates are expected to fall soon. Chan also said on Saturday that he had decided to reveal the delay to the Lantau Tomorrow artificial islands project to stop people from “hyping” its impact on the coffers, and assured that... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253936/hong-kong-has-absolutely-no-problem-repaying-rising-debt-under-plan-issue-more-bonds-fund-public?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253936/hong-kong-has-absolutely-no-problem-repaying-rising-debt-under-plan-issue-more-bonds-fund-public?utm_source=rss_feed Sat, 02 Mar 2024 08:32:23 +0000 More than 10 technology firms are expected to establish a base in Hong Kong under a second round of agreements to be signed this month as part of a government initiative to lure foreign and mainland Chinese companies, the city’s innovation chief has said. Secretary for Innovation, Technology and Industry Sun Dong on Saturday expressed confidence in the IT sector, pointing to a projected 1.3 per cent or higher rise next year in the ratio of gross domestic expenditure on research and development... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253927/10-technology-firms-establish-base-hong-kong-part-government-efforts-lure-foreign-mainland-companies?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253927/10-technology-firms-establish-base-hong-kong-part-government-efforts-lure-foreign-mainland-companies?utm_source=rss_feed Sat, 02 Mar 2024 05:57:28 +0000 Over the past few months, the Hong Kong government has been busy promoting the city to the world. Although the last mega event – a match between Inter Miami and the Hong Kong XI that brought football superstar Lionel Messi to Hong Kong – disappointed many, the city will continue to host large-scale events from Art Basel to LIV Golf. In addition, in his budget speech, Financial Secretary Paul Chan Mo-po announced that the government will hold pyrotechnic and drone shows against backdrop Victoria... https://www.scmp.com/comment/opinion/hong-kong/article/3253616/hong-kong-go-global-it-could-start-valuing-local?utm_source=rss_feed https://www.scmp.com/comment/opinion/hong-kong/article/3253616/hong-kong-go-global-it-could-start-valuing-local?utm_source=rss_feed Fri, 01 Mar 2024 06:30:15 +0000 The start of a controversial reclamation project off Hong Kong’s Lantau Island will be delayed by two to three years, the city’s finance chief has revealed, but he vowed not to give up on the multibillion-dollar plan. Financial Secretary Paul Chan Mo-po said on Friday that the reclamation under the Lantau Tomorrow Vision project would be an important source of land supply, especially given the site’s proposed role as a third business district and a link to a planned logistics hub. “The location... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253769/hong-kongs-lantau-tomorrow-plan-delayed-2-3-years-finance-chief-paul-chan-reveals-authorities-focus?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253769/hong-kongs-lantau-tomorrow-plan-delayed-2-3-years-finance-chief-paul-chan-reveals-authorities-focus?utm_source=rss_feed Fri, 01 Mar 2024 04:34:34 +0000 We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. Hong Kong budget – all property curbs scrapped to boost market During his budget speech, Hong Kong finance chief Paul Chan Mo-po said the city would remove all restrictions on property transactions as part of his solutions for the... https://www.scmp.com/news/hong-kong/article/3253753/hong-kong-property-curbs-scrapped-taylor-swift-deal-questioned-chinas-durian-king-scmps-7-highlights?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3253753/hong-kong-property-curbs-scrapped-taylor-swift-deal-questioned-chinas-durian-king-scmps-7-highlights?utm_source=rss_feed Fri, 01 Mar 2024 04:00:18 +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. The 2024-25 budget that has just been unveiled raises questions about whether it is making good use of taxpayers’ money and will truly benefit society. Major items include the allocation of HK$1.09... https://www.scmp.com/comment/letters/article/3253643/should-hong-kong-taxpayers-money-be-spent-monthly-fireworks?utm_source=rss_feed https://www.scmp.com/comment/letters/article/3253643/should-hong-kong-taxpayers-money-be-spent-monthly-fireworks?utm_source=rss_feed Fri, 01 Mar 2024 03:30:12 +0000 Hong Kong’s bid to become Asia’s hub for innovation and technology has received an injection of funding in the latest budget. The funding is both substantial and welcome, and a sign the government is serious about its pledges to support the drive for hi-tech and research and development (R&D) supremacy in the region. Supported by rule changes in 2018 by the Hong Kong stock exchange, the city has already quietly become the region’s leading capital-raising centre for companies in need of biotech... https://www.scmp.com/comment/opinion/article/3253726/budget-billions-reflect-hong-kongs-determination-become-hi-tech-hub?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3253726/budget-billions-reflect-hong-kongs-determination-become-hi-tech-hub?utm_source=rss_feed Thu, 29 Feb 2024 22:15:20 +0000 Hong Kong authorities’ plan to issue more than HK$600 billion (US$76 billion) in bonds over the next five years would not undermine the city’s fiscal prudence, the treasury minister said on Thursday. The government has estimated that issuing the bonds will help achieve a budget surplus for the 2025-26 financial year, ending a spate of deficits logged over the last three years. It predicted the same outcome would be delayed to 2027-28 without the policy. Hong Kong has recorded a deficit for every... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253725/hong-kong-budget-2024-25-treasury-chief-champions-hk600-billion-bond-issuance-plan-vows-safeguards?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253725/hong-kong-budget-2024-25-treasury-chief-champions-hk600-billion-bond-issuance-plan-vows-safeguards?utm_source=rss_feed Thu, 29 Feb 2024 14:43:35 +0000 The Hong Kong police budget for payments to informers and confidential operations will hit HK$165 million (US$21 million) in the new financial year, a government document has revealed. The figure represented a HK$23.6 million – 16.7 per cent – increase for “rewards and special services” and was included in a 1,000-page budget document that estimated revenue and expenditure for a variety of government services. “The increase of HK$23.6 million, 16.7 per cent, over the revised estimate for 2023–24... https://www.scmp.com/news/hong-kong/politics/article/3253723/hong-kong-police-pot-informer-payments-and-confidential-operations-hits-hk165-million-2024-25-total?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/3253723/hong-kong-police-pot-informer-payments-and-confidential-operations-hits-hk165-million-2024-25-total?utm_source=rss_feed Thu, 29 Feb 2024 14:37:05 +0000 Hong Kong’s development minister has said the government will take a more cautious approach to selling land this year, although she believes the scrapping of property cooling measures will “uplift” the market. Secretary for Development Bernadette Linn Hon-ho on Thursday rolled out the land sale programme for the 2024-25 financial year, with eight residential sites, including six unsold ones from the previous list, estimated to offer about 5,690 flats. Linn also hinted at a further delay to the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253712/hong-kong-take-more-cautious-approach-land-sales-despite-expected-market-uplift-removal-property?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253712/hong-kong-take-more-cautious-approach-land-sales-despite-expected-market-uplift-removal-property?utm_source=rss_feed Thu, 29 Feb 2024 14:04:43 +0000