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This year’s budget was an extraordinarily tough fiscal balancing act for Financial Secretary Paul Chan, and the government has to be careful not to send out a message to the private sector that the time for pay cuts has arrived.
- Electronic vouchers, low-interest loans among measures aimed at relieving financial burden on residents reeling from economic upheaval created by pandemic
- The debate, which saw 40 votes in favour, one against and one abstain, was taken in the absence of nearly the entire opposition camp, members of which stepped down en masse in November
Hong Kong is still the best choice for Chinese firms wanting to raise foreign capital in the country given the city’s free flow of information and Western judicial system.
Financial Secretary Paul Chan says city will tap into the opportunities presented by the ‘green wave’.
The Hong Kong Growth Portfolio, similar to Singapore’s sovereign wealth fund Temasek, will invest in projects centred on lifting competitiveness.
The latest beneficiaries had registered with the relief scheme on or before July 18. But delays can be expected for some residents in Wong Tai Sin district, which has been hard hit by the latest wave of Covid-19 outbreak.
The government’s cash payout scheme, which opened for applications on June 21, received more than 5.5 million registrations by 5pm on Thursday, with 85 per cent made online through banks.
The combined happiness level of those who pledged their HK$10,000 handout and recipients of their kindness in a pilot scheme was significantly higher than if those who did not really need the cash held on to it.
Finance secretary tells Post the monetary authority will be ‘open and transparent’ in choosing who works with Hong Kong Growth Portfolio.
Finance minister Paul Chan announces June 21 launch date for government scheme, with city’s banks signing on to help distribute funds.
Budget covers cash handouts, tax breaks and subsidies to offset economic blow from coronavirus pandemic. Bill approved after three weeks of debate that saw pro-establishment and opposition camps accuse each other of undermining the city.
Financial Secretary Paul Chan says economy could shrink by between 4 and 7 per cent and impact of coronavirus will be ‘more serious and long-lasting’ than first thought.
Pan-democrat takes aim at controversial Lantau reclamation project, while pro-establishment pol sees value in value-added tax.
Granting a partial refund on tuition fees, as compensation for class disruption due to the protests and coronavirus outbreak, would not go far enough. Non-local students would also need to stay on longer to find a job amid a recession.
Carrie Lam, who now earns HK$5.21 million annually, is among the highest-paid political leaders in the world.
Although taxation is highly effective in reducing tobacco use among young people, the last substantial increase in tobacco tax was more than eight years ago. Cigarettes are even more accessible to young people today than in the 1990s.
The HK$215.9 billion proposal would fund necessary government operations until the full budget unveiled in February can be approved.
Government source raises alarm on ‘allocation warrants’ in which departments foot the bill for each other, as lawmaker questions if force has abused practice.
Financial Secretary Paul Chan also promises that the government will create more jobs as he sets out his views in a panel discussion held by the Post as part of its Redefining Hong Kong series.
It’s clear from the fund allocation that the government has been outsourcing youth engagement to the NGO sector. This practice must stop if it genuinely wishes to address young people’s discontent.
Paul Chan points to bleak adjustments on growth by economic agency and IMF, as well as lowered interest rates in central banks of Western countries.
Lawmakers admit Hong Kong, world’s most expensive city, is ill-equipped to deal with high rate of jobless.
