Social News
Written by: Wang Jieen
2020-09-29 12:54
Last update date: 2020-09-29 12:54
The new crown pneumonia has hit Hong Kong's economy.
Liu Zunyi, Lan Raofu and Lan Kaili Professor of Economics at the Liu Zuode Institute of Global Economics and Finance, The Chinese University of Hong Kong, said today (29th) that affected by the epidemic, it is expected that the actual GDP will be lost as much as 11.4% this year.
However, he believes that if the government takes the lead and increases public investment in a timely manner, it is expected that the Hong Kong economy can resume positive growth next year.
Liu Zunyi also pointed out that the government should not continue to allocate money and that it is necessary to make large-scale infrastructure projects. He also believes that large-scale infrastructure projects such as "Lantau Tomorrow" should continue to be launched. "This project will mainly make money back."
Lan Raofu and Lan Kaili Chair Professor of Economics, Liu Zunyi, Liu Zuode Institute of Global Economics and Finance, The Chinese University of Hong Kong.
(Information Picture/Photo by Wu Zhongkun)
No more 10,000 yuan
Liu Zunyi said that in the long run, it is necessary for the government to carry out large-scale infrastructure projects, such as three-running, reclamation, etc., and increase public and private housing.
Asked whether the level of fiscal reserves has fallen to 800 billion yuan and whether large-scale infrastructure such as "Lantau Tomorrow" should continue to be launched, Liu Zunyi believes that even if borrowing is required for projects, there will still be money to be made in the future, which can be used for investment purposes. "These projects will mainly earn money back...you can't save (money) for what you need to do."
Liu also pointed out that the government should not "continuously distribute money". The focus is on creating job opportunities and GDP. If it continues to distribute money, the economic stimulus effect will always be reduced. "Don't send it casually. Everyone (send) 10,000 mosquitoes. No need to do it again."
▼Reopening of premises and relaxation measures starting on September 25▼
+4
+4
+4
Proposal to increase public investment
Liu Zunyi continued that although the government has distributed 10,000 yuan to the public and introduced measures such as "guaranteeing employment," the economic outlook is uncertain and relevant measures alone are not sufficient to maintain the overall social demand.
He believes that the government should increase public investment to boost the overall economy and employment, including considering public investment projects that can be launched quickly and using local labor and resources, such as renovating public buildings and renting public housing units.
In addition, in response to the aging population, he also suggested that the government build nursing homes or hospitals with surgical and intensive care facilities.
At the same time, the Hong Kong government should speed up the popularization of e-government services and fully digitize existing government documents, such as birth, death, and marriage registration.
01News
New crown pneumonia | Tourism: If the diagnosis is reset to zero, customs clearance is lost and there is a way to promote the health code as soon as possible
[New Coronary Pneumonia] All 12 new cases were imported from overseas, and there were no new cases for 42 consecutive days
[New Coronary Pneumonia] WHO: Will provide 120 million rapid test kits to low- and middle-income countries
Coronavirus disease.
News｜News: About 4 confirmed cases have been confirmed by nursing homes in Yuen Long
More than 1 million people have died of new coronary pneumonia worldwide
New coronary pneumonia
