Political situation
Written by: Zhou Haoyi
2021-02-25 15:44
The last update date: 2021-02-25 15:44
The new "Budget" proposes that in order to increase government revenue, it plans to increase the stock stamp duty rate from 0.1% to 0.13% for both buyers and sellers based on the transaction amount.
Many members of the Legislative Council criticized the practice of "slaying" the middle class and investors at the Finance Committee, affecting Hong Kong's status as an international financial center.
The passionate citizen Zheng Songtai criticized Chen Maobo for designing the "Budget" with the idea of operating a subdivided house, and distributing consumer coupons to make the rich get richer.
According to Pakatan Harapan Zhang Huafeng, raising the stamp duty on stocks will not pay off, urging the government to reconsider the decision or reduce the increase.
Financial Secretary Chen Maobo retorted that the increase in stamp duty has nothing to do with the decline in the stock market. Yesterday, South Korea and Japan also fell. It is also normal for the stock market to fluctuate. The Hang Seng Index rose 600 points today, so don’t be surprised.
Zheng Songtai said consumer coupons hold high prices for necessities
Zheng Songtai criticized the "Budget" for clearly targeting the middle class. The stock market plummeted yesterday, which was related to the government's self-devaluation of Hong Kong's financial status. He also denounced the government for "drawing money" and increasing stamp duty when the stock market "has some money".
He criticized Chen Maobo for designing the "Budget" with the idea of operating a subdivided housing. Under the economic downturn, the people are cutting back on food and clothing, and the government has introduced electronic consumer vouchers, in disguised form, only to increase the price of necessities, making the rich get richer.
Chen Maobo pointed out that not only Hong Kong fell yesterday, but the South Korean, Japanese and Shanghai stock markets also saw a few percentage points decline. The Hang Seng Index also rose by more than 600 points this morning. "The stock market often fluctuates... you don't need to make a fuss about fluctuations in one or two days. He said that the most important thing is the market environment and attractiveness. After the increase in stamp duty on stocks, citizens will need to pay 30 yuan more stamp duty for investing 100,000 yuan in stocks. "The most important thing is that there is no money to make money from investing in stocks, not the cost of 30%. "
▼Budget 2021 Benefits Measures Lazy Package▼
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Zhang Huafeng pointed out that it is not a single factor that will cause the transaction to shrink the index tax
According to Pakatan Harapan Zhang Huafeng, the government's increase in stock stamp duty is a "sword" to Hong Kong and mainland investors, which affects investor confidence and shrinks trading volume. In the end, the gains outweigh the gains. He criticized the government's wrong decision and urged the government to consider withdrawing or reducing the increase.
He also refuted Chen Maobo, saying that the Hang Seng Index fell by more than 1,000 points yesterday, evaporating hundreds of billions of yuan in assets, which must have been caused by the increase in stamp duty. He also claimed that Chen Maobo's calculation of the cost of stock purchases was wrong. If calculated by the profit of stock trading, it would increase by 30%. Stamp duty is not trivial.
Chen Maobo said that many lawmakers are interested in stock stamp duty and demand a longer response time.
He said that the government's promotion of Hong Kong's status as an international financial center to increase market vitality and transaction volume does not rely solely on stamp duty. The most important thing is market development to enhance Hong Kong's competitiveness, such as the launch of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and the Hong Kong Stock Exchange. The amendment allowed the listing of companies with different rights on the same stock, and the trading volume increased significantly. "If the net stamp duty is zero, will there be such a market development?" He said that the government should try its best to be an international financial center, except for the stock market. In addition, in the future, we will also make every effort to develop green and sustainable finance and bond markets.
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