Political situation
Written by: Zhou Haoyi
2021-02-26 11:25
The last update date: 2021-02-26 11:25
The new "Budget" announced that it will issue electronic consumer vouchers worth 5,000 yuan in installments to Hong Kong permanent residents and new arrivals aged 18 or above.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, said when attending the radio program that he was currently finalizing the details with the relevant electronic payment operators and hoped to announce them as soon as possible.
He pointed out that the 600 million yuan administrative cost involved in issuing electronic consumer vouchers is just a budget. Just as "the same grannies will spend a lot of money", he emphasized that public funds will be used carefully and the expenses will be reduced as much as possible.
When asked why the government did not agree to distribute consumer vouchers last year, it changed its view this year and decided to issue electronic consumer vouchers. Xu Zhengyu said that last year it sent money to relieve the pressure on the public. The Multiplier Effect (multiplier effect).
He said that in addition to retail, services will also be included, and he is communicating with electronic payment operators such as Octopus to study how to distribute consumer coupons every month.
The distribution of electronic consumer coupons is expected to involve 36 billion yuan, of which administrative expenses account for 600 million yuan.
Xu Zhengyu pointed out that 600 million yuan in administrative expenses is just a budget, "it seems like the money spent with grandmothers will be a lot of money." He also pointed out that the government will reduce expenses as much as possible and use public funds carefully.
The government plans to increase stock stamp duty Xu Zhengyu: Hong Kong's financial market is still attractive
The "Budget" proposes to increase the stock stamp duty rate from 0.1% to 0.13%.
Xu Zhengyu said that foreign countries have dividend tax and capital gains tax, Hong Kong does not have both. He also pointed out that Hong Kong's financial market has undergone a series of reforms in 2018, and the market depth and breadth have greatly increased. He emphasized that the financial market should not be equalized, but should be equalized.
He believes that the attractiveness of Hong Kong's financial market still exists, and it is estimated that the increase in stock stamp duty can bring about 12 billion yuan in additional income for the warehouse each year.
Regarding the "Budget" proposal to provide 100% guaranteed preferential loans to the unemployed, Xu Zhengyu said that this is due to the current situation of the public, the unemployment rate has risen, and the negative economic growth in the past two years was established. He also said that this is an auxiliary measure, hoping to help the public Provide one more option.
The Budget announced plans to expand the scale of green bonds. Xu Zhengyu pointed out that international cooperation is a major focus for the promotion of green and sustainable finance. Europe has "doing well" in this regard, and there is plenty of room for cooperation with Hong Kong. The Guangdong-Hong Kong-Macao Greater Bay Area is another space for cooperation. Different Mainland institutions can issue green bonds in Hong Kong and connect with the world through Hong Kong.
Xu Zhengyu mentioned that real estate trust funds (REITS) pay regular dividends, which meets the demand for stable returns under the ageing population. The government hopes to introduce measures to attract more REITS to Hong Kong.
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Budget 2021 Budget Secretary for Financial Services and the Treasury Xu Zhengyu
