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Written by: Li Enci and Ma Weijie
2021-02-27 11:21
The last update date: 2021-02-27 11:22
The Financial Secretary Chen Maobo announced his budget on Wednesday (24th). He said on the radio program this morning (27th) that raising the stock stamp duty to 0.13% will not affect Hong Kong's status as an international financial market. International competition should optimize the market and provide more investment products instead of relying on lowering costs.
Regarding the stock market plummeting due to the increase in taxes, the Hang Seng Index plummeted by a thousand points. Chen Maobo said that global stock markets are falling, which is believed to be triggered by the rise in US bond yields. In addition, the stock market has risen due to quantitative easing in the past few months. .
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Chen Maobo’s new budget mentions that it plans to increase the stamp duty rate on stocks, from the current buyer and seller each paying 0.1% of the transaction amount to 0.13%.
Chen Mao said that the turnover of the stock market in Japan and Hong Kong still reached more than 300 billion yuan, which is a brisk transaction.
Regarding that the news of the increase in taxes caused the stock market to plummet, and the Hang Seng Index plummeted by a thousand points, Chen Maobo explained that global stock markets are falling, including A-shares, U.S. stocks, Japanese and Korean stock markets, etc., which are believed to be triggered by the rise in U.S. bond yields, plus the past In the past few months, the stock market has risen due to quantitative easing, and adjustments are common. "Short-term fluctuations do not make you worry. If you see it, there will be risks."
Chen Maobo also said that the increase in stock stamp duty will not affect Hong Kong's status as an international financial market. Strong research and judgments that international competition should optimize the market and provide more investment products instead of relying on lowering costs.
He admitted that although the stamp duty in Hong Kong is not cheap, it charges less and believes that it is still quite competitive.
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Denying that early reversal of future fund investment income is "make a good deal"
The budget mentions early reversal of investment income from future funds.
Chen Maobo denied that he was "doing a good number", but to increase the transparency of government accounts.
He emphasized that only accounting for future earnings and not taking them out for other purposes can reassure the public and allow international rating agencies to see the financial strength of Hong Kong clearly.
Due to the longer term of the fund in the future, if the income and principal are reversed in one go, the government's revenue will suddenly increase, which will make people think that the surplus is sufficient.
He pointed out that the issuance of bonds is not a fiscal deficit tool, but rather to promote financial development and take into account the continuous public expenditure needed in the future.
Chen Maobo went to the commercial station to attend the show this morning. When he left, his Lexus exclusive car with FS license plate suddenly died and "kneeled down". Finally, he switched to another white KIA four-person car. He did not respond to reporters' questions when he left.
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Budget 2021 Budget Chen Maobo Stamp Duty