Income from land sales to compensate for the sharp increase in expenditure Chen Maobo: This year’s fiscal deficit is expected to be much lower than estimated at the beginning of the year

Financial Secretary Chen Maobo predicted in his blog today (7th) that the fiscal deficit this year will be much lower than the estimate at the beginning of the year.

He explained that thanks to the boom in exports and the gradual control of the epidemic, the local economy has gradually improved, and consumer vouchers have boosted the market for catering, retail and service industries, providing room for improvement in government revenue.

In addition, some high-quality sites in urban areas were sold at high prices, and the market’s sentiment towards the property market was positive. Developers were therefore more proactive in paying land prices to develop land. The related revenue reached a record high. As of the end of October, there were more than 40 billion yuan. The property market and stock market were booming for half a year, and the stamp duty income from property and stocks was also higher than expected.

Chen Maobo attended a school celebration in a primary school a few days ago to understand the children's wishes for the budget.

(Information Services Department)

Significant non-recurring income from land makes up for part of the rapid increase in expenditure

Chen Maobo stated in the article that this year's non-recurring income from land is considerable, which has made up for part of the rapid increase in expenditure. However, it is impossible to expect that the same profit will continue in the future because of a one-time profit.

He pointed out that some of the measures that the government has promised to involve large recurrent expenditures, such as a $2 ride concession for people aged 60 to 64, relaxation of conditions for receiving elderly living allowance, and provision of MPF for low-income people, have financial implications. It will only be reflected in the next fiscal year.

This year, the non-recurring income from land is considerable, which has made up for part of the problem of the rapid increase in expenditure, but it is impossible to expect that the same profit will continue in the future because of a one-time profit.

Financial Secretary Chen Maobo

"Pie sugar" needs to consider enforceability and efficiency

He said that in response to the epidemic and economic downturn in the past two years, the government has adopted very strong countercyclical measures to ease the pressure on citizens and businesses, including "one-off measures" commonly known as "sugar distribution", such as tax rebates and rates rebates. Wait.

However, he said that implementing each one-off measure requires consideration of administrative enforceability and efficiency, as well as issues such as "broadness of coverage" and "fairness".

Preparing for the next year’s budget and working towards "common prosperity"

Chen revealed that entering November, he is preparing to start consulting work on the next year's budget. He also said that future resource mobilization and utilization have several elements that are necessary, including enabling grassroots citizens to benefit more and moving towards a more equitable sharing economy. Achievements, to promote the direction of "common prosperity" efforts.

The annual economic growth is forecast to reach 6.5%. Chen Maobo: Promoting customs clearance with the Mainland to provide impetus for recovery. The Hong Kong government predicts Daxing scientific research. Attend

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