The Government announced today (August 8) an application to the Legislative Council for the sixth round of the Anti-epidemic Fund, involving an amount of $26 billion.
Prior to this, the government has successively launched five rounds of anti-epidemic funds, together with a new round of support measures, involving more than 221 billion yuan, raising concerns about the government's financial situation.
However, many political parties still believe that the government should distribute electronic consumer coupons again in the Budget to be announced at the end of the month, emphasizing that consumer coupons have the effect of revitalizing the economy and should be regarded as an investment rather than a mere expenditure.
Ge Peifan: Consumer coupons can boost the economy
Since the outbreak of the new crown epidemic, the Hong Kong government has launched several rounds of anti-epidemic funds. Hong Kong's fiscal reserves have shrunk significantly from 1,133.1 billion yuan in 2019/20. As of the end of November last year, Hong Kong's fiscal reserves were only 862 billion yuan.
As the Budget is about to be announced, several political parties have urged the government to distribute consumer vouchers. For example, the DAB suggested the government to distribute consumer vouchers of not less than $5,000.
Ge Peifan, a member of the party's legislature, believes that the Hong Kong government is financially stable. The Financial Secretary also predicted that the government's government revenue this year will be better than expected. He is not worried that the distribution of consumer coupons will increase the government's financial burden.
She also pointed out that consumer coupons have the effect of boosting the economy. At present, the epidemic is severe. Stimulation through consumer coupons can help small and medium-sized enterprises. It is an investment that is also rich for the people and should not be regarded as expenditure.
The Federation of Trade Unions proposed to distribute 10,000 yuan of electronic consumer coupons and set up short-term unemployment assistance.
In the sixth round of the Anti-epidemic Fund, the government proposed to distribute 10,000 yuan to the unemployed.
Deng Jiabiao, a member of the Legislative Council of the Federation of Trade Unions, believes that unemployment assistance cannot replace consumer vouchers, and the two have different roles.
He said that the government's launch of a new round of anti-epidemic funds may put financial pressure on the government, but he believes that the consumer voucher program will not fail.
Tian Beichen: The government has nothing to save
Tian Beichen, a member of the Legislative Council of the Real Politics Roundtable, pointed out that whether consumer coupons should be distributed depends on the social situation, rather than whether the government's treasury is sufficient. Under the current social situation, it is absolutely necessary to distribute consumer coupons, "the government has nothing to save."
He said that the Financial Secretary mentioned that the government's revenue from land sales and stamp duty this year was better than expected, and that consumer coupons should be distributed.
He mentioned that the government already has a mechanism to distribute consumer coupons, which can be distributed in a short period of time only if they are implemented. Businesses from all walks of life have been hit hard by the epidemic, and consumer coupons are needed to stimulate the economy and recover previous losses.
Anti-epidemic Fund | Fok Qigang advocates calculating sports premises allowances by area and increasing the amount of subsidies for practitioners Anti-epidemic fund 6.0︱ The amount involved is 26 billion yuan next week, and the short-term unemployed will be handed over to the financial accounting for a one-off payment of 10,000 yuan anti-epidemic fund 6.0︱ DAB urges to announce details as soon as possible A one-off subsidy is available for advocating quarantine and work stoppages Anti-epidemic Fund 6.0︱ Politicians welcome extra efforts to support the affected surrounding industries such as car repairs and laundry