Financial Secretary Chen Maobo released the "Budget" on Wednesday (23rd). The public's biggest concern is, of course, what measures the government will take to boost the economy and relieve people's hardships when the epidemic strikes again, especially whether it will continue after last year. Issue electronic coupons again.
This year, the Pakatan Harapan has put forward more than 100 proposals, including the issuance of 10,000 yuan "Return to Celebration Consumption Vouchers" for the whole people, which is higher than the "offering price" of other establishment parties and is relatively rare for a business party that has always advocated prudent financial management.
Lin Jianfeng, a member of the Pakatan Harapan Legislative Council and Executive Council member, said in an exclusive interview with "Hong Kong 01" that factors such as the economic blow brought about by the epidemic and the 25th anniversary of Hong Kong's return to the motherland have prompted them to think that the distribution of 10,000 yuan of consumer coupons is the best choice. At this time, the market and social atmosphere are stimulated to provide impetus for the future economy.
He believes that if effective measures such as consumer vouchers are not taken, small and medium-sized enterprises will "geometrically close down", and only the entire society will suffer.
Create a good atmosphere for the 25th anniversary of the return of China and advocate 100% salaries tax exemption
Lin Jianfeng said that this year marks the 25th anniversary of China's return to the motherland. It is a major turning point for Hong Kong to change from chaos to governance, from governance to prosperity, and we should seize the time well. We should not only strive for some preferential measures from the central government, but also stimulate the market through the budget, so as to provide confidence to the public. , Inject living water into the economy, and the economy can recover faster after the epidemic subsides, including loan guarantees for SMEs, support for various industries, and tax incentives for investors.
At the level of ordinary citizens, they propose to reduce or exempt salaries tax by 100% and cap it at 40,000 yuan. Of course, the public is most concerned about the support of consumer vouchers.
Lin Jianfeng pointed out that the Pakatan Harapan has put forward different proposals on the budget in the past, but this year's background is quite special. , so directly "offered" 10,000 yuan of consumer coupons, and admitted that if it was not affected by the current wave of epidemics, views may be different, "I believe everyone will accept it under the premise of stimulating consumption and domestic demand, not every year. Last year, we also proposed electronic consumer coupons, also because the epidemic has affected the economy. Now the epidemic is increasing exponentially, and many companies are unable to withstand it. If Caiye does not take some effective measures, small and medium-sized enterprises will also "geometrically close down."
▼On the evening of February 19, Mong Kok was as deserted as "zero"▼
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Re-issue debt to make up for the black hole of public finance
Of course everyone is happy to distribute consumer coupons, but public financial affordability also needs attention.
Financial Secretary Chen Maobo stated last year that the government's fiscal reserves have dropped significantly from a level equal to 23 months of government expenditure to 13 months in two years. He also expects that deficits will be recorded in the next five financial years, which will drop to 7,758 in 2026. 100 million, or 12-month government expenditure level.
The government's consumer voucher scheme last year benefited 6.3 million people, at $5,000 a day, which has already involved at least $31.5 billion in expenditure.
If an additional $10,000 is allocated this year according to the Pakatan Harapan proposal, the expenditure will be doubled.
Lin Jianfeng said that as mentioned above, this year was based on the 25th anniversary of the return of China and the economic environment under the epidemic.
In addition, the government should have a more long-term and sustainable plan for public finance. For example, the Pakatan Harapan proposed many years ago that the government should issue bonds to cover part of the financial burden on large-scale infrastructure projects, and make an early start when the current fiscal reserves are still sufficient. Issuance to enhance citizens' confidence in the bond foundation, "The bridge is good, the tunnel is good, the high-tech park is good, and large development projects can be issued bonds. Relying on government reserves alone for everything is not a good way to manage money. Having survived this (epidemic) crisis, I am still optimistic about Hong Kong’s economic prospects.”
Chen Maobo will present a new budget on February 23, and this time it will be read out in a video format.
(Photo from Chen Maobo's blog)
May property prices "adjust in an orderly manner"
Another focus of the Budget is the introduction of new measures on the long-standing problem of land and housing.
Lin Jianfeng agrees that in the process of social development, every stratum should benefit, but there are some problems such as high property prices that can never be created by a certain stratum, and the business community should not be placed too much on the responsibility.
"Hong Kong's high property prices stem from expensive land and high construction costs. These are the fundamental reasons. I strongly disagree with someone who says, "To solve the housing problem, you must kill real estate developers." If you "kill" them, who will build them? building?"
Property prices have always been a highly controversial issue, because when property prices are beyond the affordability of the public, people who haven't gotten on the bus will naturally hope that the property price will drop sharply.
The bigger problem is that once the property price falls sharply, the tragic situation of citizens’ assets shrinking, returning to zero or even turning negative in the early days of the return may reappear. Therefore, the SAR government has always been conservative in its attitude towards the property price issue, emphasizing that it has never intended to “suppress housing prices”. price".
Lin Jianfeng said that the mentality of "I want to see it rise after I buy it, and I want it to fall before I buy it" is normal, but I think these attitudes are too polar, and both are unhealthy.
He believes that the most important thing is for the government to strike a balance and stabilize the supply of public and private housing, so that citizens can make more and better plans for the future. will be accepted."
Taxation Institute: Proposes to distribute 3,000 yuan of consumption coupons to exempt the first-time stamp duty for properties under 8 million. Supermarket has become a big winner of "employment protection". The establishment insists on the budget plan to send consumer coupons
