In the afternoon, Financial Secretary Chen Maobo responded that this year or the current fiscal deficit of 100 billion yuan and reserves can only cover eleven months of government expenditures, emphasizing: "It is a good idea to collect money. When the environment is not good, it shrinks. In fact, it is not good. clever."
Chen Maobo attended the meeting of the Financial Affairs Committee of the Legislative Council this morning (5th) and revealed that the government revenue this year is worse than expected, and it is expected to record a deficit of 100 billion.
When he attended the activity of the Hong Kong Provincial Committee of the Chinese People's Political Consultative Conference in the afternoon, he was asked how the Hong Kong government should make good use of the reserves that are insufficient to cover one year's expenditure in the midst of negative economic growth and inflation. He said bluntly: "We will not be In this environment, it’s wise to hold a purse and earn some money, and it’s not wise to shrink when the environment is not good.”
Chen Maobo emphasized that when the economy is in a downturn, the government has a special role (photo by Liang Pengwei)
Chen Maobo attended the activity of the Hong Kong Provincial Committee of the Chinese People's Political Consultative Conference, and once again talked about the possibility of a fiscal deficit of 100 billion yuan this year (photo by Liang Pengwei)
He emphasized that the local market has been affected by the slowdown in global demand and the weakening of the external environment this year, resulting in weak economic performance in Hong Kong. However, the government will insist on using "expansionary fiscal policies" and "counter-cyclical measures" to combat the difficulties.
He agrees that the Hong Kong government must "finance money prudently and live within our means" at any time.
Chen Maobo: The government should play a special role in the economic downturn
However, he also emphasized that the government should play a special role when the economic environment is sluggish: "In times of bad times, citizens and small and medium-sized enterprises are under great pressure, and private consumption and investment may shrink. The entire economy would (shrink) very quickly.”
Chen Maobo reiterated that the government will live within its means (photo by Liang Pengwei)
He continued that the government will try its best to support the local economy. "For small and medium-sized enterprises, in terms of cost, capital, and business help; for citizens, they will introduce different measures, such as consumer coupons," hoping to reduce the burden on citizens and promote local economic development at the same time: "We don't hold our wallets in this environment. The money is earned for what it is, and the money is spent for what it is. The reserve is for when the environment is not good, when the environment is not good. Time shrinks, but it’s actually not smart, so don’t worry everyone!”
He appealed to the public to rest assured that the Hong Kong government has a good financial monitoring mechanism: "Financial security and stability are well established, and there is no "weird" situation."
