[Second Phase of Consumer Vouchers/Consumer Coupon Inquiry/Eligible Consumption/PayMe /BoC Pay/Octopus/Alipay HK Alipay/WeChat Pay/Tap & Go] The "Budget" will be announced on Wednesday (22nd), although Most of the voices in the market support the redistribution of consumer coupons.
Some scholars believe that the grassroots people in Hong Kong have not benefited from customs clearance. They suggest that the government can send a one-time payment of 2,000 to 3,000 yuan. They also pointed out that the main reason for the fiscal deficit in the past two years was medical expenses, which had little to do with consumer vouchers. The government should Cut other overhead.
Another scholar objected to redistribution, saying that the multiplier effect of consumer coupons weakened last year and it is not suitable for redistribution.
He is worried that citizens traveling abroad will benefit neighboring countries, and even Hong Kong’s international rating may drop, causing medium- and long-term blows to the economy. If the government continues to issue expired consumer coupons, which are described as drug abuse, they should be renamed "Happy Fees".
▼The market situation of the first round of issuance of consumer coupons in the second phase of 2022 on August 7▼
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Budget｜New Democratic Party, Ernst & Young Accounting Firm Opposition Consumption Coupons Worry About Government Deficit Level
Electronic consumer vouchers have been distributed for three consecutive years. With the return of society to normal, the society has once again sparked a discussion on whether to distribute consumer vouchers again.
The New Democratic Party and Ernst & Young, one of the four major accountants, will continue to distribute. Economists also hold two opinions. They believe that consumer vouchers can help the grassroots and promote electronic payments, but they are worried that the normalization will cause a long-term blow to the economy.
Hong Kong’s GDP fell by 3.2% last year, and the multiplier effect of consumer coupons is not as expected
Li Zhaobo, an honorary teaching and research scholar of the Asia-Pacific Business Research Institute of the Chinese University of Business School, said that according to the retail sales index, comparing the effectiveness of the past two distributions of consumer vouchers, it can be found that although the amount distributed last year increased from 5,000 yuan to 10,000 yuan, the index did not rise. Hong Kong's GDP fell by 3.2% last year, which proves that the multiplier effect of consumer coupons has weakened, which is not as expected.
Taking the retail sales in October and November last year as an example, which decreased from 31.9 billion to 29.5 billion, he confirmed that it was related to the fact that Hong Kong people traveled to the local area after the switch to Japan, which led to the calmness of the retail industry in Hong Kong. Coupons should be distributed again.
At this time, it is of no use to send benefits to neighboring countries.
Li Zhaobo, Honorary Teaching and Research Scholar of Asia-Pacific Institute of Business, Faculty of Business, CUHK
▼On November 1, the popularity of the departure layer of the restricted area of the airport rebounded▼
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Excessive freedom of use leads to extra funds such as political "hush money"
Li also criticized the freedom of using consumer coupons too much without clear restrictions. Citizens can use them for transportation, online shopping, and even overseas purchasing agents, resulting in part of the money flowing out of Hong Kong.
He bluntly said that he understands that consumer vouchers are used as a "hush money" in politics, which makes the public happy, but he thinks it is necessary to change the name.
Don't get hung up on the name of electronic consumption, these should be called "happiness fees".
Li Zhaobo, Honorary Teaching and Research Scholar of Asia-Pacific Institute of Business, Faculty of Business, CUHK
▼On January 26, the New Democratic Party announced the budget proposal▼
The New Democratic Party pointed out that the redistribution of money will affect the international ratings. Li Zhaobo is worried about the vicious circle
The chairman of the New Democratic Party, Ip Lau Sook-yee, said earlier that Hong Kong has experienced a fiscal deficit for three consecutive years. She is worried that the introduction of short-term money distribution measures will be downgraded by international rating agencies and affect the stability of the financial system. She believes that consumer coupons should not be a permanent measure.
Li Zhaobo agrees with the above statement, and believes that it is irresponsible for the government to continue distributing "happiness fees" if it is not prudent with financial management.
He explained that if the international rating is downgraded, the business environment in Hong Kong may deteriorate, which will hit the economy in the medium and long term, creating a vicious circle, and the public financial situation in Hong Kong will become more dangerous.
"It's like taking drugs."
Grassroots people failed to benefit from customs clearance. Zhuang Tailiang appealed for 2,000 to 3,000 yuan
Zhuang Tailiang, executive director of the Lau Chor-dek Institute of Global Economics and Finance at the Chinese University, said that the two purposes of consumer vouchers can be divided into promoting public consumption and promoting electronic payment.
He believes that although the customs clearance between Hong Kong and the Mainland has resumed and the local economy will be stimulated, the work of popularizing electronic payment must continue.
He explained that there are still unemployed or retired people in Hong Kong, as well as housewives, who have not benefited from customs clearance, so he suggested that the government can distribute 2,000 to 3,000 yuan.
He also believes that consumer coupons should be distributed as a one-time benefit. If more participating operators are added, and citizens receive different platforms, the network effect will be lost, which will hinder the promotion of electronic payment.
"We should weed out the weak and retain the strong. The more you have, the less successful you will be."
▼The latest e-voucher collection deadline▼
Refuting that the main reason for the fiscal deficit is that medical expenses have little to do with consumer vouchers
For other voices, they are worried that continuing to send money will affect international ratings.
Zhuang pointed out that Hong Kong's ratings fell in the past because of its close relationship with the Mainland. He believed that unless the government borrowed heavily, "the ratings are so far away that the public can't feel it."
As for the utility of consumer coupons, he said that the first distribution has the highest utility, and the effect of stimulating the economy was not obvious until last year, but he believes that with the recovery of the switch, the economy will naturally reverse.
He believed that the fiscal deficit in the past two years was mainly due to medical expenses, and had little to do with consumer vouchers. He suggested that the government should cut other regular expenses.
▼The market situation of the first round of issuance of consumer coupons in the second phase of 2022 on August 7▼
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