We must invest in Hong Kong’s future, not dish out sweeteners, finance chief says
Paul Chan Mo-po reveals a bumper surplus expected in coming budget but says onus is on officials to think long term
A huge surplus expected in Hong Kong’s budget will be invested in the long-term development of the city, with priority given to elderly care, medical services, research and creative industries, the financial secretary revealed on Saturday.
Paul Chan Mo-po also ruled out introducing a sales tax to widen the city’s narrow revenue base, saying it would be inappropriate in the current financial and political climate.
He promised to consider offering larger tax breaks, issuing more inflation-indexed government iBonds and dishing out cash handouts to all residents again, but said the government had a responsibility to invest in the city’s future rather than one-off sweeteners.
“The government does not want to give away sweeteners just to win applause,” Chan said at an RTHK forum in Kowloon Tong.
“The surplus will allow us to spend and allocate resources to improve people’s livelihoods.”
The forum was attended by about 100 people selected by the University of Hong Kong’s polling centre as a way to give ordinary Hongkongers an opportunity to challenge the finance chief and air their views.
