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Hong Kong budget 2022-2023

Hong Kong budget 2022-2023
The latest news, analysis and opinion on Hong Kong budget 2022-2023. In-depth analysis, industry insights and expert opinion.
Financial Secretary Paul Chan (right) during last week’s skateboarding session with professional athlete Luk Chun-yin. Photo: Handout
Hong Kong society

Hong Kong eyes turning park section into sports facility to grow sector: Paul Chan

City’s finance chief says having ‘complete hardware is indispensable’ when promoting development of sports in Hong Kong.

Hong Kong economy

Latest round of Hong Kong consumption vouchers to be disbursed from mid-April

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Hong Kong reopens

‘Hongkongers still need to wear masks at hospitals even after mandate is axed’

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Hong Kong economy

Outside In | On recovery, John Lee must beware of overpromising and underdelivering

With encouraging macroeconomic data unlikely to emerge before the end of the year, impatience in promising an imminent recovery is almost certain to backfire.

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Chief Executive John Lee speaks at the Asian Financial Forum at the Hong Kong Convention and Exhibition Centre in Wan Chai on January 11. Lee promised to “go fast” on the city’s return to normal. Photo: K.Y. Cheng
Hong Kong

Opinion | 6 New Year’s resolutions for John Lee as we navigate stormy waters

From the economy, exiting Covid-19 and restoring public finances to healing the 2019 rifts, rebuilding tourism and easing rhetoric against foreign provocations, Hong Kong is counting on Lee for a better new year.

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Hong Kong economy

Editorial | Strong actions from leaders can help Hong Kong tackle budget deficit

Economic and political challenges remain but city’s government has the resources to overcome obstacles brought about by Covid-19 and other factors to restore confidence and balance the books sooner rather than later.

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Legislative Council of Hong Kong

Hong Kong legislature passes HK$700 billion budget with tax breaks, subsidies

Bill approved with 87 supporting votes and no objections, while social welfare sector representative Tik Chi-yuen voted to abstain.

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The Legislative Council has approved a HK$700 billion budget. Photo: Winson Wong
Hong Kong property

Hong Kong nano flats sales ebb as buyers shift focus to bigger homes

The popularity of tiny homes took a beating last month after the government relaxed mortgage rules, bringing larger homes within reach of first-time buyers.

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Hong Kong economy

Hongkongers to receive HK$5,000 in first phase of e-voucher scheme from April 7

Finance minister Paul Chan says AlipayHK, Tap & Go or WeChat Pay HK users to receive first half of e-voucher worth HK$5,000 in one instalment.

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Ethnic minorities in Hong Kong

Hong Kong minority groups, ex-offenders say they need HK$10,000 e-vouchers too

Rigid eligibility rules for e-voucher scheme go against the spirit of helping needy, Society for Community Organisation says.

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Hong Kong residents like housewife Noor Sanna (bottom row, second left) have been unable to apply for the consumption vouchers scheme due to its rigid eligibility rules. Photo: Dickson Lee
Coronavirus Hong Kong

How Hong Kong aims to show top investors it is back in business

Financial Secretary Paul Chan also says the city will seek to drive economic growth by investing in the technology sector.

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The Hong Kong Sevens rugby event makes a return in November. K. Y. Cheng
Coronavirus Hong Kong

City leader Carrie Lam approves Hong Kong’s controversial rent deferral plan

Amended proposal to be presented to Legislative Council, and source says it could take effect very soon.

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Fintech

Digital wallets to become Hong Kong’s leading online payment system by 2025

Digital wallets will account for 40 per cent of Hong Kong’s online transaction value by 2025, overtaking credit cards, according to a new report from US financial technology company FIS.

Coronavirus Hong Kong

Letters | Don’t sacrifice rent deferral for SMEs at the altar of big business

Readers discuss opposition to the financial secretary’s rent deferral proposal for small businesses, guidance needed on deciding the seriousness of illness, the proposed closed-loop for care homes, the recently issued emergency alert, and the role of district councils.

A woman walks down a deserted street with shuttered shops in SoHo, Hong Kong, on February 28. Photo: Dickson Lee
Coronavirus Hong Kong

‘Show of force’ in works over contentious Hong Kong rent deferral scheme

Alliance of SMEs plans to hold a press conference soon with legislators in a bid to push the government and Executive Council to endorse proposal.

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Businesses are struggling as the fifth wave of Covid-19 cases takes its toll on Hong Kong. Photo: Dickson Lee
Hong Kong politics

Finance chief’s rental deferral plan for small Hong Kong firms in trouble

An insider said Lam became sceptical of the proposal after facing strong opposition from ‘angry’ developers and big landlords.

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Hong Kong politics

Opinion | How voucher scheme can boost elderly vaccination and tax income

More consumption vouchers are welcome, but there are concerns money is being wasted on emigrants and not leveraged in the fight against Covid-19. The vouchers should be an incentive for the elderly to get vaccinated, and the voucher system can be used to introduce sales tax.

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Hong Kong environmental issues

Letters | Climate change needs must be at fore of Hong Kong budget priorities

The government’s commitment of funds in the 2022-23 budget to climate change mitigation measures is welcome, but is nowhere near what is needed to to achieve Paris Agreement goals. Projects, such as the Northern Metropolis and Lantau Tomorrow, should not be rushed through without attention to their environmental impacts

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Hong Kong has installed small floating solar farms at the Shek Pik and Plover Cove Reservoirs to collect data for similar large-scale projects in the future. Photo: Martin Chan
Banking & finance

Macroscope | Hong Kong budget offers glimpse of how city can lead China in green finance

In addition to providing support for local businesses beset by the pandemic, the 2022-23 budget promises to channel investment into strengthening ties between Hong Kong and the Greater Bay Area, and into making the city a hub for development of a regional green economy.

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Hong Kong economy

Hong Kong construction industry to expect personnel boost of 27,000 workers

Development official Ricky Lau reveals plans for HK$1 billion training and recruitment plan to boost number of construction industry workers.

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Hong Kong economy

Hong Kong finance chief asks big landlords to offer rent relief to tenants

Financial Secretary Paul Chan’s appeal follows one day after city’s leader asks developers to relieve rental ‘burden’ placed on tenants.

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Government officials have called on large developers and landlords to waive the rents of their tenants during the coronavirus outbreak. Photo: Edmond So
Coronavirus Hong Kong

Hong Kong government to offer loans to support small commercial landlords

Financial Secretary Paul Chan says authorities will offer small commercial property owners three months’ worth of rent on their tenants’ behalf, of up to HK$100,000.

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Financial Secretary Paul Chan. Photo: Yik Yeung-man
Coronavirus Hong Kong

Outside In | Budget forecast of a quick recovery from Omicron is not realistic

Financial Secretary Paul Chan acknowledged the impact of the Omicron wave but expected a swift recovery in the rest of the year. With a zero-Covid policy in place, can Hong Kong really reopen to the mainland and the rest of the world in a matter of months?

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Hong Kong economy

Explainer | Tax breaks, concessions, vouchers add up to relief for Hong Kong’s middle class

The Post adds up what a working couple with a two-year-old child will get from Paul Chan’s budget.

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Hong Kong economy

Hong Kong’s surprise surplus: were numbers ‘distorted’ to avoid deficit?

Hong Kong government has made a habit of ‘underestimating surpluses, overestimating deficits’

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Financial Secretary Paul Chan addresses the media after his budget speech. Photo: Yik Yeung-man
Hong Kong economy

New Hong Kong rent relief law to apply to more than 19 sectors: finance chief

Financial Secretary Paul Chan says law will allow small and medium-sized enterprises in these industries to delay rent payments from January for up to six months.

Residents walk past a closed retail shop in Causeway Bay. Photo: Edmond So
Paul Chan

Hong Kong finance chief brushes off concerns over cashless voucher scheme

Some residents worry they will not receive this year’s vouchers on time, while politicians have faulted the financial secretary for not simply giving out HK$10,000 in cash instead.

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Did Hong Kong’s finance chief deliver in his budget address?

Analysts note the finance chief has cast aside many long-standing restraints and conventional wisdom of public finances.

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