久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Turning the economy around

By Oswald Chan | HK EDITION | Updated: 2024-03-03 16:23
Share
Share - WeChat

Cutting expenses is a quick fix for HK's swelling budget deficit, but diversifying and creating new growth sources, drawing up a clear economic revival blueprint, and making a comprehensive review of the tax regime would help put public finances back on track. Oswald Chan reports from Hong Kong.

Hong Kong has had budget deficits in four of the five fiscal years since 2019-20. Presenting the 2024-25 Budget on Wednesday, Financial Secretary Paul Chan Mo-po again painted a bleak picture, projecting another deficit of HK$101.6 billion ($13 billion) for the fiscal year of 2023-24 on the heels of a HK$122.3 billion shortfall in the previous fiscal year.

From the 1998-99 to 2003-04 fiscal years, the special administrative region government had incurred five budget deficits (except 1999-2000).

The city's fiscal reserves are predicted to have dwindled by about HK$400 billion in the past four fiscal years (2020-21 to 2023-24). The reserves are estimated to have slumped to HK$733.2 billion as of March when they stood at HK$834.8 billion a year ago. The SAR's fiscal reserves have only surpassed HK$1.1 trillion, which is the highest level since 1997, during the fiscal years from 2018 to 2020.

For the fiscal year of 2024-25, the administration is expecting another budget deficit of HK$48.1 billion after taking into account bond issuance proceeds, and fiscal reserves are expected to decrease to HK$685.1 billion by the end of March 2025. Total government expenditure and revenue for the year are estimated to be HK$776.9 billion and HK$633 billion, respectively.

Heightened geopolitical tensions, rising US interest rates and a slower-than-expected economic recovery on the Chinese mainland have clouded prospects of an economic rebound for Hong Kong following the COVID-19 pandemic. The administration had spent more than HK$600 billion on anti-COVID-19 and countercyclical measures to fight the pandemic and reboot the economy from 2020 to 2022, exacerbating the city's budget deficit woes.

Government expenditure grossly exceeded revenue in the past decade, with spending having jumped by more than 75 percent - from HK$433.5 billion in 2013-14 to HK$761 billion in 2023-24 - while revenue estimates edged up by just 41 percent during the same period - from HK$455.3 billion in 2013-14 to HK$642.4 billion in 2023-24.

Tang Hei-wai, a Victor and William Fung professor in economics at HKU Business School and associate director at the Hong Kong Institute of Economics and Business Strategy, expects the deficit to improve when the local economy regains momentum next year or by 2026, and various initiatives to curb spending, such as freezing job recruitment and encouraging technology digitalization to reduce staff costs, are implemented.

Tang says the SAR must strive to expand its narrow tax base, suggesting the possibility of levying a sales tax in the medium or long term. But he believes neither a capital gains tax nor a land departure tax is practical as they would restrict the flow of capital, talents and tourists into Hong Kong, crimping its economic competitiveness in Asia. The solution for the deficit problem, Tang suggests, could be in raising tax revenues by boosting economic growth.

"This concerns whether Hong Kong can have a clear and effective industry policy to promote new economic activities. With such a policy, there would be inflows of capital and talents to bolster our economic capacity," Tang says.

He points to structural causes for the continued budget deficits. "Hong Kong's public finances focus mainly on the inflow and outflow of cash every financial year. Article 107 of the Basic Law requires the SAR to maintain fiscal discipline stringently. Therefore, the government cannot make financial commitments for long-term infrastructure and land projects, thus crimping the city's long-term economic vitality, productivity, competitiveness and growth prospects that should be addressed urgently."

Article 107 under the Basic Law stipulates that Hong Kong shall follow the principle of keeping expenditure within the limits of revenues in drawing up its budget, and try to achieve a fiscal balance, avoid deficits and keep the budget commensurate with the growth rate of its GDP.

The 2024-25 Budget says the SAR government is making progress on the Northern Metropolis while consultancy work continues on the Kau Yi Chau artificial island reclamation project, which is an essential part of the Lantau Tomorrow Vision. However, the Kau Yi Chau project's implementation time will be slightly later than the Northern Metropolis as the government has to consider the financial cost.

Tang believes that when it is difficult to implement the Lantau Tomorrow Vision and Northern Metropolis simultaneously amid soaring budget deficits, the Northern Metropolis project should get priority. "This area is an important land source to meet population growth for transforming Hong Kong into a mega metropolis with a population of 10 million to lure overseas capital and talent to support economic growth.

"Moreover, the Northern Metropolis development is also vital for pushing the goal of developing high-technology industries and new industrialization in Hong Kong, as well as fostering deeper integration with the Guangdong-Hong Kong-Macao Greater Bay Area," he says.

Tang says that as Hong Kong's debt-to-GDP ratio is relatively low, it makes sense to provide leeway for bond issuances to meet the funding of long-term infrastructure and land investment projects, while ensuring that the city's credit rating is not affected.

1 2 3 Next   >>|
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    日本特黄a级片| 久久人人爽人人爽人人av| 狠狠干视频网站| 欧美精品aaaa| 国产美女作爱全过程免费视频| 欧美精品色婷婷五月综合| 日本福利视频导航| 中文字幕欧美人妻精品一区| 青青草综合在线| 中文字幕66页| 国产精品沙发午睡系列| 在线观看av的网址| 天堂av2020| 韩国日本美国免费毛片| 妞干网在线视频观看| 先锋影音男人资源| 91视频这里只有精品| 日本在线观看a| 免费在线观看视频a| 日韩精品手机在线观看| www,av在线| 日本特黄a级片| 不要播放器的av网站| 黄页免费在线观看视频| 男人日女人的bb| 熟女熟妇伦久久影院毛片一区二区| 999精彩视频| 黄色片视频在线免费观看| 久久久性生活视频| 国产精品国产三级国产专区51| 在线观看中文av| 想看黄色一级片| 在线观看免费的av| 韩国中文字幕av| 国产精品亚洲a| 男人操女人逼免费视频| 欧美成人免费在线观看视频| 成人黄色大片网站| 久久精品xxx| 国产高清www| 亚洲国产精品无码av| 精品人妻大屁股白浆无码| 毛片在线视频观看| 97精品国产97久久久久久粉红| 亚洲国产欧美91| 中文字幕超清在线免费观看| 麻豆中文字幕在线观看| 美女黄色片网站| 黄色影视在线观看| 少妇一晚三次一区二区三区| 99久热在线精品视频| 国产精品视频二| 精品无码一区二区三区爱欲| 9久久9毛片又大又硬又粗| 国产黄色一级网站| 欧美少妇性生活视频| 国产一区二区在线免费播放| 日韩av在线中文| 想看黄色一级片| 在线观看免费黄色片| avav在线播放| 欧美s码亚洲码精品m码| 乱子伦视频在线看| 免费成年人高清视频| 成年人三级视频| 成人免费毛片在线观看| 中文字幕乱码人妻综合二区三区| 精品久久久久久久无码| 日韩在线一区视频| 99re6这里有精品热视频| 久久久性生活视频| 激情内射人妻1区2区3区| 亚洲综合激情视频| 伊人网在线免费| 午夜免费福利小电影| 久久久久国产精品熟女影院| 激情文学亚洲色图| 激情五月婷婷六月| 成人精品视频一区二区| 91热视频在线观看| 国产成人永久免费视频| 国产一区二区视频免费在线观看| 在线观看日本www| 日韩成人手机在线| 国内自拍视频一区| 麻豆md0077饥渴少妇| 亚洲 高清 成人 动漫| 中文字幕亚洲欧洲| 男女激情免费视频| 黄色三级视频在线| 国产91在线亚洲| 无码人妻精品一区二区三区66| 亚洲在线观看网站| 成人av一级片| 免费观看黄色的网站| 六月丁香婷婷激情| 一级全黄肉体裸体全过程| 黄色影院一级片| 永久av免费在线观看| 黄色免费观看视频网站| 超碰在线资源站| 国产网站免费在线观看| 特级毛片在线免费观看| 色综合av综合无码综合网站| 在线观看视频黄色| 可以免费观看av毛片| 91免费视频黄| 日韩一级理论片| 成人午夜免费在线| 亚洲国产欧美91| 日日摸天天爽天天爽视频| 国产成人免费高清视频| 天天操天天爽天天射| 国产亚洲黄色片| 欧美精品色视频| 国产三级日本三级在线播放| 草草视频在线免费观看| 一本二本三本亚洲码| 91热这里只有精品| 免费在线观看亚洲视频| 国产又大又长又粗又黄| 天天爱天天操天天干| 人人妻人人添人人爽欧美一区| 99热都是精品| 天堂在线中文在线| 狠狠操精品视频| 男人日女人逼逼| 成人在线视频一区二区三区| 免费黄频在线观看| 亚洲不卡视频在线| 99久久久无码国产精品6| 分分操这里只有精品| 波多野结衣 作品| 久久精品一二三四| 在线免费看v片| 天堂网在线免费观看| 成人免费视频久久| 日批视频在线免费看| 国产精品专区在线| 人人妻人人澡人人爽欧美一区双| 异国色恋浪漫潭| 成年人免费观看的视频| theporn国产精品| 欧美美女性视频| 亚洲第一中文av| 黄色一级免费大片| 黄色av免费在线播放| 黄色一级大片在线观看| 毛片一区二区三区四区| 国产精品沙发午睡系列| 国产精品沙发午睡系列| 日韩少妇内射免费播放18禁裸乳| 波多野结衣综合网| 91视频 -- 69xx| 国产美女无遮挡网站| 国产精品视频一区二区三区四区五区| 男女超爽视频免费播放| 蜜臀av无码一区二区三区| 日本午夜激情视频| 国产最新免费视频| 国产男女激情视频| 亚洲高清在线免费观看| 在线观看免费污视频| 国产美女视频免费看| 91免费网站视频| 热这里只有精品| 国产成人生活片| 91免费黄视频| 国产xxxxx在线观看| 亚洲欧美另类动漫| 久久久久久久久久一区二区| www.偷拍.com| 视色,视色影院,视色影库,视色网| 91精品国产毛片武则天| 一本久道高清无码视频| 无码精品国产一区二区三区免费| 狠狠热免费视频| www.51色.com| 免费极品av一视觉盛宴| 蜜桃传媒一区二区三区| 日本熟妇人妻中出| 亚洲高清视频免费| 国产天堂视频在线观看| 97在线播放视频| 日韩成人av免费| www.好吊操| 最近免费中文字幕中文高清百度| 亚洲美女性囗交| 久久香蕉视频网站| 日韩av一二三四区| www.se五月| 永久免费看av| 99精品视频在线看| 日韩高清在线一区二区| 国产免费黄色一级片| 国产情侣av自拍| 国产av第一区| 久章草在线视频| 国产美女视频免费看| 一路向西2在线观看|