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Hong Kong budget 2021-2022

Hong Kong faces a massive shortfall in predicted income from sales of government land to developers. Photo: Elson Li

Hong Kong experts urge price review for government land after site fails to sell

Academic predicts government deficit will ‘become worse’ if review of reserve prices for development sites is not carried out.

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Hong Kong tax revenue drops HK$18.3 billion to HK$360.2 billion in 2022-23

Hongkongers out to spend e-vouchers but businesses note weaker impact of scheme

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Hong Kong lawmakers will slash number of questions about budget amid fifth wave

Usually the process of scrutinising the budget involves thousands of questions from lawmakers, but the Legislative Council’s president says they will be allowed to ask no more than 10 each this time around.

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Legislative Council President Andrew Leung says lawmakers will comply with a request to drastically reduce the number of questions they will ask about the next budget. Photo: Nora Tam

Some Hongkongers calling for fresh round of vouchers, but economists not so sure

A fresh round of vouchers will ‘make people happier’, one economist says, but the money might be better spent elsewhere.

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‘Golden window’ for Hong Kong as finance chief seeks input on coming budget

Paul Chan says the coronavirus pandemic is being effectively contained and the city’s economy is gradually recovering.

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Land sales boom set to shrink Hong Kong deficit, finance chief says

The sale of several prime urban sites helped the city hit a record high of HK$40 billion in land income as of last month, but it’s not enough to cover gap created by major increases to recurrent expenditures, Paul Chan says.

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A record-setting HK$50.8 billion was paid for a 50-year land grant on a prime piece of harbourfront property, the government revealed last week. Photo: Winson Wong

Concrete Analysis | Hong Kong needs ambitious land-supply efforts to grow into a smart city

Hong Kong should have the vision to plan for the longer-term future and balance the development of residential and commercial properties. Fiscal viability will facilitate its growth phase into a smart city.

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Letters | Watch out for profiteering as Hong Kong voucher scheme launches

With so many billions in spending about to hit the market, businesses and shop owners may have a perverse incentive to raise prices. The government should not allow this to happen.

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Letters | Why Hong Kong’s spending voucher scheme is a winning idea

The scheme will help the government improve its image and companies to boost their business, while giving Hongkongers some welcome relief from the stresses of the pandemic.

A banner advertises the Hong Kong government’s consumption voucher scheme in Sham Shui Po. Photo: Felix Wong

Letters | Why Hongkongers need to spend handout on ‘useless’ things

If we spend the vouchers on necessities to save our money instead, there is no net consumption boost to the economy. For the sake of society, we must spend

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Shops in Mong Kok get ready with the payment systems for the Hong Kong government’s HK$5,000 consumption voucher scheme on July 10. Photo: Dickson Lee

Platforms offer cash, iPhones to lure consumers in HK$5,000 e-voucher scheme

Rival payment platforms chosen for e-voucher scheme unveil a raft of new offers, including additional digital money and iPhone giveaways.

Editorial | Hong Kong voucher scheme to provide timely relief

Unlike previous cash handouts which may have been put in the bank by recipients, the e-vouchers are guaranteed to boost retail, dining and other industries and will arrive after 17 months of economic hardship fuelled by the pandemic.

Octopus to spend HK$1 million helping small firms capitalise on e-voucher scheme

E-payment operator to help smaller firms with digital marketing as government prepares to give every adult Hongkonger HK$5,000 in bid to boost city’s economy.

Rita Li, Octopus Cards’ sales and marketing director, announces the company’s measures to support small businesses. Photo: Winson Wong

Letters | From vouchers to taxes, government cannot please everyone

The government must have its objectives and basic principles clearly in mind when launching any initiative and communicate them effectively to the public.

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Lunch hour in Central on June 29, 2020. The coming tax review must not be another exercise in consultation after consultation in search of an impossible consensus. Photo: Winson Wong

Expiry date for HK$5,000 digital vouchers may be extended to Lunar New Year

While he hoped the scheme could boost local spending, Chan warned against excessive optimism over the economy despite recent improved figures.

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Hong Kong government’s land revenues fell to lowest level in 5 years in 2019-20

Last year’s figure of HK$88.7 billion represented a 37.4 per cent drop from the year before, and was the lowest since 2015-16.

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Letters | Hong Kong voucher scheme can boost economy, shift to digital payments

The convenience and simplicity of digital payments will benefit shoppers and could encourage the elderly to better keep pace with technological development.

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People queue up to buy food at a wet market in North Point on March 31. Smaller businesses could miss out on the benefits of the city’s digital voucher scheme. Photo: Felix Wong

Renewed calls for scheme to help Hong Kong jobless survive pandemic woes

DAB chief Starry Lee says she is disappointed with the government’s handling of the pandemic and its failure to support low-income groups.

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Letters | HK$5,000 handout vouchers should be issued in paper too

There are still a number of – mostly elderly – people who are not familiar with e-payment platforms, and use cash regularly. We shouldn’t forget these former taxpayers.

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Letters | Hong Kong voucher scheme risks leaving out small businesses

Make voucher scheme fairer by including more than four e-payment providers and offering help to businesses that only take cash.

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A sign at a fish vendor in Hong Kong’s Po Tat Market informs shoppers that payment can be made through Alipay, in November 2017. Photo: Bloomberg

Hong Kong’s HK$5,000 voucher scheme set for summer launch as providers chosen

Officials pick AlipayHK, Octopus, Tap & Go and WeChat Pay HK for a scheme aiming to boost spending by giving every Hong Kong adult resident HK$5,000 in consumption vouchers.

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AlipayHK is among the operators chosen to run payments services for a HK$5,000 voucher scheme in Hong Kong. Photo: AlipayHK

Letters | Bus fare hikes put city on road to nowhere

Bus companies are backed by big investors with the capacity to bear any loss or risk of operating a business. The needy have no such safety net, especially when even sweeteners have been withdrawn.

Editorial | Hong Kong should be cautious before embracing SPACs

It is the latest investment fad, but city’s regulators would be wise to wait for a while before joining the special purpose acquisition companies bandwagon.

Editorial | Accelerate the drive towards electric cars in Hong Kong

After a stop-start policy on electric vehicles, the authorities seem to finally be on the right path towards a greener future.

Hong Kong has just 18,600 electric cars in use, or 3 per cent of private vehicles. Photo: SCMP Pictures

Letters | Hong Kong has a lot to learn from Taiwan on e-vouchers

Taiwan’s stimulus vouchers in November offered a choice between digital and paper versions, making them them easy to use for all ages.

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A busy intersection at a shopping district in Taipei on February 23. Taiwan has revised its economic growth forecast upwards for 2021, despite the Covid-19 pandemic. Photo: EPA-EFE

Letters | Hong Kong civil service needs more than a spending trim

The issue was ignored during the fat surplus years but with deficits looming amid an economic downturn, it’s time to take a good hard look at public expenditure

Editorial | Stamp duty rise on stock transactions a price worth paying

Move criticised by some Hong Kong lawmakers will add new revenue at a time of record deficits, be a direct tax on the rich, and may also help lower market volatility.

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Hong Kong budget 2021-2022
The latest news, analysis and opinion on Hong Kong budget 2021-2022. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
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