The budget will be released on the 22nd of next month. Financial Secretary Chen Maobo expects the deficit of this year will reach more than 100 billion yuan. With the gradual return to normal, some relief measures that have been introduced for many years may need to be adjusted. I hope the public understands and supports them. In addition, the New Democratic Party expressed its opposition to the renewal of consumer coupons earlier, and party chairman Ye Liushuyi questioned whether it is necessary to distribute limited resources in a fireworks-like manner. The Hong Kong Association of Community Organizations called on the government to distribute a living allowance of 10,000 yuan to each grassroots person in the form of cash, believing that the use is more flexible than electronic consumer coupons.
Financial Secretary Chen Maobo continued to consult on the new budget. He pointed out in his blog yesterday that the government has spent more than 600 billion yuan in the past three years due to the epidemic, and fiscal revenue has also decreased. The fiscal deficit is expected to reach more than 100 billion this year.
He pointed out that now that society has entered the post-epidemic stage, the economy is definitely better than last year. Expansionary fiscal policy tightening is inevitable, but he will carefully examine how to make the relevant adjustments more bearable for citizens, small and medium-sized enterprises and society. He said that at the beginning of the economic recovery, it may not be appropriate to cancel all relief measures across the board, so as not to damage the recovery momentum. Therefore, next year’s fiscal policy will transition from a “very loose” expansionary stance to a “moderately loose” one. It is necessary to focus on supporting the disadvantaged, but also to enhance economic momentum and citizens’ confidence in economic improvement; at the same time, efforts must be made to control the public Spending, to maintain the market’s confidence in the government’s fiscal soundness.
Anticipate adjustments to relief measures
Chen Maobo also mentioned that the biggest challenge in preparing this year’s budget is to face the huge fiscal deficit. He reiterated that “cutting expenditure is a must, and increasing revenue is more important.” The influence of the community; we hope to gain the understanding, consideration and support of the public for the need to reduce expenditures and may have to share additional tax burdens. When Chen Maobo was asked about distributing consumer coupons again in recent days, he said that “the decision has not been finalized at this stage”. , Watch and eat.”
Ye Liu: Oppose the re-burning of fireworks coupons
In the past two years, the government has introduced consumer coupons. Many organizations and citizens hope to “add food”. The convener of the Executive Council, Ip Lau Sook-yee, expressed her opposition. Burning fireworks are distributed in a fancy way.
She said in a radio program yesterday that consumer vouchers are a counter-cyclical measure, injecting economic stimulus into consumption, but Hong Kong has escaped from economic contraction. During the Lunar New Year period, restaurants are booming, coupled with a large deficit and a sharp decrease in government reserves, she believes that citizens receive consumer vouchers It’s just taking public transportation, visiting supermarkets and eating breakfast, which is of limited help to the economy. She believes that resources should help those most in need, such as CSSA double pay, public housing rent free for one month, etc.
Ye Liu also pointed out that the government last year estimated that the economic growth in the next five years would be 3%, but the increase in recurrent expenditures would range from 4.1% to 4.6%. He believed that it had violated the principles of living within our means and prudent financial management in the Basic Law.
Social Association advocates targeted poverty alleviation to help the grassroots and the unemployed
In addition, the Hong Kong Association for Community Organization interviewed 946 grassroots citizens in the form of an online questionnaire. Nearly half of the respondents said that their income had decreased in the past year, 43% said their expenses had increased, about 10% needed borrowing to survive, and about 30% relied on welfare. Stipend for a living. The association suggested that the government distribute 10,000 yuan in cash living allowances to grassroots citizens. Mr. Liu said: “The cash payment can at least help me pay 2,000 yuan in rent.” Ms. Qiu pointed out that the epidemic has seriously affected my livelihood. Even my son’s money was used.” The Social Association believes that the government should provide targeted poverty alleviation, and at the same time should set up short-term unemployment and underemployment assistance funds.
Originally published on AM730 https://www.am730.com.hk/Local/Expected financial deficit of more than 100 billion-Chen Maobo announced the reduction of sugar distribution-The Social Association advocates sending 10,000 yuan of living allowance to the grassroots/358830?utm_source=yahoorss&utm_medium=referral