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The Young Reporter

Budget 2024 Key Takeaways: Careful balance of revenue and deficit to continue

Hong Kong’s Financial Secretary Paul Chan Mo-po delivered the 2024-2025 Budget speech on Wednesday, announcing policies to strive for high-quality development while sustaining a solid economy. Top the list is the cancellations of property cooling measures, with Special Stamp Duty, Buyers’ Stamp Duty and New Residential Stamp Duty scrapped with immediate effect. For the coming fiscal year, the total government expenditure will increase by about 6.7% to HK$776.9 billion, while the total government revenue is estimated to be HK$633 billion. Chan expects that there will be a deficit of HK$48.1 billion for the year, and fiscal reserves will decrease to HK$685.1 billion. Here are the key takeaways of this year’s budget plan.  

Budget 2024: Hong Kong government extends subsidy for people waiting for public housing

People waiting for public housing will continue to receive monthly government subsidies while the government continues to build new public housing units, Financial Secretary, Paul Chan Mo-po said in the budget address today. The cash allowance trial scheme is available to applicants who have been on the waiting list for public rental housing for more than three years. The subsidy amount for individuals is HK$1,300 per month. The average waiting time for public housing in Hong Kong is 5.6 years, according to the Hong Kong Housing Authority. Transitional housing remains insufficient despite 21,000 new units built last year. Many waiting for public housing are forced to live in cramped subdivided flats, the Society for Community Organization reported in a recent survey. Transitional housing is difficult to get, some public housing applicants said. Chan, 67, who declined to use his full name, said he has been rejected for transitional housing twice. “I hope the government can pay more attention to the elderly living in subdivided flats. They are having a hard time,” Chan said. Tse, 59, who declined to use his full name, said he currently resides in a hotel in Yau Ma Tei and pays HK$3,000 a month for rent. Despite being unemployed and receiving government assistance, he cannot get transitional housing due to a shortage of units for single individuals, he said. SOCO has implemented various projects to provide temporary housing to low income people, in areas such as Chai Wan, Tin Hau and Tai Po. “The greatest housing problem is that everything is expensive, including rent, water, and electricity,” said Sze Lai-shan, the deputy director of SOCO. Sze said that extending the monthly subsidies for public housing applicants is positive. Sze said that cash subsidies can be specifically directed toward residents living in subdivided units.

Budget 2024: Hong Kong to Assess Talent Visas while Nurturing Local Talents

The Hong Kong government will put more effort into nurturing local talents while also reviewing existing talent schemes to ensure their effectiveness. The government will organise a summit and a conference in May, aiming at promoting the flow of talent in the Greater Bay Area. More than 140,000 applications have been received under the various talent admission schemes, of which more than 100,000 have been approved in the past year, said Financial Secretary Paul Chan Mo-po in his budget address today. The Top Talent Scheme, launched in 2022, allows people with incomes higher than HK$2.5 million or degrees from eligible universities to apply for residency without employment. This added an estimated HK$34 billion to the economy, equivalent to 1.2% of Hong Kong's GDP, Chief Executive John Lee Ka-chiu said in a public address in February.  Chan said that 60% of immigrant talents were married, and most of them have brought their families to Hong Kong.   Lilian Bao, 42, a former executive of a Beijing-based internet company who emigrated to Hong Kong under the talent scheme, now lives with her daughter in Hung Hom. “I immigrated to Hong Kong for my daughter's future education,” she said. “I want her to enjoy a more international, diverse and independent learning and living experience here.” Some doubt the long-term effectiveness of the talent schemes. Some applicants have not complied with the time frame for coming to Hong Kong and securing employment after receiving approval, said legislator Adrian Ho in a Legco meeting in January. Ho also said that some say the scheme is relatively lenient in the work experience requirement and the vetting and approval criteria, making it possible for some people to exploit the scheme to immigrate to Hong Kong.  “There are rumours that individual applicants have only come to Hong Kong for …

HK Red Cross uses technology to raise awareness on climate change

The second Red Cross City Challenge kicked off on March 2 in Kowloon District. The event embraced virtual reality and augmented reality technologies to better present the influence of climate change. Different from the previous event theme "Humanity City Challenge", which focused on the community services, this year’s theme is  "Rebuilding Lives, Rebuilding Homes". Participants need to race against time in the streets and alleys in Kowloon to find 60 designated checkpoints and complete various missions.  "Hong Kong Red Cross hopes that this event will encourage people to get involved in community activities to help the disadvantaged groups affected by climate change and disasters," said Ma Chak-wah, chairman of the organizing committee of the Red Cross City Challenge. The event is of a pro bono nature. After deducting administrative expenses, the funds raised from the event will be used to support various humanitarian services of the HKRC. Ma said that the event will include the use of AR technology to present participants in real-life scenes of homes stricken by extreme weather to create an experience of the huge impact of climate change in real life. This year, Hong Kong Red Cross co-branded with Snoopy™ and handed out gift bags filled with goodies of the cartoon dog. More than 2,500 people registered for the event, and about 70% of whom were young, Ma added. "I came to this event because Snoopy™ caught my eye," said Leung Sin-yee, a 17-year-old local student. "Hong Kong has also been frequently affected by extreme weather recently, and the theme of this event happens to be related to disasters. I want to learn from this event to better protect myself and help others," Liao said. Ma said that the Red Cross hopes to encourage more and more young people to understand and participate in disaster relief …

Budget 2024 Key Takeaways: Careful balance of revenue and deficit to continue

Hong Kong’s Financial Secretary Paul Chan Mo-po delivered the 2024-2025 Budget speech on Wednesday, announcing policies to strive for high-quality development while sustaining a solid economy. Top the list is the cancellations of property cooling measures, with Special Stamp Duty, Buyers’ Stamp Duty and New Residential Stamp Duty scrapped with immediate effect. For the coming fiscal year, the total government expenditure will increase by about 6.7% to HK$776.9 billion, while the total government revenue is estimated to be HK$633 billion. Chan expects that there will be a deficit of HK$48.1 billion for the year, and fiscal reserves will decrease to HK$685.1 billion. Here are the key takeaways of this year’s budget plan.  

Budget 2024: Monthly fireworks may have limited effect on tourism but cause air pollution

Fireworks will be set off every month over Victoria Harbour in the coming year along with drone displays to attract visitors, Financial Secretary Paul Chan Mo-po announced in today’s budget speech.  Chan said last year's fireworks displayed along the waterfront in Victoria Harbour, Wan Chai and West Kowloon were all well received. "We will make full use of these valuable resources to provide a more engaging and diverse experience for the public and visitors,” he said. "Regular events are important to tourism," said Professor Chong Tai-leung, 55, executive director of Chinese University’s Lau Chor Tak Institute of Global Economics and Finance. "Monthly fireworks displays are a great way to attract foreign visitors from far and wide." “There are obviously more people visiting Hong Kong, especially on the second day of the Lunar New Year when people gather at Victoria Harbor to admire the fireworks,” said Peter Lo, 62, an electrical engineer, “it almost felt like the traffic flow before the pandemic.” But Lo does not believe that Hong Kong's tourism industry will bring sustained appeal. "There are only a few interesting attractions in Hong Kong, the fireworks won’t attract tourists for a second time."  "If it happens every month, I can choose a time that suits me better and avoid the severe rush during the New Year," said Cao Kailuo, 21, a mainland college student who plans to visit Hong Kong during his vacation. Sara Leung, chair of the Hong Kong Tourism Industry Employees General Union, told RTHK that she is not optimistic about fireworks and drone shows because many nearby areas are hosting similar events and visitors will lose the novelty.  "In fact, the government doesn't need to spend a lot of money on fireworks displays, they usually get sponsors to host them," Chong said. "For example, last year's …

VegCoffee Mix & Match Competition attracts non-vegetarian visitors to Vegetarian Food Asia

The 10th Vegetarian Food Asia held from Friday to Sunday featured the second VegCoffee Mix & Match Competition, with a combination of cafe culture and vegan culture which attracted many non-vegetarians. This year's competition highlighted a vegan and coffee theme, requiring competitors to make desserts and coffee within an hour. The organizer of this event, the Hong Kong Roasters and Coffee Commissioners Association, said this is the only live competition in Hong Kong where coffee and roasting are held at the same time. Lei Bui-dak, 45, chairman of the Vegan Coffee Creation Competition organizing committee, said they wanted to further promote vegan culture through the growing popularity of the cafe culture in Asia. "We wanted to explore how well vegan and cafe cultures could be integrated so that the vegan culture will become widely known as a lifestyle. We were happy to see that the competition did succeed in attracting many non-vegetarians who came because they were interested,” he said. “I came to this exhibition after seeing the Coffee Association's promotion on Facebook​​,” said Cheung Ming-wing, a coffee lover, who specifically came to watch this competition. “I’m not a vegetarian, but I think I might try going vegan after this exhibition,” he said. Lim Sze-han and Chan Sung-ming participated in the VegCoffee Mix & Match competition, presenting a work called "The Hong Kong Tea Set". "The theme of our work is a very classic Hong Kong afternoon tea with pineapple buns and coffee, and all the ingredients of the pineapple bun are vegan," Lim said. “We are not vegetarians. We came to this contest because we were curious about vegan culture and our desire to help spread it for the better,” said Lim and Chan. Lim said that they had made a lot of efforts before the competition, such as …

Sham Shui Po' s first Literary Youth Bazaar immerses visitors in local culture

The Home Affairs Department organised the "Searching for Sham Shui Po" Literati Bazaar at the activity space underneath the Tung Chau Street Flyover on Saturday. It is one of the events under the "District 18 is Colourful Day and Night in 2024" programme, aiming to drive people to understand and immerse themselves in local design products and Sham Shui Po textile culture while promoting itself to become the core area of ​​the innovative economy. The bazaar marked the first time for Sham Shui Po to host an event of this scale, with more than 30 stalls featuring local original works such as fabrics, leathers, and cultural and creative products. The bazaar also promotes city walking activities.After registering for admission, visitors will receive a printed eco-cup as a gift. Shadow Lee, 28, a handmade stall owner, said she was happy that the government has given  young literary youths a platform to promote their work. Cindy Chen, 26, a ceramic craftsman, said that as a resident of Sham Shui Po since childhood, she is honoured to contribute to the development of this area's culture. "Although the economy here is not well developed, the culture of cloth and handicrafts has always been very distinctive, and in recent years, I can feel that the government is emphasising these cultures," said Chen. Effie Zhu, 21, a visitor to the bazaar, said it is her first time participating in such type of bazaar in Sham Shui Po,“ I did not expect that there would be so many visitors, not only some literary youth but also many old people and children joined today’s bazaar.” Karlssen Wong, 7, said his favourite part of the whole fair was the stamping and punching of cards in the fair, where there were all sorts of prizes to be won. “I was …

Brisbane Celebrates International Women’s Day with a Sea of Pink

Australia celebrated International Women’s Day today with around 23,000 people wearing pink for a five-kilometre run in Brisbane to support breast cancer research. It’s the largest event for the cause ever held. The run began in South Brisbane and ended in City Botanical Gardens with participants walking, jogging, or running along the way. People could also join virtually across the state, bringing the total number of participants to  26,000. Tickets were sold out within a month.  The Mater Foundation has been holding the event for over 33 years to raise funds for breast cancer research.  They partnered with Queensland X-ray this year and raised over nearly 1.8 million Australian dollars (HK$9.3 million). The money will go toward providing women with high-quality X-ray imaging services.  Kaylah Pearse, one of the event organisers, said she is delighted to see the event grow every year.  “Last year was a smaller show compared to this year. It’s great because fundraisers need more support to carry out more research and provide help for women with breast cancer,” she said.  Connie Glover, one of the participants, said that her mother was diagnosed with breast cancer two years ago and she has joined the event for four years now.  “I was inspired by my mom. I think it’s important to support more people with similar experiences,” said Glover. She also added that the funds can help provide women with headscarves after chemotherapy and mastectomy bras after breast removal surgery. The Australian Institute of Health and Welfare stated that breast cancer is the most common cancer among females in Australia in 2023. One in seven women in Australia is at risk of breast cancer during their lifetime.  In 2022, the Australian Bureau of Statistics found that breast cancer is the seventh-highest cause of death overall and the second …

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