By: Zhu Zijin Cora 朱子槿、Zhou Yichen Gloria 周奕辰Edited by: Alison Leung
Budget Address 2021: Hong Kong sees 2021 positive GDP growth at 3.5% - 5.5%
- 2021-02-24
- Business
- The Young Reporter
- By: Zhu Zijin Cora 朱子槿、Zhou Yichen Gloria 周奕辰Edited by: Alison Leung
- 2021-02-24
Hong Kong's Financial Secretary Paul Chan Mo-po said in his budget speech on Wednesday that the city’s economy is expected to return to positive growth this year after experiencing two consecutive years of recession. Hong Kong's economy will face significant challenges in the first half amid COVID-19 while the economy is expected to recover in the second half on a rebound in the global economy, Chan said. He forecasts the economy to grow by 3.5-5.5% in real-term this year on back of the stimulus effect of the fiscal measures. But Chan also said, "The progress of economic recovery will hinge on the development of the epidemic." From 2022 to 2025, he expected the city's economy will grow by an average of 3.3% per annum in real terms, with the underlying inflation rate forecasted to average 2%. The Financial Secretary expected the government to post a budget deficit of HK$101.6 billion in 2021/22, accounting for 3.6% of GDP due to the relief measures and the continued increase in recurrent expenditure. The government also announced several one-off measures including cutting personal salaries tax and personal assessment tax by 100% with a ceiling of HK$10,000. Enterprises will also be eligible for 100% reduced profits tax with a limit of HK$10,000. Unemployed citizens can apply for a government-backed personal loan capped at HK$80,000 at an interest of 1% per year, said Chan. In addition, to stimulate domestic consumption, every Hong Kong permanent resident and new arrivals aged 18 or above will receive HK$5,000 electronic consumption vouchers, which will involve about 7.2 million people with a total of HK$36 billion.
Hong Kong strives to achieve carbon neutrality goal, long-term decarbonisation strategy expected mid-2021
- 2021-02-19
- Business
- The Young Reporter
- By: Yoyo Kwok Chiu TungEdited by: Zhu Zijin Cora 朱子槿
- 2021-02-19
The 2021 Budget Plan will be released next Wednesday in which global climate change is expected to be a topic in concern while the Financial Secretary Paul Chan Mo-po has said that a long-term decarbonisation strategy, including the promotion of using electric vehicles, will be announced in the middle of this year. The Financial Secretary said in his blog on Feb. 7 that the government will promote the use of electric vehicles by creating more EV charging stations and phase out existing high-emission Euro IV diesel commercial vehicles before 2027. The government would strive to achieve carbon neutrality before 2050, Chief Executive Carrie Lam Cheng Yuet-ngor said in the 2020 Policy Address. However, the development of electric vehicles in Hong Kong is still slow, said Wong Chun-sing, 32, who would like to buy an electric vehicle but stopped by government measures. “The electric vehicles charging stations are not enough, I wanted to buy an electric car but I think it is hard to charge electric cars in Hong Kong,” said Mr Wong. When compared with Singapore, Hong Kong is still lagging behind in terms of green infrastructures. Singapore announced on Tuesday in its budget that it will create 60,000 EV charging points before 2030, or more than 30 times of what they have now. "I think the development progress of Hong Kong is way behind Singapore,” Mr Wong said. As of December 2020, Hong Kong had 3,351 electric vehicles charging points, according to data provided by the Environmental Protection Department. Hong Kong also released certain policies to promote green technology for reducing air pollution by vehicles and ferries in last year’s budget. The government has earmarked HK$80 million for launching electric public light buses and HK$2 billion to subsidise the installation of EV charging stations for residential buildings and to …