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Budget Address 2021: Both private and public healthcare sectors call for more support
- 2021-02-24
- Health & Environment
- The Young Reporter
- By: WANG Yichun、SHI RuoshuiEdited by: Jasmine Tse
- 2021-02-24
Financial Secretary Paul Chan Mo-po announced more funding support for the Hospital Authority in his budget address today, raising dissatisfaction among the private and public healthcare sectors. Mr Chan’s policies included providing more than $5 billion to the Hospital Authority to support the anti-pandemic work, increase manpower and services in the public healthcare system, promote the development of Chinese medicine and enhance mental-health services. “Under the current epidemic, the HA will utilise the resources to further enhance public hospitals’ capability in managing infectious diseases,” HA chairman Henry Fan Hung-ling said at the Legislative Council today. However, government support for the private sector was nonexistent. “The private sector and its doctors are suffering under the pandemic,” said Philip Lai, a pharmacy owner in Kowloon City. The majority of Mr Lai’s clients are local residents, and his pharmacy suffered a 30% drop in revenue since the pandemic began last year. “I deal with clients who want better drugs and medicines that are not available in public hospitals,” Mr Lai said. “But if the public sector gets more funding, they can offer higher quality medicine. Then why would anyone buy medicine from pharmacies?” Private clinics also suffered a drop in patients due to the pandemic. Tracy Hui, a nurse, said her private clinic had a 40% drop in patients. “I didn’t expect the government to support us. But if they could provide any support, it would be best if they could help us in terms of rent,” said Ms Hui. The public sector also showed dissatisfaction with this year’s budget address. “The policies were not about health, they were about security and IT.” said Dr Arisina Ma, president of Hong Kong Public Doctors association. Dr Ma pointed out that the budget address only covered paint-by-number policies, including increased isolation beds and mental health …
Budget Address 2021: Hong Kong government rolls out plans to rescue the tourism industry
- 2021-02-24
- Society
- The Young Reporter
- By: Shameel Ibrahim、AMALVY Esten Carr Claude Ole EriksenEdited by: Simran Vaswani
- 2021-02-24
Financial Secretary Paul Chan Mo-po announced HK$934 million for the pandemic-stricken tourism sector in the budget address on Wednesday morning. He said, HK$169 million of the allocated budget will be used for local cultural, heritage and creative tourism projects, such as the Yim Tin Tsai Arts Festival and the City in Time. More than HK$2 billion has already been injected into the tourism industry. An additional HK$765 million will be reserved for the Hong Kong Tourism Board. He added that the relaxation of social distancing measures will allow local tour groups to resume as long as public health can be protected. “Sectors such as airlines, travel agents, tour operators and some retail, it [the pandemic] has been disastrous,” said Professor Brian King, Associate Dean at The Hong Kong Polytechnic University School of Hotel and Tourism Management. In Hong Kong, the tourism industry is one of the city's major economic sectors. According to HKTB, Hong Kong received over 59 million visitors in 2019 and only over 3 million in 2020. Hong Kong’s airport has been closed, only allowing the city's residents from overseas to land following strict quarantine and immigration measures. The two other borders -- the Shenzhen Bay Port and the Hong Kong-Macau-Zhuhai Bridge -- have been shut. Mass-layoffs have been made in airline industries such as Cathay Pacific, the city’s flagship airline. It’s sister company, Cathay Dragon, permanently shut down. The unemployment rate, which is at 7%, is the highest Hong Kong has seen in 17 years. A low-interest loan scheme for unemployed Hong Kong residents was also announced in the budget address. The loan is capped at HK$80,000 per person targeting some 250,000 unemployed residents. Prof King said that the loan scheme will aid tourism sector workers, who can now find other sources of income as the …
Budget Address 2021: Effects of unemployment loan in doubt
- 2021-02-24
- Business
- The Young Reporter
- By: Zhu Zijin Cora 朱子槿、Yoyo Kwok Chiu TungEdited by: Zhou Yichen Gloria 周奕辰
- 2021-02-24
Hong Kong's Financial Secretary Paul Chan Mo-po said on Wednesday unemployed citizens can apply for government-backed low interest personal loans of up to HK$80,000 but citizens cast doubt on its effectiveness because some fear that they cannot repay the loan. The one-off loan at an interest rate of 1% per annum is part of the government’s relief measures announced by the Financial Secretary in his budget speech amid the city’s unemployment rate hitting a 17-year high of 7% in January, with more than 250,000 people unemployed. “The labour market deteriorated sharply,” said Mr Chan in the speech. “This prolonged economic downturn has plunged some people into financial difficulties.” As an extra financing option for the unemployed, eligible individuals can pay interest only in the first year, and then repay the principal plus interest within the next five years. People who repay on time will get the interest back at the end. “I think the budget is reasonable and fair, especially in giving low interest rate loans to the unemployed,” said Teresa Tong, 65, former Partner at Ernst & Young Hong Kong. “ It’s a new idea for this year and it’s pretty innovative. It’s the right way to support the poor and unemployed rather than just offer them money.” “But some people are reluctant to borrow from the government”, said Kwok Man-ho, district councillor Tin Shui Wai. He has received comments from about a dozen of residents and none of them planned to apply for the loan as they were not sure if they were able to repay later. Besides, Mr Kwok also said the amount of the loan was too small, especially for people who were not living in public housing. “Since the unemployed have no idea when they can find jobs, most of them prefer direct unemployment grants …
Budget Address 2021: Deficit hits record high Forecasts economy return to growth this year
- 2021-02-24
- Business
- The Young Reporter
- By: Zhou Yichen Gloria 周奕辰、Vikki Cai ChuchuEdited by: Zhu Zijin Cora 朱子槿
- 2021-02-24
Hong Kong government's fiscal deficit would hit a record of HK$257.6 billion this financial year, Financial Secretary Paul Chan Mo-po said in his budget speech on Wednesday. The deficit was expected to narrow a bit to HK$101.6 billion in 2021/22, accounting for 3.6% of GDP as a series of supporting measures and the continued increase in recurrent expenditure. Mr Chan also forecasted the city's economy would return to growth of between 3.5% to 5.5% this year, due to an expected recovery in the global economy and the effect of local stimulus measures. The Financial Secretary delivered his budget speech at a Legislative Council meeting today with a focus on “stabilising the economy and relieving people's burden”. He said the economy would still face significant challenges in the first half of the year, but "economic recovery will likely gain a stronger momentum in the second half of the year in tandem with an expected rebound in the global economy." However, he also said, “With the epidemic still lingering, our economy is yet to come out of recession.” “As the social distancing restrictions are relaxed and more people are vaccinated, confidence among investors and citizens will increase, and there will be corresponding economic activities to help the economy recover,” said Billy Mak, associate professor from the Department of Finance and Decision Sciences of Hong Kong Baptist University. “But the recovery process may take three or four years, and the economy this year will still be difficult.” Mr Chan also alerted that Hong Kong would record a deficit for a number of years after achieving a surplus for 15 years. Despite this, the government still decided not to cut spending that affects people's livelihood, especially resources for education, social welfare and healthcare, in order to protect people's livelihood and maintain public confidence. By …
Budget Address 2021: Initiative to achieve carbon neutrality and funding for recycling welcomed by NGO
- 2021-02-24
- Health & Environment
- The Young Reporter
- By: CHEN Bingyi、LAMA Sumnima RaniEdited by: GOH Kylan
- 2021-02-24
The Hong Kong government will allocate additional funding for green projects in the new budget proposal announced this morning to help the city meet its carbon neutrality target by 2050. A billion dollars has been injected into funding more than 80 projects that aim to install small-scale renewable energy systems, like solar panels and solar water heaters at government buildings. The Recycling Fund will also receive $1 billion for individual local recycling enterprises aimed to enhance and expand their recycling operations in Hong Kong and non-profit-distributing organisations to undertake non-profit making projects. The city has been widely criticized for its lack of effort in recycling and waste management. “The fund is very important to help local traditional recycling companies to transform into a more workable and sustainable model,” said Lo Kiu-fung, the Project Manager of Designing Hong Kong, a local environmental NGO. NGOs can also benefit from $150 million, a separate fund set aside so the government can help install energy-saving appliances and conduct energy audits for free. The scheme is expected to benefit more than a thousand businesses, said Mr Chan. “The application period for recycling funds will be extended to 2027 so as to render continuous support to the trade, particularly the SMEs, in enhancing its operational capabilities and efficiency as well as coping with the latest needs of both the local and non-local markets,” said Financial Secretary, Paul Chan Mo-po. Mr. Lo describes the city's waste disposal situation as very urgent. “We are behind a lot of Asian cities, and people are producing more and more waste,” he said. Hong Kong's major environmental concern is air pollution and waste management, according to the Environmental Protection Department. The city is facing a landfill shortage. The total amount of solid waste disposed of in Hong Kong's landfills in 2019 was …
Budget Address 2021: No cash handout amid recession; $5,000 e-vouchers for eligible residents
- 2021-02-24
- Society
- The Young Reporter
- By: TUNG Yi Wun、Bowie TseEdited by: Sara Cheng
- 2021-02-24
Financial Secretary Paul Chan Mo-po announced in his budget speech Wednesday there will be no cash handout for this financial year. But electronic vouchers of HK$5,000 will be issued in instalments to each Hong Kong permanent resident and new arrival aged 18 or above to encourage local consumption. The measure, which involves about HK$36 billion, is expected to benefit more than 7.2 million people, Mr Chan said. The government has not said yet where the vouchers can be spent or how they will be given out. “The HK$5,000 e-voucher cannot tackle the current situation and provides limited support to citizens who have been struggling throughout the pandemic,” said Owan Li, Tai Kok Tsui North district councilor. The numbers have been grim. Under the global sweep of the coronavirus, Hong Kong’s economy has shrunk by 6.1% for two consecutive years, hitting the highest annual decline on record. The unemployment rate surged to 7% in the fourth quarter of 2020, reaching a 17-year high. Tourism-related sectors are hard hit as they reached the highest jobless rate since SARS in 2003. Retail, accommodation and food services sectors have suffered a surge in the unemployment rate to 11.3%. Tourism sectors have frozen with extensive global travel restrictions, and the export travel service plummeted by 90.5% “I actually agree with the government decision to not launch another cash handout since it has not been effective,” said Angus Chan, an employee dismissed from the InterContinental Hotel during the pandemic and now works in the Rosewood Hotel. He has one to two no-pay leave days per week at the new job, and some of his shifts are cut, he said. As the world continues to restrict travel, the hospitality industry is uncertain about when it will recuperate from the pandemic. Small and medium enterprises are hoping the …
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.
LIVE: Hong Kong Budget Address 2021-22
- 2021-02-24
- The Young Reporter
- By: Shameel Ibrahim、Jasmine TseEdited by: Simran Vaswani
- 2021-02-24
Introduction This year's Budget Address comes after the city suffered an economic shrinkage of 6.1% in 2020 due to the coronavirus pandemic. Financial Secretary Paul Chan Mo-po is expected to forecast an economic growth from 3.5% to 5.5%. Mr Chan will deliver the Budget Address today (Wednesday) at 11am. His speech will include supporting enterprises and employment, reviving the economy, focusing on land and housing among other things. 12:53pm This concludes the live coverage of Hong Kong Budget Address 2021. Stay tuned for more in-depth coverage on our website and social media platforms. 12:52pm The govt’s revised estimate on its revenue is $543.5 billion, lower than the estimates by 5.1% or $29 billion, mainly due to the lower land premium. #BudgetAddress2021 @hkbutyr — Shameel Ibrahim (@shameel_ibrahim) February 24, 2021 HK govt revenue for 2020-21 was lower than estimated (by $29 billion) while govt expenditure was higher than estimated (by $89.3 billion) @hkbutyr #budgetaddress2021 — Jasmine Tse (@jasmineytse) February 24, 2021 12:48pm The govt will not revise rates of profits tax and salaries tax, two of the major sources of revenue for the govt, due to financial woes by the public as well as businesses. #BudgetAddress2021@hkbutyr — Shameel Ibrahim (@shameel_ibrahim) February 24, 2021 12:46pm “This is not the time to introduce new taxes,” said Financial Secretary Chan @hkbutyr #budgetaddress2021 — Jasmine Tse (@jasmineytse) February 24, 2021 12:42pm Govt spending on livelihood, policy areas of education, social welfare and health care will not be reduced, said Paul Chan.#BudgetAddress2021 @hkbutyr — Shameel Ibrahim (@shameel_ibrahim) February 24, 2021 12:38pm He added that the city will record a deficit for a number of years after achieving a surplus for 15 years. #BudgetAddress2021 @hkbutyr — Shameel Ibrahim (@shameel_ibrahim) February 24, 2021 “I expect that the fiscal deficit will be $101.6 billion, accounting for 3.6 per …
More than 60,000 sign up for Sinovac jabs
- 2021-02-23
- Health & Environment
- The Young Reporter
- By: POON Hiu LamEdited by: LAMA Sumnima Rani
- 2021-02-23
Online registration for Hong Kong’s first round of Covid vaccination began at midnight last night. But the waiting time exceeded 50 minutes soon after the start. By morning, the waiting time was still about 30 minutes. Some of those who tried to sign up complained that they encountered up to 521 errors on the website. Secretary for Innovation and Technology, Alfred Sit Wing-hang said in an interview on RTHK that the demand exceeded the capacity of the government’s registration system, but the glitch was fixed within an hour. By noon, at least 60,000 people had signed up. To register, the system will first ask for an identity card number. The first inoculation is available from 26 February, followed by a second jab 28 days later. Registrants can choose between five Community Vaccination Centres and 18 general out-patient clinics under the Hospital Authority. But by noon, most of the slots had been taken. The earliest available slots are not till the end of next week. Five priority groups can make appointments online to get the vaccine. They include healthcare staff, persons aged 60 years or above, staff of residential care homes, essential public service workers, and personnel involved in cross border transportation. Reservations can be made at www.covidvaccine.gov.hk.Elderly people may bring up to two carers to receive the vaccine at the same time. Only the Sinovac vaccine will be available for the first round. Private clinics participating in the inoculation programme are expected to start providing the jabs by mid-March. On Feb 22 Monday, Hong Kong‘s leader Carrie Lam was the first person to receive China’s Sinovac Covid-19 vaccine in a bid to improve public confidence in the mainland-developed vaccine. The Executive Council on Tuesday passed that starting from Wednesday, social gathering restrictions will be relaxed to allow up to four …
Peaceful protests and strike sweep Myanmar despite deadly police violence
- 2021-02-23
- Politics
- The Young Reporter
- By: Sara ChengEdited by: Jasmine Tse
- 2021-02-23
Protesters across Myanmar staged one of its largest anti-coup protests on Monday since the military overthrew democratically-elected Aung San Suu Kyi's government and arrested members of the National League for Democracy three weeks ago. In Mandalay, the country’s second-largest city where two protesters were shot dead on Saturday, hundreds of thousands rallied peacefully, among them medical workers, lawyers, engineers, monks and grocery shop keepers, said Aung San Thein, 22, a Mandalay protester in a phone interview. Mr Thein went into exile with his family as a child due to political prosecution. He returned home after the National League for Democracy won a landslide victory in the 2015 election. "We’re not taking any violent action,” Mr Thein said. Demonstrators gathered in front of the central railroad station, passed boiled eggs and snacks to one another and listened to speeches, he said, adding all the shops he saw were closed. "Protesters at the front shouted: ‘What do we want,’ and the crowd behind chanted: ‘We want democracy," he said. "Everything is in order. There is no chaos in the country that [the military] has to declare a national emergency. The only chaos that we are having right now is because of the military," Mr Thein said. "That's what we want to show." A one-year state of emergency has been imposed on Feb. 1 after the coup, during which the military chief Min Aung Hlaing will remain in power. The strike defied the junta’s warning on Sunday that protesters, who they blamed for “inciting emotional teenagers and youths,” could "suffer a loss of life." Three protesters have been killed by live bullets during clashes with police, including a 16-year-old boy and Mya Thwate Thwate Khaing, a 20-year-old who was shot in the head on Feb. 9 in the capital Nay Pyi Taw and …