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Financial Expert: Budget has no thought

出自香港新聞網 - 樹仁新傳系學生實習習作

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Chiu Sin Chun
  • Now TV Financial Commentator

Budget launched on last Wednesday, Now TV financial commentator Chiu Sin Chun attended the weekly assembly of Hong Kong Shue Yan University of Journalism and Communication Department today, he said the philosophy of the Budget is too conservative, lack of theory as foundation.


Lashed out the anti-inflation bond

In the coming year's Budget, the Government will allocate $ 10 billion for the Inflation Protected Securities, Chiu pointed out "The issuance of ibond is no purpose and which is inaction. The cash flow in ibond would not turn into the investment market, hence the interest of ibond will be totally responsible by the taxpayers,” Chiu lashed.


$6,000 is not the focus

Chiu said that the focus of budget is the long-term pro-active intervention, rather than giving $6,000 to each of the Hong Kong people or not. Government should provide some policy for "N no people", but they did not.


Budget = No thought

Chiu argued that there was no thought behind the Budget. He did not agree the financial strategy made by John Tsang. Chiu agreed that conservative is good in the rough sea, but he could not see any theological basis in this Budget and John Tsang's financial philosophy.

He believes that financial management should be has done, rather than piecemeal. He pointed out that there was only four months between the Budget and the Chief Executive Policy Address, but both of these did not mention the public housing policy for the grassroot, such as the new Home Ownership Scheme etc., and government will not provide any tax incentives to those competitive industries in Hong Kong.

So, he concluded that, ‘The philosophy of the Budget, which is less creativity, and it may attributed by accountability system in Hong Kong Government.


Say no to linked exchange rate system

In addition, Chiu also said that Hong Kong government should abolish the linked exchange rate system linking system. The linked exchange rate system was set up in 1983, which is due to the impact of political current situation, in line with the opportune.

‘However, the present situation of this system is inappropriate, and due to there is no opportunity for "predators" to destroy our economy, hence, there is no reason that Hong Kong Monetary Authority is still operating and defending the linked exchange rate system. Hong Kong should abolish this system and close the Hong Kong Monetary Authority, as to overthrow the monarchy in the past.

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