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Fiscal budget lacks long-term vision, says experienced financial commentator

出自香港新聞網 - 樹仁新傳系學生實習習作

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Fiscal budget lacks long-term vision, says experienced financial commentator

7th February 2012

The 2012/13 Budget has been under criticism since it was delivered by Financial Secretary John Tsang last Wednesday. Though the budget may have doled out sweeteners to different parties, it lacks long-term vision and creativity, an experienced financial commentator said yesterday.

The fiscal budget announced last Wednesday includes a variety of relief measures to help the middle class and small and medium enterprises (SMEs) which worth approximately HKD 80 billion. The dishing out of sweeteners is welcomed by citizens, yet experienced financial commentator Chiu Sun Chun doubts the effectiveness of such handout.

“These one-off relief measures wouldn’t help much, they could only ease the pressure of residents and business during this hard time, yet Hong Kong’s deep-rooted problems remain unsolved,” said Chiu.

Chiu pointed out that many problems were deeply seated in Hong Kong. The budget should not only put its main focus on solving short-term issues, but also seek for solutions in dealing with those inherent problems.

“Making through the worsening economic condition is of paramount importance, what the government should do is to find ways to fuel our economic growth. The budget is way too conservative and short-sighted. The government should set up more research and development projects so to establish new industries that will boost our economy and solve the deep-rooted problems,” Chiu said.

Chiu commented that the fiscal budgets announced before 1997, when Hong Kong was still a British colony, consist of long-term visions and plans which truly helped the city’s development. However, as Hong Kong was returned to China by the British, policies and budgets have become more short-sighted and conventional. As the government will soon be handed over to the next Chief Executive, Chiu hopes that Hong Kong could become more vibrant city under the leadership of the new cabinet.


Comments from Ms Isabelle Umugwaneza:
Good title. Once again, great job! Other than a few minor details, your article is well written and supported with adequately explained quotes. Keep it up!


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