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IBond harms the benefits of Hong Kong taxpayers

出自香港新聞網 - 樹仁新傳系學生實習習作

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by Leung Sze Man, Candace


Hong Kong government is going to issue $10 billion to IBond, which was announced by The Financial Secretary John Tsang in the 2012-2013 Budget. Chiu Sin Chun , the financial commentator of Now TV criticized that IBond harms the benefits of Hong Kong taxpayers yesterday.


IBond, inflation-linked debt paper, is issued by the government to help the citizen coping with inflation. IBond carries a three-year maturity and offers a biannual payout in line with inflation in previous half-year period.


Many financial analysts recommend investors to buy the new IBond because they believe the return of IBond can help the citizen to tackle inflation. However, Chiu disagrees. “The entry fee of IBond is 10,000, which cannot be afforded by the grassroots.” Chiu believes IBond will only benefit the investors, not the grassroots.


Also, Chiu criticized the use of collected funds from IBond. “The government saved the collected funds in treasury without any investment. It is not good for Hong Kong economy.” He thinks the collected funds should have a prospective scheme instead of saving in treasury.


“The interest of IBond, which is given by the government, is paid by Hong Kong taxpayers actually,” he against the government uses taxpayer’s money to subsidize the interest of IBond because it is unfair to taxpayers.


He is disappointed that many citizens, even financial commentators, are not sensitive enough that IBond damages the benefits of taxpayers and is no help to fight inflation. ((ok, but a bit sparse...put more sentences together instead of isolating them))
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