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John Tsang's budget showed no boost for inventions, commentator says

出自香港新聞網 - 樹仁新傳系學生實習習作

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(Boost invention in one's budget presentation? That sounds odd. I think innovation is a more appropriate word. Industrial innovation is a hot topic these days.)

By Ma Wai Shan | Tuesday, 04 March 2014


NOW business program co-host Chiu Sin-chun criticized Financial chief John Tsang Chun-wah of not proposing ways to enhance Hong Kong’s competitive edge and boost invention in The 2014-15 Budget. Chiu also said officials need to review population policies to retain talents.


Speaking in Hong Kong Shue Yan University this afternoon, Chiu said that the budget missed means to neither improve the city’s competitiveness nor step up investments on inventions.


Chiu pointed out that banks tend to fund inventors with real-estate property as they can bear greater risks of investment losses, leaving less wealthy inventors no choice but to rely on themselves.


“Banks nowadays merely give inventors a cash loan against their property. The government has no solution to the dilemma facing inventors,” said Chiu.


In response to a proposed “future fund” which is designed to pay for infrastructures in case of a budget deficit, Chiu doubted if it is the right way of allocating public treasury.


Chiu expressed that simply letting the cash sit idle does not stick to the principle of “keeping the expenditure within the limits of revenue in drawing up its budget”, as dictated in Basic Law article 107.


Chiu also blamed the government for not reviewing the One-way Permit scheme but passively accepting 150 new immigrants from mainland every day.


He stressed that the unlimited influx of the Chinese will drive professionals and skilled away, “just like bad money drives out good,” said the experienced finance commentator.


Chiu warned that Hong Kong could pay a huge price for the government’s lack of determination to tackle issues in economics and population.
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