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Outdated concept of setting Budget

出自香港新聞網 - 樹仁新傳系學生實習習作

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Outdated concept of setting Budget

Financial Secretary John Tsang Chun-wah delivered the Budget last Wednesday but is criticized that it is too conservative, which is not suitable anymore.


Satsuki Leung

“According to Hong Kong Basic Law, the expenditure of government forecasted in financial budget has to depend on the estimated revenue in the next fiscal year.” said Chiu Sin Chun, the NOW TV business program co-host and financial expert, as a talk to Hong Kong Shue Yan University students yesterday, “However, it should operate oppositely.”


“Like iPhone, it appears not because the demand from the market or the public. Rather, it is simply the own decision made by producer and then the demand is derived.” said Chiu. “Likewise, the government should think of what the public needs and what expenditure will be spent first, then estimate the revenue it should have.”


While the basic concept of designing the Budget is outdated, both expenditure and revenue are always estimated inaccurately, which leads to misuse of resources.


"The revenue next year is underestimated again since the Budget forecasts that the revenue from land sales is only 60 billion," said Chiu. “It is also strange that the government received an enormous amount of income from issuing iBond (inflation-indexed bonds) but hasn’t used that income to have further development. What makes matters worse, the interest the government paid is originally the tax from the creditor.”


Chiu comments that the government should spend more on human resource development and the projects of rebuilding public housing project and Home Ownership Scheme mentioned in latest Policy Address.
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