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Unsuccessful Fiscal Management of Hong Kong government

出自香港新聞網 - 樹仁新傳系學生實習習作

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Unsuccessful Fiscal Management of Hong Kong government


Reported by Iris Ng (095183)

Financial Secretary John Tsang Chun-wah delivered last week the last budget of the incumbent government. He is leaving HK$660 billion in reserves. But Chun Sin-chun, a financial commentator of now TV, said yesterday in the HKSYU that he didn’t think John Tsang or the incumbent government was successful in fiscal management.

For five consecutive years, Donald Tsang’s administration keeps giving away sweeteners amounting to more than HK$200 billion. Chun said:” The government leaves many deep-seated remain unsolved. For examples, we need long-term mechanism to improve the people’s livelihood, increase investment on education, scientific research and establish new industries to fuel our economic growth.”

In addition, he said the Hong Kong government should provide financial aid on taxation services to companies and relax their tight restrictions on bank lending. He believed if the money were spend on important issues, Hong Kong would benefit more.

According to Article 107 of the Basic Law, Hong Kong shall keep expenditure within the limits of revenues in drawing up its budget, and strive to achieve a fiscal balance and avoid deficits. “ In addition to officials’ short-sightedness and unreasoning adherence to convention, the principle of the Basic Law does limit the government to increase recurrent expenditure on any large scale.”

So Chun hoped the government can find a proper way to make active action on economy and society.

[Good examples of issuesand solutions.]

[Grade: A]

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