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Hong Kong budget 2020-2021

Hong Kong budget 2020-2021
The latest news, analysis and opinion on Hong Kong budget 2020-2021. In-depth analysis, industry insights and expert opinion.
Hong Kong Financial Secretary Paul Chan meets the press outside Legco on Wednesday. Photo: Sam Tsang
Coronavirus pandemic

Hong Kong budget sails through legislature in record time

Electronic vouchers, low-interest loans among measures aimed at relieving financial burden on residents reeling from economic upheaval created by coronavirus pandemic.

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Hong Kong stock exchange

Letters | Why Hong Kong trumps Shanghai and Shenzhen despite raising tax on stock trades

Inside Out & Outside In

Inside Out | The best pandemic relief would be to take the brake off the economy

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Hong Kong budget 2021-2022

Hong Kong working to hit 2050 carbon neutrality goal, finance chief says

Financial Secretary Paul Chan says city will tap into the opportunities presented by the ‘green wave’.

The city’s finance chief has promised to unveil by the middle of this year the government’s plans for making Hong Kong carbon neutral by 2050. Photo: Sam Tsang
Hong Kong economy

Hong Kong’s HK$22.4 billion investment vehicle closer to launching

The Hong Kong Growth Portfolio, similar to Singapore’s sovereign wealth fund Temasek, will invest in projects centred on lifting competitiveness.

Hong Kong economy

Opinion | The hardest budget Hong Kong has ever had to produce

The scale of the financial secretary’s challenge is monumental. Hong Kong needs to spend more to tackle the health and economic crises even as revenue drops with people out of work, businesses falling apart and property prices softening.

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Hong Kong economy

More than 350,000 Hongkongers will get their HK$10,000 handout from Wednesday

The latest beneficiaries had registered with the relief scheme on or before July 18. But delays can be expected for some residents in Wong Tai Sin district, which has been hard hit by the latest wave of Covid-19 outbreak.

The cash handout scheme was announced in February. Photo: Winson Wong
Hong Kong economy

Hongkongers set to get HK$10,000 handout earlier than expected

The government’s cash payout scheme, which opened for applications on June 21, received more than 5.5 million registrations by 5pm on Thursday, with 85 per cent made online through banks.

Hong Kong economy

Letters | Spread the joy in Hong Kong: donate your HK$10,000 handout

The combined happiness level of those who pledged their HK$10,000 handout and recipients of their kindness in a pilot scheme was significantly higher than if those who did not really need the cash held on to it.

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Hong Kong economy

Exclusive | Fund manager hunt for new investment vehicle to kick off in second half of 2020

Finance secretary tells Post the monetary authority will be ‘open and transparent’ in choosing who works with Hong Kong Growth Portfolio.

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In an exclusive interview with the Post, Hong Kong Financial Secretary Paul Chan says the selection of private equity funds that will help manage the investments of the new Hong Kong Growth Portfolio will begin in the second half of the year. Photo: Nora Tam
Hong Kong economy

Permanent residents can get HK$10,000 cash handout from July 8

Finance minister Paul Chan announces June 21 launch date for government scheme, with city’s banks signing on to help distribute funds.

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Financial Secretary Paul Chan revealed more details about the cash handout scheme on Monday. Photo: Felix Wong
Hong Kong economy

Letters | To rebuild Hong Kong’s economy, invest in construction

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Hong Kong protests

Hong Kong legislature passes HK$627 billion budget

Budget covers cash handouts, tax breaks and subsidies to offset economic blow from coronavirus pandemic. Bill approved after three weeks of debate that saw pro-establishment and opposition camps accuse each other of undermining the city.

Hong Kong economy

Hong Kong faces threat of worst recession ever, finance chief warns

Financial Secretary Paul Chan says economy could shrink by between 4 and 7 per cent and impact of coronavirus will be ‘more serious and long-lasting’ than first thought.

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A number of Hong Kong’s key industries have come to a standstill. Photo: Edmond So
Hong Kong politics

Hong Kong lawmakers seek new taxes, less construction as budget debate begins

Pan-democrat takes aim at controversial Lantau reclamation project, while pro-establishment pol sees value in value-added tax.

Commuters in face masks is seen going to work at the Hong Kong Station amid the COVID-19 pandemic in the morning, Central. 21APR20 SCMP / Winson Wong
Hong Kong economy

Opinion | Covid-19 aid scheme is a boost for bosses. But what about the jobless?

The HK$80 billion employment support scheme does not help the unemployed. Employers are being subsidised for six months, but remain free to let staff go. The scheme is extremely business-friendly. What are the chief executive’s intentions?

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Coronavirus pandemic

Letters | Non-local students in Hong Kong could also use a handout

Granting a partial refund on tuition fees, as compensation for class disruption due to the protests and coronavirus outbreak, would not go far enough. Non-local students would also need to stay on longer to find a job amid a recession.

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Coronavirus pandemic

Opinion | Hong Kong’s coronavirus relief: too little, too late for jobless and needy

If officials think that with a HK$10,000 cash handout, they have done their duty, they are sadly mistaken. When bad times hit, the poor are hit the hardest, and many are now in dire straits, with no social safety net to keep them afloat.

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Hong Kong’s McRefugees have nowhere to go, as fast-food outlets close early to slow the spread of the coronavirus. Photo: Nora Tam
Hong Kong politics

Hong Kong leader rejects bipartisan calls to turn down pay rise

Carrie Lam, who now earns HK$5.21 million annually, is among the highest-paid political leaders in the world.

Smoking and vaping

Letters | Raise tobacco tax to protect youth against lifelong addiction

Although taxation is highly effective in reducing tobacco use among young people, the last substantial increase in tobacco tax was more than eight years ago. Cigarettes are even more accessible to young people today than in the 1990s.

Legislative Council of Hong Kong

Legco eyes funding vote as most civil servants stay home amid Covid-19 spike

The HK$215.9 billion proposal would fund necessary government operations until the full budget unveiled in February can be approved.

While most civil servants will once again be working from home from March 23, lawmakers are expected to convene regular weekly meetings in order to pass a temporary government funding measure. Photo: Winson Wong
Coronavirus pandemic

Opinion | Coronavirus crisis is Carrie Lam’s rare chance to bridge Hong Kong’s divide

Lam can form a bipartisan task force to tackle Covid-19 issues, start cross-aisle initiatives for, say, medical supplies, and plan long-term investment in education and pensions. To avert fresh upset, she should emphasis her government’s transitional nature.

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Illustration: Craig Stephens
Hong Kong economy

Letters | Don’t make Hong Kong choose between taxes and environment

Hong Kong protests

Where did HK$95 million or more in ‘hidden’ police expenses go?

Government source raises alarm on ‘allocation warrants’ in which departments foot the bill for each other, as lawmaker questions if force has abused practice.

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Coronavirus pandemic

Exclusive | Small firms to get faster access to loans to help them survive, finance chief says

Financial Secretary Paul Chan also promises that the government will create more jobs as he sets out his views in a panel discussion held by the Post as part of its Redefining Hong Kong series.

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Financial Secretary Paul Chan attends the discussion at the Post’s offices in Causeway Bay. Photo: Nora Tam
Hong Kong economy

Letters | Is Hong Kong government serious about connecting with youth?

It’s clear from the fund allocation that the government has been outsourcing youth engagement to the NGO sector. This practice must stop if it genuinely wishes to address young people’s discontent.

An online video of a 15-year-old girl being slapped and kicked by two fellow teenagers sparked an investigation by Hong Kong police last month. Photo: Facebook
Hong Kong property

Opinion | Don’t stop at building flats. Hong Kong needs a housing ladder

The government’s backing for Lantau Tomorrow, reaffirmed in the budget speech, is a pragmatic solution to increasing the housing supply. At the same time, the government must boost the home ownership rate to give more people a stake in society.

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Coronavirus pandemic

Covid-19 crisis to hit global economies: Hong Kong finance chief

Paul Chan points to bleak adjustments on growth by economic agency and IMF, as well as lowered interest rates in central banks of Western countries.

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