Financial Secretary Paul Chan said on a radio program today (Feb. 28) that the new Budget aims to address the short, medium, and long-term needs of the public within its affordable limits, while also broadening the scope of beneficiaries.
Chan noted that as Hong Kong's economy has just improved, fiscal calculations have started to show a surplus after accounting for bond issuance. Looking ahead, resources will also need to be allocated for the development of the Northern Metropolis. He noted that while striving to support citizens, there are also affordability limits.
Chan cited examples, saying that the scale of tax and rates rebates, along with an extra month's allowance for Comprehensive Social Security Assistance (CSSA) recipients, is quite substantial.
This year's one-off relief measures total over HK$15 billion, double that of last year. Coupled with increased tax allowances, which reduce annual revenue by over HK$5 billion, the combined total amounts to HK$20 billion. For the public, especially the middle class, this should be "quite satisfactory." With enhanced CSSA for the grassroots and tax adjustments for the middle class, he hopes citizens will benefit, more or less.
Regarding the increase in visitor arrivals during this year's Chinese New Year, Chan said the government aims to stimulate the market, as bustling activity leads to greater prosperity. He mentioned that various initiatives and tourism projects are in place to attract more large-scale, novel exhibitions in the future, drawing more high-value-added, high-spending overnight visitors.
As for the increase in the duty-free allowance for residents, he believes market sentiment has improved, and the desire to consume will also increase.
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