Xinhua News Agency, Hong Kong, February 23 (Reporter Su Wanming) The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, released the 2022/2023 financial year budget of the Hong Kong Special Administrative Region Government on the 23rd. Hong Kong dollar, to fight against the new crown pneumonia epidemic with all-out efforts to bail out citizens and businesses.
Chen Maobo said that in the past month or so, the epidemic situation in Hong Kong has rapidly reversed, which has dealt a heavy blow to the work and life of many citizens and the operations of small and medium-sized enterprises.
The rapid and stable control of the epidemic is related to the health and safety of citizens, and is also the key to stabilizing confidence and stabilizing the economy.
This budget continues to adopt an expansionary fiscal policy, and the measures are mainly focused on four aspects: fully combat and defeat the epidemic; bail out citizens and small and medium-sized enterprises; provide support for the downturned economy and promote post-epidemic economic recovery; invest in the future and deploy long-term economic development.
Among them, in the new fiscal year, there will be a substantial increase in resources, including additional funds to relevant departments such as the Food and Health Bureau, and capital injection into the Epidemic Prevention and Anti-epidemic Fund to increase virus testing efforts, increase the purchase of new crown vaccines, and purchase epidemic prevention and anti-epidemic materials. and services, strengthen environmental sanitation services, and build various epidemic prevention and anti-epidemic related facilities.
At the same time, in order to relieve the economic pressure faced by the public under the epidemic, a number of one-off measures will be implemented, such as reduction of salaries tax and personal assessment, reduction of residential property rates, etc.; take all necessary measures, including Reduce corporate profits tax, reduce rates for non-residential properties, etc., ease the operating pressure of enterprises, provide assistance for business turnover, maintain economic vitality, especially the survival opportunities of small and medium-sized enterprises, and try to keep the jobs of migrant workers.
Chen Maobo said that the total commitment of counter-cyclical measures in the budget exceeds HK$170 billion. Together with the increase in infrastructure and other expenditures, it is estimated that it can provide a boost of about three percentage points to the Hong Kong economy.
Chen Maobo said that successfully fighting the epidemic is the key to safeguarding the economy and people's livelihood.
As long as the latest wave of the epidemic can be gradually brought under control and the "dynamic clearing" continues in the future, consumption and investment demand are expected to regain momentum.
The stabilization of the epidemic will also create conditions for the resumption of orderly customs clearance with the mainland, thereby injecting greater impetus into the economy.