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Paul Chan Targets to Restore Fiscal Balance within 3 Yrs or So, Not Reconsider Land Sale by Application Mechanism
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In an appearance on a radio program for the public consultation on the new Budget, the Financial Secretary, Paul Chan, said that the target is to restore fiscal balance within three years or so, while the fiscal deficit for the current year will be deeper than originally forecast, reaching just under $100 billion. As such, the government needs to further examine the fiscal consolidation plan and will control the growth of recurrent government expenditure mainly by cutting expenditure, said Chan. In the meantime, the government is also studying ways to increase revenue, but will minimize the impact on the general public. He absolutely disagreed that the local property market will definitely decline in the future, rather considering it is entering a period of adjustment. However, the government will not reduce its efforts in housing supply, nor will it consider re-establishing the land sale by the Application Mechanism or offering rebates to property developers, as the Mechanism will deprive the government of its initiative. As for the “the $2 Scheme”, there are views that the MTR CORPORATION (00066.HK) or bus companies should shoulder the social responsibility by charging only half of the fare, thus reducing the subsidy from the government. Chan responded that there is a need to consider the impact on the fare. AAStocks Financial News |
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