HONG KONG, Feb. 28 (Xinhua) -- The prime concern in preparing the 2013-14 Budget is to effectively help the needy while considering Hong Kong's long-term development, the city's Financial Secretary John Tsang said Thursday.
Speaking on a joint radio phone-in program, Tsang said he was not concerned with coming up with new ideas, and that the Budget has achieved his goal to help those in need.
He has proposed a 15 billion HK dollars (about 1.93 billion U.S. dollars) injection into the Community Care Fund because it is flexible in tackling problems which fall outside the scope of existing policy measures.
The fund has been allocated to support 18 assistance programs since it was established in 2011. Those programs that prove to be effective can be converted into regular Government programs, he said.
On the Linked Exchange Rate System, Tsang said the Government has no intention nor need to change it, adding that other systems in the region may not be suitable for Hong Kong.
Tourism is vital to Hong Kong's economy, he stressed, as the industry creates job opportunities for the hotel, retail and transport industries and represents about 5 percent of Hong Kong' s Gross Domestic Product.
In response to a caller's concern over a manpower shortage in the hotel industry, Tsang noted Hong Kong had reached full employment with a 3.4 percent unemployment rate, but he knows there are shortages in certain sectors.
On a caller's suggestion to provide a rental subsidy, Tsang said such a subsidy or tax deduction could trigger a rent increase, and adversely affect the rental market.
Tsang unveiled his annual budget speech to lawmakers at the city's Legislative Council Wednesday. In the speech, he proposed 11 one-off relief measures, involving 33 billion HK dollars, aiming to help ease the pressure on Hong Kong's middle class, grass roots and small- and medium-sized enterprises (SMEs). (1 U.S. dollar equals 7.756 HK dollars)
Special Lantern Festival in Shaanxi Women's Prison
Feedback
RSS
