Special Report:Global Financial Crisis
John Tsang (2nd L), Financial Secretary
of China's Hong Kong Special Administrative Region, responses to questions
at the press conference held after presenting the 2009-2010 Budget in Hong
Kong, south China, Feb. 25, 2009. (Chinese media/Chen Duo)
Photo
Gallery
HONG
KONG, Feb. 25 (Chinese media) -- Hong Kong Special Administrative Region (HKSAR)
government will likely have a surplus of 18 billion HK dollars (2.32 billion
U.S. dollars) in the Operating Account for 2008-2009.
HKSAR government financial secretary John Tsang made
the forecast while delivering the Budget for the fiscal year 2009-2010 at the
Legislative Council here Wednesday.
But the HKSAR government was estimated to have a
deficit of 4.9billion HK dollars (632 million U.S. dollars) in the Consolidated
Account, equivalent to 0.3 percent of the city's gross domestic product (GDP),
Tsang said.
Fiscal reserves are forecast to stand at 488 billion
HK dollars (62.97 billion U.S. dollars) in the fiscal year ending March 2009.
Tsang said in face of economic recession, he would
pragmatically review the various economic segments and decisively inject impetus
into the economy to bolster market confidence and provide a better environment
for enterprises to play to their strengths.
He outlined multi-pronged, strategic measures to
counter the current global financial crisis, including the provision of
liquidity assistance to the banking system, provision of full deposit guarantee
according to the principles of the Deposit Protection Scheme and the
establishment of a Contingent Bank Capital Facility.
The HKSAR government also introduced new measures to
address the funding needs of small and medium enterprises (SMEs).
Tsang said as a result of the financial crisis and a
global economic slowdown, Hong Kong's GDP grew by only 2.5 percent in 2008,
lower than the trend growth rate over the past 10 years.
The average inflation rate as measured by the
Composite Consumer Price Index for 2008 was 4.3 percent due to the fall in
global food and energy prices and the decline in consumer demand in the second
half of last year.
"It will be a very difficult year in 2009," Tsang
said, "both external trade and domestic demand are expected to remain subdued."
He forecast that the GDP would decrease 2-3 percent
in 2009, the first negative growth for a whole year in Hong Kong since the Asian
financial crisis in 1998.
With the economy sinking into recession, Tsang noted
the employment situation is expected to deteriorate further but the headline
inflation rate in 2009 will ease to 1.6 percent.
After falling to a 10-year low of 3.2 percent in the
middle of last year, unemployment in Hong Kong reversed to an up-trend with the
latest figure standing at 4.6 percent.
The financial secretary said securing employment was
the government's top priority in the global financial crisis.
John Tsang (R), Financial Secretary of
China's Hong Kong Special Administrative Region, presents the 2009-2010
Budget at the Legislative Council in Hong Kong, south China, Feb. 25,
2009. (Chinese media/Chen Duo)
Photo
Gallery
"To
our citizens, having a job is of the utmost importance," the financial secretary
told the legislators in his televised budget speech, "The best way to preserve
jobs is to improve our economy."
Tsang said while the HKSAR government need to create
more employment opportunities in the near future, the government should
concentrate on promoting medium and long-term development, strengthen Hong
Kong's economic foundations, bolster the existing strengths and tap new
opportunities during this worldwide economics lump.
Tsang said he gave priority to measures that are
effective in creating jobs and supporting employment in preparing the 2009-2010
Budget and decided to introduce in the short-term more measures to strengthen
the employment program.
For the medium and long term, he said, the HKSAR
government would spell out measures to grasp opportunities in the Chinese
mainland, consolidate strengths in financial services, promote tourism and
implement infrastructure projects to help Hong Kong recover from the current
financial crisis.
"Being a small open economy, Hong Kong will
inevitably be hit by the once-in-a-century and the most severe financial turmoil
since the Great Depression in the 1930s," he noted, "our economy will slide into
recession.
He said the HKSAR government was responding with
measures to ease the liquidity crunch in the financial system, relieve
enterprises' financing difficulties and bolster the community's confidence.
The financial secretary promised to be responsive to
social problems arising from the economic downturn, including unemployment,
reduced incomes, and the negative wealth effect of lower property and stock
values.
John Tsang, Financial Secretary of
China's Hong Kong Special Administrative Region, presents the 2009-2010
Budget at the Legislative Council in Hong Kong, south China, Feb. 25,
2009. (Chinese media/Chen Duo)
Photo
Gallery
HK Chief Secretary sees 2009-2010
Budget outstanding, pragmatic
HONG
KONG, Feb. 25 (Chinese media) -- Hong Kong Chief Secretary for Administration Henry
Tang said Wednesday that the 2009-2010 Budget is outstanding and pragmatic.
Speaking at a media session after Financial Secretary
John Tsang presented the budget at the Legislative Council on Wednesday, Tang
said the budget has a number of very good and appropriated measures, which will
protect and promote the employment in Hong Kong.Full story
HK to introduce one-off revenue
concessions
HONG KONG, Feb. 25
(Chinese media) -- Hong Kong's top financial official announced here Wednesday that he
had decided to introduce some one-off revenue concessions to reduce the burden
of the public.
"Although it is expected that a larger deficit will
occur in 2009-10, for the long-term interests of the community as a whole and
having regard to the Government's financial position, I have decided to
introduce some one-off revenue concessions," said John Tsang, financial
secretary of the Hong Kong Special Administrative Region, when delivering the
2009-2010 budget speech at the Legislative Council.Full story
HK financial secretary promotes green
initiatives in budget
HONG
KONG, Feb. 25 (Chinese media) -- Financial Secretary of the Hong Kong Special
Administrative Region (HKSAR) John Tsang announced a series of initiatives in
his budget Wednesday to promote green industries and energy conservation and
improve the living environment.
Tsang made the remarks when delivering the budget
speech for the fiscal year 2009-2010 at the Legislative Council here Wednesday
morning. Full story
Donald Tsang praises 2009-10
Budget
HONG KONG, Feb.
25 (Chinese media) -- Hong Kong Chief Executive Donald Tsang Wednesday praised the
2009-10 Budget for being pragmatic and forward-looking in responding to the
financial crisis as well as laying the foundations for long-term growth.
"The global, national and local environments have
changed dramatically since last year's Budget. Our GDP is expected to contract
this year, and of course our revenues will be hit hard as well," Tsang said. Full story
HK gov't to increase heritage
conservation funding
HONG KONG,
Feb. 25 (Chinese media) -- Financial Secretary of Hong Kong John Tsang Wednesday
proposed to increase funding for the conservation of historic buildings in the
city.
According to Tsang, who delivered his budget speech
on Wednesday, the Development Bureau of Hong Kong has just announced the results
of the first batch of historic buildings under the Revitalizing Historic
Buildings Through Partnership Scheme. Full story
HK economic growth expected to average
3.5% in coming years
HONG KONG,
Feb. 25 (Chinese media) -- Hong Kong's top financial official on Wednesday forecast the
city's annual economic growth to average 3.5 percent in 2010 to 2013, while
inflation was expected to average 2 percent.
Financial Secretary John Tsang of the Hong Kong Special
Administrative Region (HKSAR) government also said he expected deficit in the
operating account for the next three years, followed by a return to surplus in
the fiscal year 2012-2013. Full story
Financial Secretary: HK to bring art into
community
HONG
KONG, Feb. 25 (Chinese media) -- Financial Secretary of the Hong Kong Special
Administrative Region (HKSAR) John Tsang said here Wednesday morning that the
SAR government would make efforts to bring art into the community.
Tsang made the remarks when delivering the budget speech
for the fiscal year 2009-2010 at the Legislative Council. Full story
Financial Secretary: HK gov't to raise medical
expenditure
HONG KONG, Feb. 25 (Chinese media) -- The Hong Kong government
will increase healthcare expenditure to 17 percent of recurrent expenditure by
2012, said Financial Secretary of Hong Kong John Tsang on Wednesday.
While delivering his budget speech on Wednesday, Tsang
said the government would draw an amount of 50 billion HK dollars (about 6.4
billion US dollars) from the fiscal reserves to implement medical reform. Full story
Official: Hong Kong's creative economy office to come in
mid-year
HONG KONG, Feb. 25 (Chinese media) -- A previously announced
dedicated office for nurturing creative industries under the Hong Kong Special
Administrative Region (HKSAR) government will come in the middle of this year, a
senior official said Wednesday.
Delivering an annual budget speech, Financial Secretary
John Tsang said the office will integrate existing government resources to
effectively support the sector. Full story
HK's capital works expenditure
estimated at 39.3 bln HK
dollars
HONG KONG, Feb. 25 (Chinese media)
-- Hong Kong's top financial official said here Wednesday that he estimated
capital works expenditure for 2009-2010 in the city will be as high as 39.3
billion HK dollars (5 billion U.S. dollars).
"A key strategy of this Government is to promote
economic growth through infrastructural development," said John Tsang, financial
secretary of the Hong Kong Special Administrative Region, when delivering the
2009-2010 budget speech at the Legislative Council. Full story
HK to increase co-op with emerging
markets
HONG KONG, Feb. 25 (Chinese media)
-- Hong Kong would further develop and increase financial cooperation with
emerging markets to consolidate Hong Kong's position as an international
financial center, Hong Kong's top financial official said here Wednesday.
"Particular measures are needed to improve Hong Kong
as a platform for the growing area of Islamic finance," said John Tsang,
financial secretary of the Hong Kong Special Administrative Region, when
delivering the 2009-2010 budget speech at the Legislative Council.Full story
Financial chief: HK intends to issue
gov't bonds
HONG KONG, Feb. 25 (Chinese media) -- The Hong Kong Special
Administrative Region (HKSAR) government intended to issue government bonds to
promote the development of local bond market, Hong Kong's financial chief said
Wednesday.
The development of the local bond market helped
reinforce Hong Kong's position as an international financial center by offering
more diversified investment products and avenues for financing, Financial
Secretary John Tsang said in a budget speech.Full story
HKSAR gov't continues managing public
finances prudently
HONG KONG, Feb. 25 (Chinese media) -- Hong Kong's top
financial official said here Wednesday that he would continue managing public
finances prudently by keeping expenditure within the limits of revenues, and
maintaining a low and simple tax regime.
John Tsang, financial secretary of the Hong Kong
Special Administrative Region, said he had stated his principles of management
of public finances in the 2008-2009 Budget, including managing public finances
prudently by keeping expenditure within the limits of revenues, maintaining a
low and simple tax regime, and following the direction of "Market Leads,
Government Facilitates". Full story
HK to spend 300 bln HKD to create job
opportunities
HONG KONG, Feb. 25 (Chinese media) -- Hong Kong would spend
more than 300 billion HK dollars (about 38.46 billion U.S. dollars) to ease
pressure of economic contraction, boost domestic demand and increase employment
opportunities, said Hong Kong's top financial official here Wednesday.
"We will also introduce some targeted measures to
provide various types of jobs and internship opportunities," said John Tsang,
financial secretary of the Hong Kong Special Administrative Region (HKSAR)
government, when delivering his second budget speech to the Legislative
Council. Full story
HK gov't to create jobs, support
employment
HONG KONG, Feb. 25 (Chinese media) -- Financial Secretary of
the Hong Kong Special Administrative Region (HKSAR) John Tsang said here
Wednesday that the budget for the fiscal year 2009-2010 was guided by principles
including job creation.
Delivering his second budget speech as financial
secretary at the Legislative Council here Wednesday morning, Tsang said that
since his first Budget made in 2008, the global financial environment had
changed dramatically. Therefore, in preparing this year's Budget, he had been
guided by three principles. Full story
HK to provide additional funding to
provide more jobs
HONG KONG, Feb. 25 (Chinese media) -- Financial Secretary of
the Hong Kong Special Administrative Region (HKSAR) John Tsang said on Wednesday
the government would provide additional funding to provide various types of
jobs.
Delivering the budget for the fiscal year 2009-2010
at the Legislative Council, Tsang said he would provide an additional 1.1
billion HK dollars non-recurrent funding to provide various types of jobs.
Full story
HK to foster cooperation with
Guangdong, Macao
HONG KONG, Feb. 25 (Chinese media) -- Hong Kong's top
financial official said here Wednesday that Hong Kong would foster its
cooperation with neighboring Guangdong Province and the Macao Special
Administrative Region.
"My confidence in Hong Kong's future is buttressed by
our advantage in having the Mainland as our hinterland," said John Tsang,
financial secretary of the Hong Kong Special Administrative Region, when
delivering the 2009-2010-budget speech at the Legislative Council. Full story
HK to attract more Mainland
tourists
HONG KONG, Feb. 25 (Chinese media) -- Financial secretary of
Hong Kong John Tsang Wednesday proposed a string of measures to boost the city's
tourism, including attracting more Mainland tourists through Individual Visit
Scheme.
"In face of the current economic difficulties and
competition from other regions, we should take proactive action to facilitate
the continuous development of tourism," said Tsang while delivering his budget
speech at the Legislative Council on Wednesday. Full story
HKSAR gov't supports full
implementation of "Three Direct Links"
HONG KONG, Feb. 25 (Chinese media) -- Financial Secretary of
the Hong Kong Special Administrative Region (HKSAR) John Tsang said here
Wednesday morning that the SAR government supported the full implementation of
the "Three Direct Links" across the Taiwan Straits.
Tsang made the remarks when delivering the budget
speech for the fiscal year 2009-2010 at the Legislative Council here Wednesday
morning. Full story
HK to spend 61.7 bln HK dollars on
education
HONG KONG, Feb. 25 (Chinese media) -- Hong Kong would spend
about 61.7 billion HK dollars (7.9 billion U.S. dollars) for 2009-2010,
accounting for the largest share of government expenditure, the top financial
official of Hong Kong said here Wednesday.
"Human capital is the most valuable resource for our
pillar industries and sustaining our economic edge," said John Tsang, financial
secretary of the Hong Kong Special Administrative Region, when delivering the
2009-2010-budget speech at the Legislative Council. Full story
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