Accountancy functional constituency newcomer Webster Ng Kam-wah has put forward several suggestions ahead of the government’s Budget to be delivered on February 25, including focusing on economic development and introducing measures to benefit citizens.
Ng conservatively estimated that the government's capital account will still record a deficit for the next 2-3 years, with economic returns expected in 5-10 years. He suggested that the proceeds from bond issuance should be used for public works projects, rather than recurring expenditures such as healthcare.
He emphasized that the government should maintain fiscal discipline and avoid "using debt to pay off debt."
He also proposed that the government cooperate with the Belt and Road countries to issue zero-coupon bonds.
In addition, he indicated that measures to benefit citizens should be introduced, should there be fiscal surplus, such as increasing tax relief, adjusting deductions for mortgage payments or rent for middle-class individuals, and considering the inclusion of foreign domestic helpers' salaries in employer tax deductions.
BPA lawmaker Sunny Tan agreed that the government should prioritize investment in the future and believes that investment should be made in citizens and SMEs, such as providing tax relief for SMEs and encouraging citizens to learn about artificial intelligence (AI) technology.
Tan further pointed out that a significant amount of capital is flowing to Hong Kong, and the city needs to maintain a simple, low-tax system, to continue attracting foreign investment.
