The Financial Secretary, Chen Maobo, announced the first budget of the new SAR government yesterday, with the theme of "leaping forward in stability and developing a new vision of prosperity". The budget adopted a "loose in the middle" fiscal policy, and implemented 79 measures with 123.4 billion yuan, 80% of which were used by citizens and small and medium-sized enterprises, including the redistribution of consumer vouchers, the reduction of the upper limit of 100% profits tax of 6000 yuan, the increase of children's tax exemption to 130000 yuan, and the extension of the transportation subsidy plan for six months. In terms of medium term development, Chen Maobo believes that Hong Kong is on a new journey in a new stage, and will strive to speed up the growth momentum of its economy in three directions. All sectors of Hong Kong society generally believe that the budget will make good use of resources, mobilize resources and give consideration to short -, medium - and long-term development in order to consolidate Hong Kong's capital. Chen Maobo pointed out that the economic environment in Hong Kong was general last year. The "troika" driving economic growth, namely, exports, fixed capital investment and consumption, all fell. The fiscal deficit in 2022/2023 is expected to be HK $139.8 billion, far higher than last year's estimate. Based on the financial situation, some of the relief measures are small in scale, and we hope that the public will understand. However, looking forward to 2023, with the resumption of economic activity, Hong Kong's exchanges with the mainland and the international community will resume rapidly, and the overall economic climate will improve. It is expected that Hong Kong's economy will rebound significantly this year, with the annual real growth of 3.5% to 5.5%. Chen Maobo, a small and medium-sized enterprise benefiting from 80% of the resources, said that in the preparation of the budget, the Hong Kong economy was still in the "state of economic growth" in the short term? In the early stage of recovery, is it necessary to consolidate? The strength of recovery will make the economy stable and accelerate recovery. In the medium and long term, we should invest in the future. To consolidate the economy? Recovery momentum, the budget proposed to reserve 100 million yuan for more large-scale events to be held in Hong Kong; The Hong Kong Tourism Development Council will spend more than 250 million yuan to continue to hold and help promote large-scale tourism events; The Hong Kong Trade Development Council will hold more than 10 large conferences and exhibitions in the coming months. "In promoting Hong Kong, we should 'invite guests' and' go out '." Chen Maobo said that he would allocate 50 million yuan to support the work of the "Task Force on Promoting Hong Kong's New Advantages" and provide suggestions for promoting Hong Kong to the outside world. In order to let the public enjoy the fun together, the government is about to launch a "Happy Hong Kong" activity targeting the public, with highlights including large-scale "food fairs" held in many regions of Hong Kong in the coming months and large-scale land and sea carnivals with Victoria Harbour as the stage. In view of the current economic, social and people's livelihood and the government's financial situation, the government will issue a total of 5000 yuan of electronic consumption vouchers to each eligible permanent resident aged 18 or above and new arrivals in Hong Kong in two phases this year. In terms of supporting enterprises, the budget proposal proposes to waive the corporate profits tax for the 2022 to 2023 tax year, with a ceiling of 6000 yuan, benefiting 134000 enterprises in Hong Kong; The application period of various guarantee products under the "SME Financing Guarantee Plan" will be extended to the end of March next year, giving SMEs more room for adjustment. Reinforcement? To alleviate the economic pressure of citizens, the budget proposed a number of one-time relief measures, nearly 59.4 billion to relieve the people's difficulties, including a reduction of 100% of the salaries tax and
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Da Gong daily
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