"Why Tango in Paris, when you can Foxtrot in Kowloon?"
  • Walter's Blog.
  • Home
  • Introduction
  • About Walter
  • 1980 Joining Up - Grafton Street
    • Arrival and First Impressions
    • First Week
    • Training
    • Passing Out
    • Yaumati Cowboy >
      • Getting on the Streets
      • Jumpers, pill poppers and the indoor BBQ
      • Tempo of the City
      • Into a Minefield.
    • Why Tango in Paris, when you can Foxtrot in Kowloon? >
      • Baptism By Fire
      • Kai Tak with Mrs Thatcher.
      • Home; The Boy Returns
    • 1984 - 1986 >
      • PTU Instructor & Getting Hitched
      • Having a go: SDU
      • Starting a Chernobyl family
      • EOD - Don't touch anything
      • Semen Stains and the rules
    • 1987 to 1992 - Should I Stay or Go? >
      • Blue Lights, Sirens & Grenades
      • Drugs, Broken Kids & A Plane Crash
      • 600 Happy Meals Please!
      • Hong Kong's Best Insurance
      • Riding the Iron Horse
  • Crime in Hong Kong
    • Triads
    • The Saga That Rocked Hong Kong's Legal Fraternity
    • Yip Kai-foon - No Hero
  • History of Hong Kong Policing
    • History 1841 to 1941
    • History 1945 to 1967
    • Anatomy of the 50 cent Riot - 1966
    • The Fall of a Commissioner.
    • History 1967 to 1980
    • Three Wise Men from the West
    • The Blue Berets.
    • The African Korps and other tribes.
    • Getting About - Transport.
    • A Pub in every station
    • Bullshit Bingo & Meetings
    • Godber - The one who nearly got away.
    • Uncle Ho
  • Top 20 Films
    • 2001 - A Space Odyssey.
    • The Godfather.
    • Blade Runner
    • Kes
    • Star Wars
    • Aliens
    • Ferris Bueller's Day Off
    • The Life of Brian
    • Dr Strangelove.
    • Infernal Affairs
    • Bridge on the River Kwai.
    • This Is Spinal Tap.
    • Chung King Express
    • An Officer and a Gentleman
    • PTU
    • Contact
    • Saving Private Ryan
    • Family Guy Star Wars
    • Zulu
    • Hard Day's Night
  • Blogs Greatest Hits
    • Vennells - In the Faustian Realm Page
    • A Bond Is Broken
    • The English Eccentric Lives On
    • How is democracy working for you?
    • Occupy Central - A creature void of form
    • Brave New World
    • Bob Dylan and Me.
    • Sweet Caroline - Never Seemed So Good!
    • Postmodernism - Spiraling down the sink hole.
    • Why Dad is so important.
    • Man Overboard
    • Suffer the Children
    • Tony Blair, the turd that won't flush
    • Algorithms and Robots - the changing face of work
    • Campus Warfare
    • Are We Alone?
    • There is no motive.
    • The State of Play
    • Crisis, What Crisis?
    • Milk Powder - A Test of public sentiment.
    • Hello Baldy - Free Speech.
    • THe Other Side of the Story
    • The Merry House of Windsor
    • The Utility of the Windsors
    • Civil War?
    • Big Lily - The Headscarf Hero
    • RTHK - Spinning.
    • Occupy Leaders Convicted - What Next?
    • Hypocrites
    • Hong Kong's Lady Macbeth
    • Beijing Says Enough Is Enough
    • The Gardens of Fuyang
    • Beating the Devil - under a flyover
    • Culture Eats Strategy for Breakfast
    • Gweilo 鬼 佬​
    • What goes around, comes around!
    • The Cobra
    • Liz Truss - A Cosplay Thatcher
    • Liz Truss trashes and crashes.
    • Hong Kong Judicary - has something gone wrong
    • Hubris, arrogance and failure.
    • Carry On Up the Khyber
    • The Unseen Hand
    • The Laptop that won't shut down
    • Legacy Media - the end is near
    • Malcolm Tucker Tribute Act
    • Journalism - Something has gone wrong?
    • Decline of the West? Maybe?
    • Canada's Killing Machine
    • English Uprising
    • South Yorkshire Police Madness
    • Deceitful BBC
    • Fair Dee Well
    • British Policing Needs A Reality Check.
    • Being a man is not a crime yet!
    • Putting Old Oak Common on the map.
    • When the winds stops blowing
    • The Long Read >
      • The Big Game
      • The Hidden Leader
      • British Policing - What's to be done?
      • How The Walls Come Down
      • War in Ukraine - the narrative and other stuff.
      • New World Order - Something is going on!
      • The Post Office; Lie, Deny, Cheat, Hide & Steal
      • To Scare the Monkeys
  • Email Form Page
  • Walter's Blog.
  • Home
  • Introduction
  • About Walter
  • 1980 Joining Up - Grafton Street
    • Arrival and First Impressions
    • First Week
    • Training
    • Passing Out
    • Yaumati Cowboy >
      • Getting on the Streets
      • Jumpers, pill poppers and the indoor BBQ
      • Tempo of the City
      • Into a Minefield.
    • Why Tango in Paris, when you can Foxtrot in Kowloon? >
      • Baptism By Fire
      • Kai Tak with Mrs Thatcher.
      • Home; The Boy Returns
    • 1984 - 1986 >
      • PTU Instructor & Getting Hitched
      • Having a go: SDU
      • Starting a Chernobyl family
      • EOD - Don't touch anything
      • Semen Stains and the rules
    • 1987 to 1992 - Should I Stay or Go? >
      • Blue Lights, Sirens & Grenades
      • Drugs, Broken Kids & A Plane Crash
      • 600 Happy Meals Please!
      • Hong Kong's Best Insurance
      • Riding the Iron Horse
  • Crime in Hong Kong
    • Triads
    • The Saga That Rocked Hong Kong's Legal Fraternity
    • Yip Kai-foon - No Hero
  • History of Hong Kong Policing
    • History 1841 to 1941
    • History 1945 to 1967
    • Anatomy of the 50 cent Riot - 1966
    • The Fall of a Commissioner.
    • History 1967 to 1980
    • Three Wise Men from the West
    • The Blue Berets.
    • The African Korps and other tribes.
    • Getting About - Transport.
    • A Pub in every station
    • Bullshit Bingo & Meetings
    • Godber - The one who nearly got away.
    • Uncle Ho
  • Top 20 Films
    • 2001 - A Space Odyssey.
    • The Godfather.
    • Blade Runner
    • Kes
    • Star Wars
    • Aliens
    • Ferris Bueller's Day Off
    • The Life of Brian
    • Dr Strangelove.
    • Infernal Affairs
    • Bridge on the River Kwai.
    • This Is Spinal Tap.
    • Chung King Express
    • An Officer and a Gentleman
    • PTU
    • Contact
    • Saving Private Ryan
    • Family Guy Star Wars
    • Zulu
    • Hard Day's Night
  • Blogs Greatest Hits
    • Vennells - In the Faustian Realm Page
    • A Bond Is Broken
    • The English Eccentric Lives On
    • How is democracy working for you?
    • Occupy Central - A creature void of form
    • Brave New World
    • Bob Dylan and Me.
    • Sweet Caroline - Never Seemed So Good!
    • Postmodernism - Spiraling down the sink hole.
    • Why Dad is so important.
    • Man Overboard
    • Suffer the Children
    • Tony Blair, the turd that won't flush
    • Algorithms and Robots - the changing face of work
    • Campus Warfare
    • Are We Alone?
    • There is no motive.
    • The State of Play
    • Crisis, What Crisis?
    • Milk Powder - A Test of public sentiment.
    • Hello Baldy - Free Speech.
    • THe Other Side of the Story
    • The Merry House of Windsor
    • The Utility of the Windsors
    • Civil War?
    • Big Lily - The Headscarf Hero
    • RTHK - Spinning.
    • Occupy Leaders Convicted - What Next?
    • Hypocrites
    • Hong Kong's Lady Macbeth
    • Beijing Says Enough Is Enough
    • The Gardens of Fuyang
    • Beating the Devil - under a flyover
    • Culture Eats Strategy for Breakfast
    • Gweilo 鬼 佬​
    • What goes around, comes around!
    • The Cobra
    • Liz Truss - A Cosplay Thatcher
    • Liz Truss trashes and crashes.
    • Hong Kong Judicary - has something gone wrong
    • Hubris, arrogance and failure.
    • Carry On Up the Khyber
    • The Unseen Hand
    • The Laptop that won't shut down
    • Legacy Media - the end is near
    • Malcolm Tucker Tribute Act
    • Journalism - Something has gone wrong?
    • Decline of the West? Maybe?
    • Canada's Killing Machine
    • English Uprising
    • South Yorkshire Police Madness
    • Deceitful BBC
    • Fair Dee Well
    • British Policing Needs A Reality Check.
    • Being a man is not a crime yet!
    • Putting Old Oak Common on the map.
    • When the winds stops blowing
    • The Long Read >
      • The Big Game
      • The Hidden Leader
      • British Policing - What's to be done?
      • How The Walls Come Down
      • War in Ukraine - the narrative and other stuff.
      • New World Order - Something is going on!
      • The Post Office; Lie, Deny, Cheat, Hide & Steal
      • To Scare the Monkeys
  • Email Form Page
Search by typing & pressing enter

YOUR CART

Walter's Blog

"But how can you live and have no story to tell?" Fyodor Dostoevsky
Picture
Reflections on recent events, plus the occasional fact free rant unfiltered by rational argument. 

"If you want to read a blog to get a sense of what is going on in Hong Kong these days or a blog that would tell you what life was like living in colonial Hong Kong, this blog, WALTER'S BLOG, fits the bill."  Hong Kong Blog Review
Sign up for email alerts
Blogs Greatest Hits
The Long Read
Hong Kong weather
History of Hong Kong Policing

1/3/2025 1 Comment

Where is the change? Budget 2025

Picture
"The budget fails to provide the bold, transformative measures necessary to confront Hong Kong’s deep-rooted challenges."
Hong Kong, a global financial centre renowned for its dynamism and resilience, has long been a city that flourishes on innovation, adaptability, and forward-thinking policies. However, the recent budget announcement for the fiscal year has left many citizens, businesses, and analysts feeling underwhelmed. 

Financial Secretary Paul Chan’s budget, issued this week, lacks creativity and appears timid. While one could argue that we don’t require excessive creativity, insisting on prudence in financial matters, we still face a deficit many attribute to “structural” issues.

As Hong Kong urgently recovers from the effects of Covid and confronts a rapidly changing world with Trump in the White House, our traditional sources of income are at risk. Further, the city faces intense competition from other regional financial centres like Singapore and Shanghai.

Hong Kong has consistently been a service-oriented economy that capitalises on the broader Chinese market. A less flattering description is that Hong Kong clings to China, subject to the winds of crisis that affect its colossal host. 

Historically, Hong Kong lured foreign investment to encourage growth by positioning itself as a gateway to China. Excise duties apply solely to four commodities: tobacco, methyl alcohol, hard alcohol, and hydrocarbon oil, regardless of whether these items are produced domestically or imported. Furthermore, no quotas or anti-dumping laws are enforced.

Hong Kong raises funds through direct taxes, including salaries, property, and profits taxes, and indirect taxes, such as stamp duty, betting duty, and land premiums. Collectively, these sources constitute approximately 68% of the total government revenue. 

With our current sources of income declining, mainly from land sales, Chan has not taken any significant steps to identify and establish new revenue streams. This lack of innovation is concerning. Instead, he has merely been tinkering at the edges, complicating matters further. Hong Kong cannot keep kicking the can down the road. 

For instance, the government has invested time and resources in preparing the elderly for a reduction in the transport subsidy, which will cost us HK$5 billion in the forthcoming financial year.

Although saving a relatively small amount of money, the proposed reduction in the subsidy has created uncertainty and squandered the goodwill established with the scheme's introduction. The elderly, who rely on this subsidy for their daily travel, now face an increased financial burden. 


If the scheme's cost is deemed unsustainable and changes are needed, why not increase the standard usage cost from HK$2 per trip to, say, HK$4? It’s simple, easy to understand, and easy to implement. The last point is notable because the complications of the proposed changes mean a system upgrade that will take 18 months to implement. 

Additionally, allegations of cheating within the scheme have been made without substantial evidence to support these claims. How many cases have been prosecuted? The only data I could find indicates that 23 individuals were charged, presumably for using cards that did not belong to them. This hardly constitutes the widespread abuse that some claim is taking place. 

Moving on, unless I am mistaken, Chan has performed a sleight of hand in shuffling money between financial pots to reduce the deficit. The big pot received HK$62 billion from various endowment funds; without that, the deficit in 2025/26 would rise from an estimated HK$67 billion to HK$129 billion. 
​

Furthermore, we will issue HK$150 billion in bonds next year and repay $54 billion in bonds. Therefore, without the bonds and endowment fund additions to the larger pot, we would be $225 billion in deficit! Did I understand that correctly?

Concerns about a few pensioners getting on and off buses with reduced fares appear trivial compared to these sums. 

While the government has tried to address some pressing issues, the budget fails to provide the bold, transformative measures necessary to confront Hong Kong’s deep-rooted challenges. From a lack of visionary economic policies to inadequate support for vulnerable groups, the budget appears more like a temporary fix than a strategic roadmap for the future. 

Hong Kong possesses immense potential, but realising this potential necessitates bold leadership and a readiness to embrace change. The budget signifies a missed opportunity to demonstrate this leadership and place Hong Kong on a course towards a more prosperous, inclusive, and sustainable future. Only then can Hong Kong truly reclaim its status as Asia’s world city.
1 Comment
L.Willms
2/4/2025 10:51:20 pm

Nobody needs a "gateway to China" anymore.

Everybody can go directly to China, no detours needed.

Reply

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024

    Categories

    All Festivals Hong Kong Hong Kong History Policing Politics Public Order UK USA

    RSS Feed

Home

Introduction

Contact Walter

Copyright © 2015