Mr. Xavier Chan, the Founder and Chairman of CWK Global, presents his opinions towards the 2022 Budget in the column of HK01. Under the 5th wave of COVID-19, the economy of Hong Kong is greatly affected, especially for middle and small businesses, and industries like retail and service. Meanwhile, the low employment rate and the rise of commodity prices has created severe pressures for citizens these days.
With the recent 2022 Budget, the government has launched measures that help improve the daily lives for citizens, like increasing the consumption voucher to $10,000 and increasing the living allowance for elderly, which could stimulate consumption and ensure the living standard for the grassroots. The reduction of profit tax, rental expenses as tax exemption declaration and electricity charges subsidy can also reduce the burden for middle class families.
As a professional accountant, Xavier believes that the government should take extra steps on their budget planning. The aging population in Hong Kong is increasing, and the government should have a more strategic and long-term plan to provide better policies to cater elderly’s medical and living needs. HKMC Annuity Plan, Voluntary Health Insurance Scheme and MPF can be improved to attract citizens to participate in these plans. More professionals can be trained to educate citizens about planning ahead for their future.
Xavier believes that with the country’s 14th Five-Year Plan, the development of the Greater Bay Area and “9+2” GBA cities, there are more opportunities there for Hong Kong. Hong Kong is playing an important role in the development of Qianhai and the Northern Metropolis. To build a closer economic relationship between Hong Kong and China, financial professionals and accountants are encouraged to study further on the country’s development plan.
Even though the pandemic has brought us a lot of pressure and inconvenience, Xavier believes the government should take this period as the chance to improve Hong Kong’s finance and accounting status and the financial talent quality, and be prepared to grasp this development opportunity soon.
For details, please read the article (only available in Chinese).