Govt Will Tackle Inequality

Financial Secretary Paul Chan said the Government’s vision is to tackle inequality in Hong Kong.

Discussing the 2018-19 Budget at a radio phone-in programme today, Mr Chan said it is important to grow the economy and to properly take care of those in need.

But one Budget will not solve inequality, an issue that he said requires sustained efforts to address.

“It may not be very realistic to address that in one single Budget. I think it is a vision for the entire Hong Kong, for the Government as a whole.

“In the Budget, I talked about sharing the fruit of economic success, talked about caring and sharing and the vision is to build a just and equitable society. But it is a journey, it is indeed a journey (which) requires sustained efforts.”

Mr Chan added he kept the grassroots in mind for the 2018-19 Budget, giving them two extra months of social security payments.

The Budget also proposed to offer an additional grant of $2,000 to every student in need, a one-off additional $1,000 medical voucher for the elderly and pay students’ Diploma of Secondary Education Examination fees.

“When (comparing) this sum with previous years, the grassroots, in absolute sum, receive more.”

Mr Chan said he wanted to use the surplus wisely and rejected calls for cash handouts.

“We want to use the money wisely on a targeted basis. If the proposal is across-the-board cash handout, it is against our philosophy.

“In the Budget we try to be targeted, to be specific and try to cast the net as wide as possible.”

He added the Government will proactively invest for the future in sectors such as I&T and education.

"We have earmarked $50 billion for innovation and technology to promote a diversified economic development, on the one hand to create wealth for the city and on the other hand to make available more quality job opportunities for our young people."