Govt Explains Targeted Measures

The Government has no plans to make contributions to the Mandatory Provident Fund on behalf of all employers and employees for half a year or relaunch the Cash Payout Scheme as suggested by a lawmaker.

Secretary for Financial Services & the Treasury Christopher Hui made the statement when answering lawmakers’ questions in the Legislative Council today.

He explained that the two suggested measures are of a relatively universal nature.

“Given the finite public resources, volatile epidemic situation and the extremely difficult external and internal political and economic environment, the Government has to manage the fiscal situation more prudently and preserve our fiscal strength with a view to coping with unforeseen needs.

“In the coming years, government expenditure will enter a consolidation period. We will focus on the optimal use of resources and control of the epidemic, as well as targeted support to industries and people that have been hard-hit by the epidemic.”

The targeted measures include abolishing the Doubled Ad Valorem Stamp Duty to facilitate selling of non-residential property by businesses that encounter financial predicament or have liquidity needs because of the economic downturn, as well as enhancing the social welfare safety net so that the unemployed can receive assistance to tide over their economic difficulties, Mr Hui added.