Hong Kong's 2021-22 Budget Announced
On 24 February 2021, Hong Kong Financial Secretary, CHAN Mo-po, published the 2021-22 Budget, whose key point is to "stable economy, relieve people's hardship". The Budget aims to alleviate the pressure of economic downturn and epidemic through counter-cyclical measures at over HKD 120 billion, to grasp future development direction and new trends, and to make industry development in Hong Kong more rich, diverse and interactive.
Main Measures Include:
Besides, the most urgent work for the Government is to revive the economy after the epidemic and to stimulate it. The Government will promote the consumer market recovery by issuing electronic consumption vouchers and promoting Hong Kong both at home and abroad. The Government will position the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt And Road as the economic development direction of Hong Kong.
In addition, the Government will encourage the use of innovative technologies to enhance green and sustainable finance, to strengthen healthcare system, to promote the diversification of reindustrialisation, cultural and creative industries, and infrastructure investment and construction, and to create a livable and green city. Also, in order to raise revenue, the Government will increase stamp duty on shares from the current 0.1% to 0.13% for buyers and sellers. The relevant measures will be formally implemented after being deliberated and approved by the Legislative Council.