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Friday, Mar 31, 2023

Political veterans disagree on new round of consumption vouchers

Political veterans disagree on new round of consumption vouchers

Some political veterans argued that there is no need for a new round of consumption vouchers in the upcoming budget, citing the necessity for the government to strive to achieve a fiscal balance over a while.
In a TV interview on Sunday, the former Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung suggested the government refrain from giving out money to the public to stimulate the economy as it would effect little.

"We are now going through the process for post-pandemic economic recovery," Chan said, "[fiscal reserve] should not be spent on the expenditure of consumption vouchers but measures for earning more incomes."

He added that the situation in which enterprises suffered business setbacks by the pandemic and were in urgent need of government subsidies to survive the dilemma has passed.

"The government should focus on luring talent to stimulate the economy instead," Chan said.

Former executive councillor Franklin Lam Fan-keung resonated with Chan's opinion on the same day in a radio programme, saying the government should avoid the structural deficit and make better use of fiscal reserves rather than dishing out another round of e-vouchers.

"We should preserve the money cautiously and put them to better use, as well as making more money," he added.

However, lawmaker Starry Lee Wai-king considered financial support to the public still necessary.

"Many citizens are longing for a new round of consumption vouchers," she said, "I believe that would strengthen citizen's spending willingness as the economy is gradually picking up."

She added the government still enjoyed "healthy fiscal reserves" and could give out money, no matter the amount, according to their capability.
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