Alexandra Stevenson, The New York Times
Published: 07 Apr 2021 01:24 PM BdST
Updated: 07 Apr 2021 01:24 PM BdST The Hong Kong skyline on the evening of Oct 10, 2020. The New York Times
Political opposition has been quashed. Free speech has been stifled. The independent court system may be next. );
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But while Hong Kong’s top leaders take a tougher line on the city of more than 7 million people, they are courting a crucial constituency: the rich. Top officials are preparing a new tax break and other sweeteners to portray Hong Kong as the premier place in Asia to make money, despite the Chinese Communist Party’s increasingly autocratic rule.
Lifting taxes to shore up finances chinadaily.com.cn | Updated: 2021-03-05 16:18 Share CLOSE
The Hong Kong Special Administrative Region government last month rolled out a further HK$120 billion (US$15.4 billion) relief stimulus package to prop up the pandemic-ravaged economy and lift economic growth by 2 percent.
As a result, the budget deficit for the 2021-22 financial year is expected to reach HK$101.6 billion, accounting for 3.6 percent of the city s GDP, due to the countercyclical measures and the continued rise in recurrent expenditure.
The government also offered a list of sweeteners , including HK$5,000 worth of electronic consumption vouchers for each eligible Hong Kong permanent resident and new arrivals aged 18 or above; cuts in salaries tax, capped at HK$10,000; a 100 percent reduction in profits tax, capped at HK$10,000, that will benefit nearly 130,000 enterprises; an extra half-a-month pay in welfare allowances; as well
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HKU Business School Responds to 2021-22 Budget
Professor Heiwai Tang, Professor in Economics and Associate Director, Hong Kong Institute of Economics and Business Strategy (Middle), Dr. Stephen Chiu, Associate Professor in Economics (Left) and Dr. Maurice Tse, Principle Lecturer in Finance (Right) shared their response towards the 2021-22 Budget Speech in the press conference organised by the HKU Business School today.
Entering its 20th anniversary, HKU Business School continues to promote economic policy research proactively and organise relevant activities, with an aim to encourage discussion on the economic policies and further contribute to the development of the society through its knowledge and expertise. Following the recent publishing of the “Hong Kong Economic Policy Green Paper” jointly with Hong Kong Institute of Economics and Business Strategy (HIEBS), the School organised another press conference today, with scholars responding to the 2021-22 Budget Spee