The violent shock has not subsided since June this year. Incidents such as blocked roads, innocent citizens being besieged by mobsters, being private, and destruction of shops and MTR stations still occur from time to time. The travel and daily lives of citizens have been severely affected. The consumption of citizens has decreased and the market has become deserted. The retail and restaurant industry is not optimistic about the consumer market this Christmas and New Year. Hong Kong's economy has deteriorated. The Financial Secretary said earlier this month that the government will record a fiscal deficit this fiscal year for the first time in 15 years. Many citizens and the business community expect that the Budget released in February next year will introduce more relief measures to help the citizens and the business community to survive this difficult time.
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On the 18th of this month, the author met with the Chairman of the New Democratic Party, Mrs Selina Ye, and the Financial Secretary, Chen Maobo, and made a number of recommendations on the "2020-2021 Budget", including the distribution of 20,000 yuan in cash allowances to postpartum mothers, the launch of 1 10,000 yuan of local consumption vouchers, the establishment of a 300 million yuan "tourism contingency plan", the waiver of the salaries tax ceiling of 40,000 yuan, financial incentives to encourage shop owners to reduce rents, and the increase in gaming taxes.
Over the past 30 years, Hong Kong's fertility rate has continued to fall below the replacement level, exacerbating the aging of our population. Parents have to meet various short-term expenses for childbirth, such as post-natal care, monthly diet, and the purchase of baby diapers and formula milk. These expenses are indeed not a lot. In order to alleviate the mother’s short-term post-natal expenditure needs and encourage childbirth, the author recommends that the government distribute a cash allowance of 20,000 yuan to each post-natal mother every year. The number of newborn babies in Hong Kong is maintained at a level of more than 50,000 per year. It is estimated that the amount involved in the proposal will be about 1 billion yuan per year.
In fact, in July this year, I proposed to the Financial Secretary to distribute a cash allowance of 20,000 yuan to postpartum mothers, but unfortunately it was not accepted by the Financial Secretary. I am disappointed. This proposal is revisited this time because I have seen many families, especially young dual parents, who are really facing the financial burden and pressure of having children and raising children. They need the government’s support very much, so I hope that the government can seriously consider and Accept the suggestions and reduce the family pressure of parents through cash allowances.
In addition, in order to stimulate the local economy, we suggest that the government allocate funds from the fiscal reserves to distribute personal consumption vouchers to more than 6 million Hong Kong residents aged 18 or above in Hong Kong. It is expected to involve about 61.7 billion yuan in public funds. The consumption voucher can be divided into three parts: food, retail and tourism. The amount can be set at 4,000 , 4,000 and 2,000 yuan respectively, with a total value of 10,000 . The public must use it within 6 months or 1 year.
Whether the government launches consumer vouchers or directly distributes money to the public, the purpose is also to alleviate the hardships of the people and stimulate the economy. I hope that the government can understand that the public and the business community are facing difficult times and put the people first in the next budget. Effective relief measures will benefit more people.
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