Hong Kong government's 2007-2008 budget, giving out the largest
handouts since the establishment of the special administrative
region, was widely welcomed, said local media Thursday.
Singtao Daily, a local Chinese news paper, said in its
editorial that the 20 billion HK dollar (US$2.564 billion) handouts
in the new budget make Hong Kong people more united and more
confident in the future of the city.
According to the government's new budget presented Wednesday,
Hong Kong's tax payers are happily rewarded with salary tax rebate
in 2006-2007 up to 15,000 HK dollars and salary tax deduction for
the first two quarters of 2007-2008 up to 5,000 HK dollars per
quarter.
The daily said most Hong Kong people are satisfied with
the budget, which makes their Chinese new year in a happy and
harmonious mood. The budget is a win-win plan to reduce tax and at
the same time to improve social welfare.
The benefit of the wealth shared by the society will be more
than the money itself if it can further stimulate Hong Kong people
's contribution to the society, the daily added.
Wen Wei Po, another local Chinese paper said the new
budget announced by financial chief Henry Tang is the most welcomed
since Hong Kong's returning to its motherland.
In its editorial, the daily said the budget satisfies Hong Kong
people's needs and makes the fruits of economic development shared
by common people. The above-trend economic development, the profit
increase in the local enterprises and the healthy trading of the
stock market contribute to the government's surplus, it said.
And the budget reflects the government's appreciation to Hong
Kong people's hard-working spirit in the past three years and
mirrors Tang's saying "We shared the hard times and now it's time
we share the wealth," it added.
Hong Kong Economic Times, a local economic daily, said
the government budget, which shares its surplus with people, has
won applause from all walks of life, especially the middle class,
though some of the critics think the assistance to the
disadvantaged groups are not enough.
However, it said the new budget failed in pointing out the way
for future development, especially how to develop the city's
infrastructure which is crucial for the city's further economic
development.
(Xinhua News Agency March 2, 2007)