President, as the epidemic has subsided, Hong Kong is in the early stage of economic recovery while progressing along the path to normalcy. Under such circumstances, the Financial Secretary has formulated the Budget for the fiscal year 2023-2024 by taking a “moderately liberal” stance, so as to support people in need to the best of our ability, and sustain the impetus to economic recovery in moving towards high-quality development. The Liberal Party and I believe that the Budget formulated on the premise of this broad principle is acceptable. Yet, in terms of its content, although this Budget has taken on board some of the proposals put forward by the Liberal Party and the relevant industries, our other proposals that are conducive to Hong Kong’s short-term and long-term development have not been accepted. Therefore, in my speech today, I would briefly present the parts that the Financial Secretary has neglected, and we will continue to fight for them.

 

One of the major highlights of the Financial Secretary’s brain-racking efforts to stimulate the recovery of the local economy is undoubtedly the launch of the “Happy Hong Kong” campaign to create a joyous atmosphere among us. During this brand-new campaign which will last for 10 months, the Government, in collaboration with various participating organizations, will hold a series of diverse, fun and interesting activities, including Gourmet Marketplaces and carnivals, to bring joy to the community. It will also help stimulate local consumption and the economy.

 

In a few days’ time, the whole city will taste the joy the “Happy Hong Kong” campaign brings to everyone. It is because the highlights of the campaign include a series of large-scale Gourmet Marketplaces in different parts of the city to be organized by the Home Affairs Department over the next few months. They will showcase Mainland, local and international delicacies with a view to enabling the public to enjoy the cuisine of various places. The first Gourmet Marketplace will take place on the day after tomorrow, i.e. this Saturday and Sunday (29 and 30 April) at the Hong Kong Convention and Exhibition Centre in Wan Chai. At the same time, 61 commercial theatres in Hong Kong will also be celebrating the Cinema Day on this Saturday. Tickets will be offered at a uniform price of $30 on that day. Besides, a range of agricultural and fisheries festivals are scheduled to take place across multiple districts, including Tsing Yi, Lok Fu, Yuen Long, and Mong Kok.

 

Apart from that, I would like to thank the Financial Secretary for taking on board the Liberal Party’s proposal to disburse electronic consumption vouchers with a value of $5,000 in the face of a fiscal deficit. In particular, the first instalment with a value of $3,000 has been disbursed as early as in April, which can help to bring more businesses to the catering industry during the low season from April to June after the Chinese New Year. It can also tie in with the inaugural event of the “Happy Hong Kong” campaign this Saturday. Please remember to use the consumption vouchers to eat, drink and be merry!

 

Yet, the proposals that have not been considered this time around include measures to reduce or waive the licence fees for the catering industry, population policy, assistance to middle-class families with children, as well as tax exemption for the expenses of employing foreign domestic helpers (“FDHs”), and unleashing the potential of the female labour force. I must reiterate that these proposals are beneficial to both the short-term and long-term development of Hong Kong.

 

Compared with last year, the catering industry would no longer be provided with subsidies in respect of water and sewage charges, and there would not be any reduction in the licence fees. We can only rely on the consumption vouchers and participation in the Gourmet Marketplaces to boost the businesses of the catering industry and bring more practical help to the industry. Moreover, this time the Financial Secretary has made no mention of importing an appropriate number of foreign workers. I will continue to fight for the catering industry. Otherwise, even if more and more visitors come to Hong Kong, the catering industry will not have sufficient manpower to serve them, making it very difficult for Hong Kong to regain its reputation as a “Gourmet Paradise”.

 

In addition, Hong Kong’s declining fertility rate, coupled with an ageing population, will have an impact on society and the economy. Therefore, the Liberal Party suggests that the Government should encourage the public to have children by offering more incentives. To start with, the Government should introduce a progressive child allowance, under which an allowance of $150,000 should be granted for the first child, with the amount doubled to $300,000 for the second child, and further doubled to $600,000 for the third and each subsequent child, so as to step up efforts in encouraging childbearing among the people.

 

At the same time, the Government should also introduce an “education voucher scheme” because children’s education has always been an important factor for most parents when considering whether they should have children. Although 15-year free education is already available in Hong Kong, some middle-class parents still choose to send their children to receive high-quality education at their own expense. The Liberal Party suggests that the Government should introduce an “education voucher scheme” which targets at permanent residents of Hong Kong. The scheme should include all independent and privately-run nurseries and kindergartens that are not currently subsidized by the Government, as well as non-aided kindergartens, primary and secondary schools. In this way, more high-quality schools and international schools will be covered, thereby enabling parents to have real freedom of choice in deciding how to allocate their resources. This will increase the incentive for these families to have children, as well as enhancing the healthy competition among kindergartens, which can bring multiple benefits.

 

The Liberal Party is also grateful to the Financial Secretary for accepting our proposal in last year’s Budget to provide a tax deduction for domestic rental expenses starting from this year of assessment, so as to ease the burden of renting a private property on taxpayers who are not owners of domestic properties, subject to a deduction ceiling of $100,000. Yet, given that more than 300 000 families in Hong Kong are employing FDHs, many of them find that the expenses of employing FDHs have imposed a burden on their daily expenses. The Liberal Party proposes that the Government should introduce a tax deduction for the expenses of employing FDHs. The amount of the tax deduction can be set based on the minimum wage of FDHs, so the amount of tax deduction for an employer should be $56,760. This will encourage families to hire FDHs and at the same time, unleash the potential of the female labour force so that they can go out to work and contribute to society.

 

President, as I have said earlier, many of our suggestions have not been accepted by the Financial Secretary. I remember that in 2009, former Member Vincent FANG and I proposed to the Government that consumption vouchers should be disbursed in view of the sluggish market conditions.  We made the relevant proposal after drawing reference from the experience of other places and countries. The then Financial Secretary did not accept our proposal. Despite this, we continue to follow up with perseverance, and today we finally see the Government disbursing consumption vouchers for three consecutive years. Therefore, we will not be discouraged. The Liberal Party will continue to stick to our views, and continue to fight for, follow up on and lobby for the aforesaid proposals that have not been accepted by the Financial Secretary, in the hope that the Financial Secretary will accept them one day.

 

Lastly, President, I wish the catering industry that I represent, the retail and wholesale industries, the transport industry, the tourism industry, and even all trades in Hong Kong can reap handsome profits and pay more tax this year, thereby helping the Financial Secretary to turn the deficit into a huge surplus.

 

I so submit.