Looking for Ways to Generate More Money for HK

Did this help get Hong Kong out of its financial doldrums?

Hong Kong's coffers aren't as flush with money as it used to be, spending freely for things like tourism campaigns with the slogan "Happy Hong Kong", and "Night Vibes Hong Kong", and buying plane tickets to give away. Oh and what about that wall-to-wall advertising reminding people to vote on December 10 while making public transportation free?

So now the city is desperate to find ways to get rid of its budget deficit and some pro-Beijing legislators have a great idea -- tax people when they leave Hong Kong by air, sea or land.

Four lawmakers from the Liberal Party met with Financial Secretary Paul Chan Mo-po on Monday about their expectations for the upcoming budget.

How about a departure tax on permanent residents

Among the 40 policy suggestions, one was a departure tax on permanent residents to generate more income.

"We do not support a departure tax levied on everybody. Instead, we support one that is imposed on Hong Kong's permanent residents -- whether they leave the city by flights, by vessels, or by cars. We support a short-term tax income to compensate for the current deficit," said Tommy Cheung, after meeting with Chan.

Last month the finance minister had to backtrack on an earlier projection that the government would be in the black in the next fiscal year, saying Hong Kong could expect another year in the red in 2024-25.

Chan believed it would take an extra "one or two more years" before the city would turn a profit. Government reserves were expected to fall to HK$720 billion at the end of the 2023-24 fiscal year.

Gone are the days when Hong Kong had a whopping HK$1.835 trillion in reserves in 2018.

A good chunk was used to build the Hong Kong-Zhuhai-Macau Bridge that is hardly used, millions spent on the Hong Kong Police especially during the 2019 protests, and then the Covid-19 pandemic for vaccines and doling out handouts to people and businesses.

Chan open to ideas to generate more money

Another great idea that was pitched was to further develop the "Night Vibes Hong Kong" campaign... does that mean extending night vibes to during the day? Don't people have to work?

If these ideas are from the best and brightest legislators, the city will have to do a lot more to stimulate the economy...