Financial Secretary John Tsang has called on people not to focus only on the support measures in his 2015-16 Budget, but on overall Government expenditure. It has doubled since 1997, as the Government works to raise living standards by spending in areas such as education and healthcare.
Speaking on a radio phone-in programme this morning, Mr Tsang noted that total Government expenditure was estimated to reach $440.8 billion in the next financial year, 11% more than that of last year and double that of 1997, a large portion of which has been allocated to education and healthcare.
Radio listeners questioned if Mr Tsang was singling-out Home Ownership Scheme flat owners for special privileges by proposing to launch a new Premium Loan Guarantee Scheme to help subsidised flat owners pay the premium.
But Mr Tsang noted that the lending rate references the market rate, so it should be similar to what the banks offer.
He also reiterated that the fundamental way to solve high residential prices is to increase land supply, and he will monitor the situation and introduce more measures if necessary.
The finance chief also hoped the food trucks he proposed in the Budget would be creative, yet have local characteristics.
He acknowledged that deploying the trucks could be complicated, so good coordination between different departments was needed.
Mr Tsang added that he will ask the bureau concerned to study the proposal's implementation details and consult with the public when a conclusion is reached.
